Page 81 - Hollard Business Policy - Binder

Goods in Transit
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.
Property
Property shall be deemed property usual to the Insured's business including ropes, tarpaulins and packaging materials in connection with the transit.
Conveyance
Means of conveyance shall be deemed to be by road, rail or air.
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.
RESTRICTED COVER (if stated in the Schedule to be applicable)
Fire, lightning, explosion, collision, derailment and overturning and theft following the event limitation
The insurance under this Section is limited to loss or damage resulting from fire, lightning, explosion, collision, derailment and overturning, and theft following the event, of the means of conveyance described in the Schedule;
PROVIDED THAT:
1. collision shall not constitute impact with inequalities in the road or other surfaces or shifting of the load while in motion;
2. theft is not subject to violent and forcible entry and or exit.
SPECIFIC EXCEPTIONS
The Company shall not be liable for:
1. loss or damage resulting from or caused by:
1.1 theft from any unattended vehicle in the custody or control of the Insured or any principal, partner, director or employee of the Insured unless the property is contained in a completely closed and securely locked vehicle or the vehicle itself is housed in a securely locked building and entry to or exit from such locked vehicle or building is accompanied by visible signs of physical damage as a result of the forcible and violent entry or exit;
1.2 theft (or any attempt thereat) of goods from any temporary storage facility (stored during the period of transit) unless accompanied by visible signs of physical damage from such temporary storage facility as a result of the forcible and violent entry or exit;
1.3 inherent vice or defect, vermin, insects, damp, mildew or rust;
1.4 the dishonesty of any principal, partner, director or employee of the Insured whether acting alone or in collusion with others;
1.5 or arising whilst in transit by sea or inland transit incidental thereto;
1.6 breakdown of refrigeration equipment;
Hollard Business Policy – Binder – Version 8 2024 Page | 79