Page 91 - Agriculture Policy Wording Binder

Goods in Transit
MEMORANDA 2
Defined Event 1 will be replaced with the following in case of a Single Transit:
Loss of or damage to whole or part of the property described in the Schedule including containers and/or covers in which cargo is packed not otherwise insured, owned by the Insured or for which they are legally responsible, in the course of transit by the means of conveyance or other means incidental thereto and caused by any accident or misfortune directly caused by fire, lightning, flood, collision and overturning of the conveyance including loading and unloading of the cargo and theft following the abovementioned occurrences whilst conveyed in or on any means of conveyance.
Basis of valuation
The amount claimed shall be calculated as follows:
1. in respect of new goods:
the replacement value of the property by similar property in a condition equal to, but not better nor more extensive than its condition when new;
2. in respect of goods that are not new:
2.1 the market value of the goods immediately before the insured event; or
2.2 the repair of the property to a condition substantially the same as, but not better than, its condition immediately before the insured event.
Breakdown
In the event of breakdown of the means of conveyance during transit or if, for any reason beyond the Insured's control, the property is endangered, nothing contained herein shall debar the utilization of any other form of transport to assist completion of the transit and the insurance afforded shall not be affected thereby.
Conveyance
Means of conveyance shall be deemed to be by road, rail or air.
Livestock, Pedigree Animals, Game and Ostriches
At the time of commencement of the transit in respect of any livestock, pedigree animals, game and/or ostriches all such livestock, pedigree animals, game and/or ostriches must be in good condition, perfectly healthy and free of any injuries.
Other means of transport
Where the means of conveyance is by specified vehicle, the insurance under this Section shall apply to property on any vehicle temporarily used in place thereof while a specified vehicle is undergoing repair or servicing, which replacement vehicle is not the property of the Insured or leased or hired by them under a lease or suspensive sale agreement.
Property
Property shall be deemed property usual to the Insured's business including ropes, tarpaulins and packaging materials in connection with the transit.
Refusal
If any consignee shall refuse to accept property consigned, transit shall be deemed to continue and the insurance in respect of such property shall continue in force until the property is delivered at the premises of the consignor by any means of conveyance;
PROVIDED THAT:
the Insured shall take all reasonable steps to ensure that the property is returned as soon as is reasonably possible.
Policy Wording – Agriculture – Binder – Version 2 2023 Page | 89