Property Investors Protection Plan policy document (PDF)

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POLICY CONDITIONS Property Investors Protection Plan Policy405 Claims – Companys RightsThe Companyi) On the happening of DAMAGE in respectof which a claim is made may withoutthereby incurring any liability ordiminishing any of the Companys rightsunder this Policy enter take or keeppossession of the premises where suchDAMAGE has occurred and takepossession of or require to be deliveredto the Company any property insured anddeal with such property for all reasonablepurposes and in any reasonable mannerNo claim under Section 1 shall bepayable unless the terms of this conditionhave been complied withNo property may be abandoned to theCompany whether taken possession of bythe Company or notii) shall have full discretion in the conduct ofany proceeding and in the settlement ofany claim6 Contracts (Rights of ThirdParties) ActThe parties to this contract do not intend thatany clause or term of this contract should beenforceable by virtue of the Contracts(Rights of Third Parties) Act 1999 by anyperson who is not a party to this contract7 FraudIf any claim be in any respect fraudulent or ifany fraudulent means or devices be used bythe Insured or anyone acting on their behalfto obtain any benefit under this Policy or ifany DAMAGE be occasioned by the wilfulact or with the connivance of the Insured allbenefit under this Policy shall be forfeited8 IdentificationThis Policy and the Schedule (which formsan integral part of this Policy) shall be readtogether as one contract and words andexpressions to which specific meanings havebeen attached in any part of this Policy or ofthe Schedule shall bear such specificmeanings wherever they may appear9 Instalments ClauseIf the premium on this Policy is payableby the Companys Budget Plan and theInsured does not pay each instalment onthe due date all cover under the Policy iscancelled automatically from the date suchinstalment was due or where statute requiresthe giving of notice the day following theexpiry of such noticeIf the premium on this Policy is payable bythe Company’s Budget Plan and during thecurrent period of insurance- a claim has been made under the Policy forwhich We have made a payment- a claim has been made under the Policywhich is still under consideration- an incident has occurred which is likely togive rise to a claim but is yet to be reportedto Usthe annual premium remains due in full. Insuch case monthly collections must continueor a one off payment be agreed to settle theoutstanding amountWhere a one off payment is not made tosettle the outstanding amount You mustcontinue with the instalment payments.Alternatively we may deduct any outstandinginstalments from any claim payment that maybe due to You or payable on your behalfAny instalments payments legitimately takenprior to the notification of cancellation of theBudget Plan agreement will be retained. Anyrefund of premium will be in respect of anysubsequent collections taken between thetime of notification and cancellation10 Misrepresentation andmisdescriptionThis Policy shall be voidable in any event ofmisrepresentation misdescription or nondisclosurein any material particular11 Observance of TermsIt is a condition precedent to any liability onthe part of the Company under this Policythat the terms hereof so far as they relate toanything to be done or complied with shallbe duly and faithfully observed
POLICY CONDITIONS Property Investors Protection Plan Policy12 Other Insurancesand Averagea) Applicable to Section 1 – BuildingsIf at the time of any DAMAGE there isany other insurance effected by or onbehalf of the Insured covering any of theproperty damaged the liability of theCompany hereunder shall be limited to itsrateable proportion of such DAMAGEIf any other insurance shall be subject toany average (under insurance) conditionthis Section if not already subject to anyCondition of Average shall be subject toAverage in like mannerIf any other insurance is subject to anyprovision whereby it is excluded fromranking concurrently with this Sectioneither in whole or in part or fromcontributing rateably the liability of theCompany hereunder shall be limited tothat proportion of the DAMAGE as theSum Insured hereby bears to the value ofthe propertyb) Applicable to Section 2 –Rental IncomeIf at the time of any DAMAGE resulting ina loss under this Section there be anyother insurance effected by or on behalfof the Insured covering such loss or anypart of it the liability of the Companyhereunder shall be limited to its rateableproportion of such lossc) Applicable to Sections 3 and 4 – PublicLiability and Employers LiabilityThe Company will not indemnify theInsured in respect of liability which isinsured by or would but for the existence ofthe Section be insured by any other policyexcept in respect of any excess beyond theamount payable under such other policyhad this insurance not been effected13 Reasonable PrecautionsThe Insured shalla) take all reasonable precautions to preventoccurrences which may give rise toDAMAGE or accidentsb) take all reasonable steps to comply withstatutory requirements obligations andregulations imposed by any authorityc) take immediate steps to make good orremedy any defect or danger whichbecomes apparent or take such additionalprecautions as circumstances may require14 ReinstatementIf any property insured by Section 1 is to bereinstated or replaced by the Company theInsured shall at their own expense provideall such plans documents books andinformation as may be reasonably requiredThe Company shall not be bound to reinstateexactly but only as circumstances permit andin a reasonably sufficient manner and shallnot in any case be bound to expend inrespect of any one of the items insured morethan its Sum Insured15 SubrogationAny claimant under this Policy shall at therequest and at the expense of the Companytake and permit to be taken all necessarysteps for enforcing rights against any otherparty in the name of the Insured before orafter any payment is made by the CompanyThe Company shall be entitled to take overand conduct in the name of the Insured thedefence or settlement of any claim or toprosecute in the name of the Insured at itsown expense and for its own benefit anyclaim for indemnity or damages or otherwise16 WarrantiesEvery warranty to which Section 1 or anyitem thereof is or may be subject shall fromthe time of the warranty attaching apply andcontinue to be in force during the wholecurrency of Section 1 and non-compliancewith any such warranty insofar as itincreases the risk of DAMAGE shall be a barto any claim in respect of such DAMAGEprovided that whenever this Policy isrenewed a claim in respect of DAMAGEoccurring during the renewal period shall notbe barred by reason of a warranty not havingbeen complied with at any time before thecommencement of such period41
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