Property All Risks Insurance
Property All Risks Insurance
The insurance company in line with the insurance contract, is liable for the compensation to the direct physical losses or damage to the property insured caused by Natural Hazard and Accident.
 
Subject Matter Insured
Fixed assets (buildings, equipment, etc.), stock, lease assets and other tangible assets.
 
Scope of Cover
Be liable for the compensation to the direct physical losses or damage to the property insured caused by Natural Hazard and Accident.
· natural Hazard: the lightning, rainstorm, flood, storm, tornadoes, hailstorm, typhoons, hurricanes, sandstorm, blizzard,
  ice, suddenly landslide, collapse, debris flow, ground subsidence of sinking and other force majeure powerful
  natural phenomena.
· accident: unexpected and uncontrolled emergency property loss including fire and explosion.
· any other events than those enumerated in Exclusions hereinafter.
 
Exclusions
· willful act or gross negligence of the Insured or his representative;
· government action or judicial action;
· war, warlike operation, hostilities, armed conflicts, terrorism, conspiracy insurrection, coup d’etat;
· earthquakes, tsunamis and other secondary disasters;
· nuclear fission, nuclear fusion, nuclear weapon, nuclear material, nuclear radiation, nuclear explosion, nuclear contamination
  and other radioactive contamination;
· pollution of any kind including atmosphere, land and water pollutions and not including non-radioactive contamination caused
  by insurance accidents;
· loss of or damage to the property insured itself or expenses resulting  from wear and tear, inherent or latent defect, change
  in substance, spontaneous combustion, natural heating, oxidation, rust and corrosion, leakage, mice, insects or vermin,
  change in atmosphere, (climatic or temperature) conditions, change in normal water level or any other progressively
  operating  cause;
· theft and robbery
· indirect losses of the insurance subject matter caused by insurance accidents;
· loss of or damage to the insured items themselves due to faulty design, defective casting or material or bad workmanship
  and expenses incurred to  replace repair or rectify such fault, defects, errors or omissions;
· billboards, antenna, neon lights, solar power device and other ancillary facilities outside the building, and subject matter stored
  in open-air or simple buildings and simple construction; losses caused by the thunder, lightning, rainstorm, flood,
  storm,  tornadoes, hailstorm, typhoons, hurricanes, blizzard icicle, sandstorm etc;
· loss of or damage to the boilers or other pressure vesse·s themselves caused by their own explosion;
· loss of or damage to the mechanical or electrical devices themselves unless due to external forces;
· loss of or damage to electrical or mechanical equipment caused by faulty operation or lack of skills of the Insured or any of
  his employee(s);
· shortage discovered at the time of taking an inventory;
· any loss or expenses caused by failure of public utilities, such as electricity, gas, water supply or other energy sources, due to
  any causes;
· the deductibles calculated by the deductible ratio stated in this Policy. 
 
* For further details, please refer to the insurance clauses.
 

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