SUBJECT OF THE INSURANCE
Compensation in case of the occurrence of a total loss or partial damage to any type of construction machinery and equipment 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
Providing coverage for all machinery and equipment specified in the Description list. The coverage applies for the periods of operation and for the periods of rest, cleaning, overhaul, as well as during transportation to and from the construction site by automobile, railroad, or inland waterway transportation.
By special agreement and based on an additional clause, the following can be insured:
- tunneling equipment and underground mining equipment;
- equipment operating on water platforms, barges, or pontoons.
The insurance coverage under this Section is provided only to construction machinery and equipment used in accordance with their customary function, for each sudden and unexpected total loss or partial damage due to any reason, with the exception of the individually listed ones in the General and Special exclusions, up to the insurance amount limit specified in the Description list.
The insurance is contracted for a term of one year based on a written Application-questionnaire by the INSURED.
Upon signing of the insurance, the INSURED must indicate in the Application-questionnaire all circumstances that are known to him or could have been known to him with the exercise of the necessary due diligence, and which are of material importance for the evaluation of the risk and terms under which the insurance can be contracted.
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.
In case of a loss, the INSURED must promptly notify the INSURER, who performs an inspection and assessment of the damages.