Property Investors Protection Plan policy document (PDF)

POLICY CONDITIONS Property Investors Protection Plan PolicyPolicy Conditions381 Alteration in RiskThis Policy shall be avoided if after thecommencement of this insurance there isany alteration in riska) by removalb) by change of occupation or use of theProperty Insuredc) whereby the risk of DAMAGE accident orliability is increasedd) the Business is wound up or carried onby a liquidator or receiver orpermanently discontinuede) whereby the Insureds interest ceasesexcept by will or operation of lawUnless such alteration is admitted by theCompany in writing2 ArbitrationIf any difference shall arise as to theamounts to be paid under this Policy (liabilitybeing otherwise admitted) such differenceshall be referred to an arbitrator to beappointed by the parties in accordance withstatutory provisions Where any difference isby this condition to be referred to arbitrationthe making of an award shall be a conditionprecedent to any right of action againstthe Company3 CancellationOur RightsWe shall not be bound to accept any renewalof this Policy and may at any time give 21days notice of cancellation by recordeddelivery to Your last known addressThereupon You shall be entitled to the returnof a proportionate part of the premium paidin respect of the unexpired term of this Policyprovided that there have been:• no claims made under the Policy forwhich We have made a payment• no claims made under the Policy whichare still under consideration• no incident likely to give rise to a claimbut is yet to be reported to Usduring the current Period of InsuranceThis termination shall be without prejudice toany rights or claims of the Insured or theCompany prior to the expiration of such notice.If a claim has been submitted or there hasbeen any incident likely to give rise to aclaim during the current Period of Insurance,no refund for the unexpired portion of thepremium will be givenYour RightsYou may cancel this Policy in the first year ofinsurance during the 14 days after theContract has been concluded by givingnotice in writing to Your Insurance Adviser atthe address shown in their correspondenceor to the AXA Insurance address shown onyour Policy schedule. This right does notapply at the first or any subsequent renewalof the policyProvided that there have been:• no claims made under the Policy forwhich We have made a payment• no claims made under the Policy whichare still under consideration• no incident likely to give rise to a claimbut is yet to be reported to Usduring this 14 day period, We will give arefund for the proportionate part of thepremium paid in respect of the unexpiredterm of this Policy, subject to a minimumpremium of £50If a claim has been submitted or there hasbeen any incident likely to give rise to aclaim during the current Period of Insurance,no refund for the unexpired portion of thepremium will be given4 Claims – Insureds DutiesOn the happening of any event which maygive rise to a claim the Insured shalla) General – applicable to all Sectionsi) notify the Company immediatelyii) take all practicable steps to recoverproperty lost and otherwise minimisethe claimiii) inform the Police immediately if theloss or damage is caused by thievesmalicious persons or vandals or byriot civil commotion strikes orlabour disturbances