SUBJECT OF THE INSURANCE
Upon receiving an insurance premium, the INSURER agrees to compensate the INSURED in case of the occurrence of a total loss or partial damage to machines, devices, facilities, and installations used by the INSURED in relation to his activities.
A mandatory requirement for providing insurance coverage is that the machines and equipment should have successfully passed acceptance tests and should be in normal operating condition, regardless of whether they are operating or at rest, or have been disassembled in order to be cleaned or overhauled, as well as during these operations, or during relocation within the location of the insurance, as well as during their subsequent installation.
SCOPE OF THE INSURANCE
Any type of machinery, devices, equipment, and installations specified in the Description list and located at the site designated in the insurance policy, which have been properly put into operation and are in an after-warranty period.
The insurance coverage under this Section is provided only for material damages which have occurred suddenly and unexpectedly.
The insurance premium is determined by the INSURER based on the risk circumstances and clauses upon which the insurance protection is provided, and is paid in full or according to an installment plan contracted in the policy.
The INSURED must notify the INSURER within 3 working days in writing and/or via telephone and in writing, and provide the INSURER with all necessary details and evidence related to the claim.
The insurance amount is determined based on the replacement cost of the insured machines and equipment.
In case of a loss, the INSURED must promptly notify the INSURER, who performs an inspection.