Minggu, 29 Desember 2013

NEWLY ACQUIRED PROPERTY CLAUSE




This policy is extended to cover real and personal property constructed, acquired, purchased  or leased  within the countries already covered in the program as listed in the Declar­ations Section (Article 1.3), and in any other countries subject to the Territory clause (Section 2 – Article 2.5).  while under the care, custody or control of the Insured.  The coverage will be granted subject to all terms and conditions of the policy.

Coverage under this newly acquired property provision shall commence when the insured first acquires an insurable interest at the location and shall cease one hundred and twenty  (120) days from the date of such acquisition, or when reported to and accepted by the insurer, or on the expiration date of this policy, whichever shall occur first.

No coverage is provided under this provision on property while in transit or waterborne, nor while on the location of any exhibition, exposition, fair or trade show.
Structures and their contents extending from land or shore, floating docks and floating equipment permanently moored to dock, river bank or shore are not considered as “waterborne”.
This provision shall not be construed as providing coverage at locations scheduled or otherwise insured herein.

This newly acquired property provision shall not apply to provide Business Interruption coverage for any newly acquired location which is in course of construction. (Advanced Loss of Profit).
This newly acquired property provision shall not increase any amounts or limits of insurance provided by this policy.

Liability for loss under this newly acquired property provision arising out of one occurrence shall not exceed the amount stated under the Declarations.

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