Covers loss of or damage to insured property during the operations specified for a specific contract. The definitions of all available operations are as follows:
Transit – Transportation (other than by sea or air) of the insured property and any trans-shipments, deviations or storage en route from the time that the load is secured onto the carrying vehicle until the commencement of removal of the securing devices.
Erection – From the completion of the unloading of the insured property from transport vehicles until the completion of testing or running or the date of taking over by the purchaser whichever is the earlier.
Dismantling – From the commencement of dismantling and/or disconnecting of the insured property until the commencement of loading onto transport vehicles.
Re-Sitting – Bodily removal of insured property or a major part of it from one site to another in the same premises and not involving the use of road or rail vehicles.
Handling – Bodily removal of the insured property from one point to another.
Cover does not include:
- Loss of or damage to insured property caused by or arising from its own breakdown, derangement or explosion
- Defects in material workmanship or design (but insured damage resulting from it is covered)
- Loss of use or loss of profits as a result of damage
- Unaccountable or unexplained losses discovered during checks or inventories unless you can provide reasonable proof that such losses occurred as a result of an identifiable incident