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Greenwoods Insurance Brokers Ltd. (ID: 3900)
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Over twenty five years we are operating in international insurance markets as independent consultants, our skills are entirely devoted to our clients and we believe that being our own masters makes us better servants. We are a modern team of insurance advisors, our aims are going strongly into all markets insurance needs. Success with a plan Test our limits Proud of our past Committed to future This insurance has been specially designed for ocean going cargo. It is intended to be clear in language and layout but it is important that you understand the extent of cover provided by us and your own obligations in order to receive the full benefit of this insurance. We agree to the extent and in the manner provided to this insurance, to pay you for any loss or damage happening during the period of insurance after you have proved such loss or damage . We have relied on the proposal form and all other information provided by you in deciding whether to accept this insurance and in determining the terms of such acceptance. You must ensure that all statements made to us are accurate and that you have not withheld any material facts, otherwise this insurance may be avoided. You must inform us of any change in circumstances which will materially affects the insurance. If you are in any doubt you should consult your insurance agent. This policy/certificate is evidence of a contract of insurance as defined by Section 1 of the Marine Insurance Act 1906 and is subject to all the provisions of that Act except insofar as they are excluded or varied by the terms of the insurance Please read this insurance, together with any endorsements, and the schedule attached, very carefully. If it is incorrect, return it immediately for alteration. COVER 1. We will pay you the amount insured for physical loss or physical damage (including any costs and expenses incurred by you in the defence of a claim agreed by us in writing), occurring during the duration of cover, to the property shown in schedule. i) which is owned by you. Or ii) while being carried, handled, forwarded, or stored by you and for which you are legally liable under the terms of the contract of affreightment. In the event of loss occurring during the period of insurance before this contract of insurance has been concluded we will cover such loss or damage to the property shown in the schedule provided you were unaware of such an incident. 2. We will also pay: a. up to ?5,000 for the reasonable costs incurred in clearing debris, recovery charges and transshipments following the an accident to the carrying vessel, vehicle or trailer. b. general average and salvage charges made against you according to the contract of affreightment and/or governing law and practice. c. you for any amounts properly paid by you in discharging your liability under the terms of the both to blame collision clause shown in the contract of affreghtment. d. you for any reasonable extra charges you incur, at a port of place which is no named in the schedule, in unloading, storing or forwarding the insured property to the destination shown in the schedule, as a result of an incident not excluded by this insurance. Constructive total loss 3. We will not pay a constructive total loss unless the property insured is reasonably abandoned either on account of its actual total loss appearing to be unavoidable or because the cost of recovering, reconditioning and forwarding the insured property to the destination to which it is insured would exceed its value on arrival. Increased value 1.4 If you are entitled to be paid under any Increased Value insurance on the property insured, the agreed value for such property shall be seemed to be increased to the total amount insured under this insurance and all other Increased Value insurances covering the loss of the amount payable under this insurance shall be in such proportion as the amount insured under this policy bears to such total amount insured. If this insurance is on an Increased Value basis the value of the property insured shall be deemed to be equal to the total amount insured under the primary insurance and all Increased Value Insurances covering the loss and effected on the cargo by you and liability under this insurance shall be in such proportion as the amount insured bears to such total amount insured under all other insurances. In the event of a claim under this insurance you must provide us with evidence of the amounts insured under all other insurances. Duration of cover from the time the insured property leaves the warehouse or place of storage named in the schedule for transit until either: a. delivery to the consignees warehouse or other final warehouse or place of storage shown in the schedule. b. delivery to any other warehouse or place of storage, whether prior to or at the destination shown in the schedule which you elect to use for storage (other than in the ordinary course of transit) or for allocation or for distribution. c. after the 60th day following the completion of discharge of the property in your possession from the ocean going vessel at the final port of discharge. Whichever shall occur first. 2. If after the unloading of property in your possession from the ocean going vessel at the final port of call, but prior to the occurrence of (a),(b) or (g) above, the property is to be forwarded to a destination other than that to which they are insured under this policy, we will cover such property up until the commencement of transit to such other point of destination. 3. If the contract of carriage is terminated for reasons beyond your control at a port or place other than the destination named in the contract of carriage or the transit is otherwise canceled before the delivery of property as provided for above, then this insurance shall also terminate unless you give us notice as soon as reasonably possible and in any event within 48 hours that you require cover to continue in which case cover will only continue until either: a. the property for which you are liable is sold and delivered at such port or place, or unless otherwise specifically agreed, until the expiry of 60 days after arrival of the property at such port or place, whichever shall occur firs, or b. if the property is forwarded within the above period of 60 days (or any agreed extension) to the destination shown in the schedule or to any other destination, until either of (a),(b) or above, whichever shall occur first 4. We will also cover your liability for property in your possession, if after the commencement of this insurance the point of destination is changed by you, provided you give us notice as soon as reasonably possible and in any event within 48 hours subject to an additional premium and at terms and conditions to be agreed by us. General 1 Exclusions This insurance does not cover: a. loss, damage or expense caused by or resulting from: insufficiency of insulation unless it can be proved to have been caused by an insured event b. your wilful misconduct deliberate abandonment by you or any of your employees of property in your care for which you are legally liable. d. rejection e. insufficiency or unsuitability of packing or preparation of the property insured (the term packing includes stowage in a container or liftvan but only when such stowage is carried out prior to commencement of this insurance). f. consequential loss or delay g. insolvency or financial default of the owners, managers, charterers or operators of any conveyance upon which the insured property is carried h. unseaworthiness or unfitness of the vessel, craft, conveyance, container or liftvan containing the insured property when you or any one acting on your behalf is privy to such unseaworthiness or unfitness at the time the insured property is loaded therein. 1. inherent vice of the property 2. loss, damage or delay arising down of the breakdown or malfunctioning of refrigerator and/or cooling machinery or from insufficiency of insulation unless caused b an external accident. 3. containers, sheets, ropes, chains, toggles, dunnage, livestock, cash, bonds, securities, documents or explosives. 4. mysterious disappearance or unexplained loss. 5. leakage, loss in weight or volume or wear and tear of the property insured. 6. the amount of the deductible shown in the schedule for each and every loss. 7. loss, damage or expense caused by or resulting from: a. war, civil war, revolution, rebellion, insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power b. capture, seizure, arrest, restrain or detainment (piracy excepted) or any attempt thereat derelict mines, torpedoes, bombs or any other derelict weapons of war. 8. loss, damage or expense, caused by or resulting from a. strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions b. terrorists or any person active with a political motive 9. loss, damage or expense arising from the use of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter. 2. Conditions Our liability to meet claims under this insurance is dependent upon and is entirely contingent upon your compliance with all the terms and conditions set out in 2.1 to 2.7 below. In particular you must: 1. provide for our agreement details of any changes to your standard conditions of or contract assuming wider liability from that originally advised to us. 2. ensure that all physical protections, which are written your control, are fully engaged whenever the premises or vehicle(s) containing the property shown in the schedule are left unattended. 3. ensure that all fire alarm and security systems, which are within your control, are activated whenever the premises or vehicle(s) containing the property shown in the schedule are left unattended. You must also advise us as soon as reasonably possible if for any reason a system is not working properly. We may then vary the terms and conditions of this insurance. All systems with your control must be regularly serviced under contract by a reputable company at least annually. 4. take such measures as may be reasonable for the purpose of averting or minimising any loss and ensure that all rights against carriers, bailees or other third parties are properly preserved and exercised. 5. obtain our agreement before you enter into a contract without the use of your standard conditions of trading. 6. obtain satisfactory written references and keep records of all drivers and other personnel employed after the inception of this insurance who are engaged in the handling of property in your possession. 7. notify the local police authority if loss or damage to the property shown in the schedule is caused by theft, attempted theft, malicious damage, violent disorder, riots or civil commotion or vandalism. Terms This insurance will not work in any way to the benefit of any carrier or other bailee. If you make a claim which is in any respect false or fraudulent we shall have the right to refuse payment of such claim and to avoid this insurance. 4. Cancellation This insurance may be canceled at any by you in writing to your insurance agent. We then be entitled to retain the minimum premium, if any, shown in the schedule. This insurance may also be canceled or on our behalf by giving 15 days notice in writing sent by post to your insurance agent. We will then be entitled to retain the pro rata proportion of the premium. Notice will be deemed to have been given if sent by post properly addressed. 5. Law and jurisdiction This insurance is governed by and construed in accordance with the laws of England, and the courts of England and Wales shall have exclusive jurisdiction and dispute. Any part of this insurance found by any court to be unenforceable will be considered capable of being removed so as not in any way to affect the remainder. 6. Claims 1. your duty to give notice of claims and minimise loss our liability to meet claims under this insurance is dependent upon and is entirely continent upon your compliance with all the terms and conditions set out in 1.1 to 1.4 below. In particular you must: 1.1 report in writing to your insurance agent and RIS as soon as reasonably possible with full details of any incident which may result in a claim under this insurance and give all the necessary information and assistance that we may require. You should not wait to obtain repair estimates before giving notice to us of such incident. 2. take such measures as may reasonable for the purpose of averting or minimising any loss and ensure that all rights against carriers, bailees or other third parties are properly preserved and exercised. We will reimburse you in addition to any other sum which we are liable to pay under this insurance for any costs properly and reasonably incurred by you to avert or minimise a loss which otherwise be covered under this insurance. No action which either you or we take to save, protect to recover the property shown in the schedule will be regarded as a waiver or acceptance of abandonment nor will it prejudice the rights of you or us. 3. if someone is holding you responsible for damage to their property, forward to us every writ, summons, legal process, letter or other communication in connection with the claim immediately upon receipt. 4. not admit liability or make an offer or promise of payment without our written consent. We shall be entitled to take over and deal with in your name(but at our expense) the defence or settlement of any claim and to take proceedings in your name to recover for our benefit the amount of any payment made under this insurance, including our own costs and expenses. 2. Claims promise 1. We undertake that we will provide: a. an initial response to the claim at the very latest within 48 hours of notification. b. a computerized diary tracking of each claim to avoid delays and to monitor the progress and target dates given to the broker at the initial handling stage. 2. Where we appoint experts to assist in the claim we will ensure that: 1. initial advises are submitted to us within two working days of our initial response 2. a preliminary report will be submitted within ten working days. 3. all subsequent reports will be submitted within every 20 days. We will inform you regarding the progress of the claim and contact you within 24 hours of receiving its report and make an appointment to discuss it, if appropriate. 3. Interest on delayed claim payments We will pay interest pro-rata at relevant prevailing bank base rate on any claim money due to you from us, once the amount exceeds the minimum qualifying for interest shown in the schedule, which remains unpaid for more than 4 working days from the date the signed from of acceptance is received by us (date of receipt will be acknowledged by us) provided that no premium remains unpaid at that date. You must supply your United Kingdom bank details et the time of signing the form of acceptance to enable us to transfer the funds into your account. Failure to do so, or the request of the claim payment to be any other method will disqualify your entitlement to claim interest from us. Endorsements The following clauses are only applicable if referred to in the schedule or subsequently endorsed onto this insurance. 1. STRIKES Subject to all the terms, conditions and exclusions of this insurance, this insurance is extended to cover the property shown in the attached schedule against physical loss or physical damage occurring during the duration of cover caused by: 1. strikers, locked out workmen, or person taking part in a labour disturbances, riots or civil commotion s 2. any terrorist or any person acting from a political motive We do not cover loss, damage or expense caused by or resulting from: a. the absence, shortage or withholding of labour of any description whatsoever resulting from any strike, lockout, labour disturbance, riot or civil commotion b. frustration of the voyage or venture Notwithstanding anything to the contrary contained in the general cancellation clause, we may cancel this insurance by giving 24 hours notice in writing sent by post to your insurance agent. 2. WAR Subject to all the terms, conditions and exclusions of this insurance, this insurance is extended to cover the property shown in the attached schedule against physical loss or physical damage occurring during the duration of cover caused by: (a)War, civil war, revolution, rebellion, insurrection or civil strife arising therefrom, or any hostile act by or against a belligerent power (b)capture, seizure, arrest, restrain or detainment arising from the risks shown in (a) above and the consequences thereof any attempt thereat (c) derelict mines, torpedoes, bombs or other derelict weapons of war (including while the insured property is being carried to and from the ocean going vessel). We do not cover loss, damage or expense caused by or resulting from the frustration of the voyage or venture. We will cover the insured property from the time it is loaded on an ocean going vessel until either: a. the discharge from the ocean going vessel at the final port or place of discharge b. the expiry of the 15th day from midnight of the day of arrival of the vessel at either of destinations shown in (a) above Which shall occur first If the insured property has not been unloaded from the vessel then this insurance may be extended to cover the insured property, subject to payment of an additional premium, from the time the vessel sails from the final port of call or point of discharged until either of the earliest dates in (A) or (b) above. If the insured property is unloaded from the ocean going vessel at an intermediate port or place of discharge for on-carriage by sea or air or such property is unloaded at a point of refuge then this insurance may be extended for a further 15 days, from midnight of the day of arrival, to cover the insured property at such a locations, subject to payment of an additional premium. Cover will continue as soon as the insured property has been loaded back onto an on-going vessel or aircraft. If the insured property is on-carried by air then ENDORSEMENT 4 shall form part of this insurance and apply to the on carriage by air. In the event the voyage is terminated at a port or place other than that agreed by you in the contract of carriage, this insurance will automatically terminate at such port or place. If your property is subsequently reshipped to the original port or place of call, we will agree to continue this insurance, provided you give us notice of such voyage before it commences and pay an additional premium. This insurance will become effective on either of the following dates and will terminate when the insured property arrives at either of the points shown in (a) or (b) above: a. for which has been discharged, cover will commence as soon as the insured property is loaded onto the on-carrying vessel for its voyage b. for property which is still on board the vessel, cover will commence when the vessel sails for such final port of discharge. Provided you advise us as soon as reasonably possible and agree to pay an additional premium we will cover the insured property during any deviation or variation of the voyage arising from the exercise of a liberty granted to shipowners or charterers under the contract of affreightment. We will also cover you liability for property in your care, if after the commencement of this insurance the point of destination is changed by you, provided you give us notice as soon as reasonably possible and in any event no later than 48 hours subject to an additional premium and at terms and conditions to be agreed by us. Notwithstanding anything to the contrary contained in the general cancellation clause, we may cancel this insurance by giving 24 hours notice in writing sent by post to your insurance agent. 3. WAR (SENDINGS BY POST) Subject to all the terms, conditions and exclusions of this insurance, this insurance is extended to cover the property shown in the schedule against physical loss or physical damage occurring during the duration of cover caused by: war, civil war, rebellion, revolution, insurrection or civil strife arising therefrom, or any hostile act by or against a belligerent power a. war, civil war, rebellion, revolution, insurrection or civil strife arising therefrom, or any hostile act by or against a belligerent power b. capture, seizure, arrest, restrain or detainment arising from the risks shown in (a) above and the consequences thereof or any attempt thereat c. derelict mines, torpedoes, bombs or other derelict weapons of war from the time of leaving the premises of the sender shown in the schedule for the commencement of the transit until delivery to the addressee. We do not cover loss, damage or expense: a. caused by or resulting from frustration of the voyage or venture b. while the insured property is on the premises of packers. Notwithstanding anything to the contrary contained in the general cancellation clause, we may cancel this insurance by giving 24 hours notice in writing sent by post to your insurance agent. 4. WAR (AIR CARGO OTHER THAN SENDINGS BY AIR) Subject to all the terms, conditions and exclusions of this insurance, this insurance is extended to cover the property shown in the attached schedule against physical loss or physical damage occurring during the duration of cover caused by: a. war, civil war, revolution, rebellion, insurrection or civil strife arising therefrom, or any hostile act by or against a belligerent power b. capture, seizure, arrest, restraint or detainment arising from the risks shown in (a) above and the consequences thereof or any attempt thereat c. derelict mines, torpedoes, bombs or other derelict weapons of war We do not cover loss, damage or expense caused by or resulting from the frustration of the voyage or venture. We will cover the insured property from the time it is loaded on the aircraft until either: a. the discharge from the aircraft at the final place of discharge b. the expiry of the 15th day from midnight of the day of arrival of the aircraft at the final place of discharge whichever shall occur first If the insured property has not been unloaded from the aircraft then this insurance may be extended to cover the insured property, subject to payment of an additional premium, from the time the aircraft departs from the final place of discharge until either of the earliest dates in (a) or (b) above. If the insured property is unloaded from the aircraft or ocean going vessel at an intermediate port or place of discharge for on-carriage by sea or air then this insurance may be extended for a further 15 days, from midnight of the day of arrival, to cover the insured property at such locations, subject to payment to an additional premium. Cover will continue as soon as the insured property has been loaded back onto an on-going aircraft or ocean going vessel. If the insured property is on-carried by ocean going vessel then ENDORSEMENT 2 shall form part of this insurance and apply to the on carriage by sea. In the event the carriage is terminated at a place other than the that agreed by you in the contract of carriage, this insurance will automatically terminate at such final place. If your property is subsequently consigned to the original or any other destination, we will agree to continue this insurance, provided you give us notice of such transit before it commences and pay an additional premium. This insurance will become effective on either of the followings dates and will terminate when the insured property arrives at either of the points shown in (a) or (b) above: a. for property which has been discharged, cover will commence as soon as the insured property is loaded onto the on-carrying aircraft for the transit b. for property which is still on board the aircraft, cover will commence when the aircraft departs from such final place of discharge Provided you advise us as soon as reasonably possible and agree to pay an additional premium we will cover the insured property during any deviation or variation of the transit arising from the exercise of a liberty granted to the air carrier under the contract of carriage. We will also cover your liability for property in your care, if after the commencement of this insurance the point of destination is changed by you, provided you give us notice as soon as reasonably possible and in any event no later than 48 hours subject to an additional premium and at terms and conditions to be agreed by us. 6. STRIKES (AIR CARGO) Subject to all the terms, conditions and exclusions of this insurance, this insurance is extended to cover the property shown in the attached schedule against physical loss or physical damage occurring during the period of insurance caused by: a. strikers, locked out workmen, or persons taking part in labour disturbances, riots or civil commotions b. any terrorist or any person acting from a political motive We do not cover loss, damage or expense caused by or resulting from: a. the absence, shortage or withholding of labour of any description whatsoever resulting from any strike, lockout, labour disturbance, riot or civil commotion b. frustration of the voyage or venture unfitness of the aircraft, conveyance, container or liftvan containing the insured property when you or any one acting on your behalf is privy to such information at the time the insured property is loaded therein. Notwithstanding anything to the contrary contained in the general cancellation clause, we may cancel this insurance by giving 24 hours notice in writing sent by post to your insurance agent. 6. CONSEQUENTIAL LOSS We will indemnify you in respect of your proved net loss based upon your: a. reduction in turnover and/or b. additional expenses and increased cost of working as certified by auditors certificate: 1. to have been incurred during the indemnity period and 2. to have been caused by an occurrence which is covered under this and of any of the other endorsements as have been endorsed. You are under a duty at all times to use every reasonable endeavour to minimise any costs or expenses arising under this section and to avoid or diminish losses arising to include where appropriate purchasing alternative goods as quickly and as cheaply as is reasonably possible. This insurance shall commence from the time the insured property leaves the premises of the manufacturer and continues during the ordinary course of transit (including during storage where specifically agreed) until such property is delivered to site. You will need to produce for us your audited books, balance sheets and all other relevant sources of information which we may reasonably require for the purpose of investigating or verifying a claim under this insurance. The maximum indemnity payable by us for claims under this section will be the amount insured shown in the schedule. Conditions 1. The ocean going vessel must comply with the provisions of the Institute Classification clause CL83 1/7/78 2. No assignment of this insurance or of any interest in it or of any monies due to be made payable under it shall be binding upon us unless written notice of such assignment signed by you is given to and agreed by us in advance and is endorsed on this insurance. Definitions 1. Additional expenses and Increased cost of working. The additional expenditure reasonably and necessarily incurred for the sole purpose of avoiding or diminishing the reduction in turnover which would have taken the place during the indemnity period in consequence of any risk or occurrence which is covered under the Cargo Cover section of this insurance. 2. Reduction in turnover will be calculated based upon the true cost to your business in real terms following the insured occurrence, taking into account where appropriate trends in the business, to produce as nearly as reasonably practicable the results which, but for the loss, would have been obtained after the date that the property should have been sold or put into use or operation. 3. Indemnity period The period commencing from the date the property would have been put into use or operation and ending no later than: a. the period shown in the schedule or b. the period of time required to restore your operations to the same level of production that would have been reasonably expected if no delay or physical loss or damage had occurred. Whichever is the earlier. 7. SELLERS INTEREST This insurance covers the risk of physical loss or physical damage to insured property in the event of non-acceptance by the buyer to the extent that such risks would be covered under this insurance and of any of the other endorsements as have been endorsed. It is a condition precedent to our liability that: a. under no circumstances must this insurance be disclosed to the buyer or any other third parties b. this insurance is for the benefit of the seller only and is not assignable. c. this insurance does not cover pure economic losses or consequential resulting from or arising from non-acceptance or non-payment by the buyer or otherwise. d. this insurance does not cover physical loss or physical damage to the insured property which is proximately caused by delay, even though the delay be caused by a risk insured against. e. all shipments must be declared in the usual manner and prompt notice given to us in the event of cover being required. f. this insurance only applies to goods shipped under FOB or C?F contracts. 8. CLAIMS GUARANTEE If we fail to meet any of the time frames specified in the claims promise the following proportions of that particular transit premium, up to a maximum of 10% of such premium, will be returned to you: >25%-if one deadline is missed >50%-if two deadlines are missed >100%-if three deadlines are missed Definitions Amount insured: the maximum amount shown in the schedule which we will pay for each and every incident of or damage. Arrival: when the vessel is anchored, moored or otherwise secured at a berth or place within a harbour authority area. If such a berth or place is not available, arrival is seemed to have occurred when the vessel first anchors, moors or otherwise secures either at or off the intended port or place of discharge. Consequential loss: any loss suffered by you other than the loss of the total value of the insured property (if destroyed) or the amount by which the value of the insured property is reduced (if damaged). Endorsement: any written variation to the terms or conditions of this insurance Period of insurance: the length of time for which this insurance is in force as shown in the schedule. Rejection: refused admission or acceptance of the insured property NCH: Schedule: the pages attached to this insurance which set out details of the policy holder, amounts insured, period of insurance, territorial limits and state which sections of this insurance apply You/Your: the person(s) or company named in the schedule at the policy holder Over twenty five years we are operating in international insurance markets as independent consultants, our skills are entirely devoted to our clients. Greenwoods Insurance Brokers Ltd.