Property “All Risk” insurance is intended to indemnify you if property which you have chosen to insure is damaged or destroyed by perils not specifically excluded in your policy. This insurance is specifically designed for commercial property.
Property which is insured
The property which you have chosen to insure will be stated in the schedule of the policy. The property you insure should be property owned by you or for which you are legally responsible. This may include your buildings or the contents of your buildings or both. You may also want to insure specific items of property. You should agree what is to be covered before your insurance begins.
The following property is insured but only if you have agreed an insured amount for each with Zurich. The amount you have agreed will be shown in the schedule of the policy.
- Business books and documents (these are insured for the cost of clerical labor and materials. The value of the information itself is not insured).
- Computer system records (these are insured for the cost of clerical labor and computer time needed to recompile the records. The cost of producing information and the value of the information itself are not insured).
- Money and stamps.
- Patterns, Models, Molds, Plans and Designs (these are insured for the cost of clerical labor and materials needed to recompile the records).
Property which is not insured
Unless you and Zurich have specifically agreed otherwise before your insurance begins, certain types of property will not be insured. The following is a summary of such property. You should read the detailed list of such property from policy wording:
Dams, canaks and reservoirs
Land and landscaping
Mining property underground
Property being processed if the processing causes the loss or damage
Property in the course of construction or erection
Property insured by any marine insurance
Property which is the subject of rental, credit or hire purchase agreements under possession of customers
Roads, tunnels and bridges
Tress and crops
Underground pipes and cables
Your policy insures the cost of removing the debris of property destroyed or damaged by any insured peril if you have specifically agreed an amount for this with Zurich. The amount you have agreed will be shown in the schedule of the policy.
Where your property is insured
Unless you and Zurich have specifically agreed otherwise, your property is insured only at the location mentioned in the schedule. Property in transit is specifically excluded.
Perils which are insured
Unless you and Zurich have specifically agreed otherwise, your property is insured against any unforeseen, sudden and accidental physical loss destruction or damage not excluded by the policy. The excluded perils are summarized below under ‘Perils which are not insured’. You may, with Zurich’s agreement, be able to extend your policy to cover destruction or damage by other perils.
Perils which are not insured
Unless you and Zurich have specifically agreed otherwise, your property is not insured against destruction or damage caused directly or indirectly by the perils listed below. This is a summary only of the excluded perils. You should read the policy wording for more details:
- Any gradually operating causes
- Boiler explosion
- Change in temperature or humidity
- Deliberate actions, wrong doing or negligence by you, anyone representing you or anyone following your instructions
- Exposures of property in the open to weather conditions
- Law enforcement
- Machinery breakdown
- Nuclear reactions and radiation
- Pollution or contamination (but pollution and contamination by certain causes is insured)
- Strikes, riots or civil commotion
- Terrorism or sabotage
- Unexplained losses
- War, civil war
Your policy does not cover the cost of:
- Rectifing defective materials, faulty workmanship or design
- Normal maintenance
Your insurance has special exclusions which limit coverage in respect of computer software. For example, losses due to computer viruses and hacking are excluded.
Your policy does not insure loss resulting from the interrupyion of your business.