Page 221 - Hollard Business Policy - Binder

Solar Power
5. faults or defects known to the Insured (or their responsible employees) at the time this insurance was arranged or during the currency of the insurance and not disclosed to the Company or any consequences thereof;
6. wastage of material or wearing out of any part of the property insured caused by or naturally resulting from ordinary usage or working or other gradual deterioration, development of poor contacts or scratching of painted or polished surfaces of a cosmetic nature;
7. parts having a short life such as (but not limited to), contacts, X-ray tubes, bulbs, cathode-ray tubes, thermionic emission tubes, fuses and sacrificial buffer circuits. If such parts are damaged as a result of a defined event as provided for by this Sub-Section to other parts of the property insured, the Company shall indemnify the Insured for the residual value prior to the loss of such exchangeable parts;
8. wear and tear or gradual deterioration (including the gradual action of light or climatic or atmospheric conditions) unless following an accident or misfortune not otherwise excluded;
9. cost of reproducing data and/or programs whether recorded on computer hard-drives, discs, tapes, cards, or otherwise;
10. loss of use of the property or other consequential loss, damage or liability of whatsoever nature or as a result of its inherent vice or defect, faulty design or installation, vermin, insects, damp, mildew or rust;
11. detention, confiscation, forfeiture, impounding, attachment or requisition by any lawfully instituted authority or other judicial process or requisition by Customs or other officials;
12. loss or damage of whatsoever nature arising directly or indirectly of or in connection with the action of any computer virus, Trojan or worm(s) or other similar destructive media;
13. loss or damage caused by any principal, partner, director or employees of the Insured whether acting alone or in collusion with others;
14. loss or damage to any portion of the insured solar power system resulting from the collapsing of the roof, pylon or any other structure on which the solar array is installed, and such collapse being caused by or resulting from:
14.1. the inability of the structure to support the weight of the solar array; or
14.2. any other cause associated with the design or construction of the support structure or the solar array that may be considered defective, faulty or inadequate;
15. loss or damage by overloading of any component of the solar power system (overloading is when the sum of the wattage of all electrical equipment which draws AC electricity from any component of the solar power system exceeds the capacity, as per the manufacturers’ specifications, of such component);
16. a gradual reduction of the capacity of the solar array or any battery(ies) linked thereto;
17. loss or damage to a solar array that is fitted on a thatch roof, asbestos roof or any other structure of non-standard construction;
18. theft or disappearance which is not identifiable with a specific incident.
CLAUSES AND EXTENSIONS Capital additions
The insurance under this Section covers alterations, additions and improvements (but not appreciation in value in excess of the sum(s) insured) to the property insured for an amount not exceeding 20% (twenty percent) of the sum insured thereon, it being understood that the Insured undertake to advise the Company each quarter of such alterations, additions and improvements and to pay the appropriate additional premium thereon.
Credit shortfall
If any total loss settlement under Sub-Section A is less than the amount owing to the financier under a current installment sale or lease agreement, the Company will pay to the Insured an additional amount equal to the shortfall less:
1. any arrears installments or rentals including interest payable on such arrears;
2. all refunds of premium for cancellation of any insurance cover relating to the solar power system;
3. the increased installments or rentals that would have been paid had there been no residual capital value at the end of the finance period, calculated to the month in which the claim is settled;
4. Any balloon payment due at the end of the finance period;
5. the first amount payable under Sub-Section A;
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