Senin, 31 Maret 2014

Endorsement 114: Serial Losses

It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon, the following clause shall apply to this insurance:

Loss or damage due to faulty design (if covered by endorsement), defective material and/or workmanship arising out the same cause to structures, parts of structures, machines or equipment of the same type shall be indemnified according to the following scale after applying the policy deductible for each loss:

100 % of the first 2 losses
  80 % of the 3rd loss
  60 % of the 4th loss
  50 % of the 5th loss

Further losses shall not be indemnified.
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