Jewellers Block - The New India Assurance Co. Ltd.

or indirect) to discover the person by whom the property was stolen or damaged and to prosecuteand obtain the conviction of such person for offence and trace and recover any property stolen.(8) The Company may cancel this Policy by sending seven days notice by registered letter to theinsured at his last known address and in such event will return to the insured the premium paid lessthe pro-rata portion thereof for the period the policy has been in force or the policy may be cancelledat any time by the insured on seven days notice and (provided no claim has arisen during the thencurrent period of insurance) the Insured shall be entitled to refund of premium less premium at theCompany’s Shot Period rates for the period of the Policy ha been in force.(9) If the claim be fraudulent or if any fraudulent means or devices be used by the Insured or anyoneacting on his behalf to obtain any benefits under the Policy or if any destruction or damage beoccasioned by the willful act or with the connivance of the insured all benefits under this Policyshall be forfeited.(10) The insured shall use due diligence and do and concur in doing everything reasonably practicable toavoid or diminish any loss under the policy.(11) The Company shall not be liable to make any payment under this Policy in respect of any loss ordamage if discovery thereof be not made within 15 days of the happening of the same.(12) Upon the happening of any event giving rise to a claim under this Policy coming to the knowledgeof the insured :-(a) The insured shall give notice to the Police and to the Company within 24 hours and take allpracticable steps to discover the guilty person or persons and to recover the property lost orstolen and to prosecute and obtain the conviction of such person or persons for the offence.(b) The insured shall deliver to the Company within fourteen days from the date on which theevent shall have come to his knowledge a detailed statement in writing of the loss or damagewith on estimate of the actual value of such articles lost and the amount of the damagesustained.(c) The insured shall permit the authorised representatives of the Company to examine thepremises and books of accounts and shall furnish all explanation voucher proof of ownershipand other evidence to substantiate the claim and the Company may if deemed necessaryrequire corroborative evidence of the statements of the insured or of any member of hisfamily or his employees in support of any claim.(14) The Company at any time before payment of a claim and notwithstanding that an offer of settlementhas been made instead of paying the amount of the Loss or Damage in respect of any property maymake it good reinstating or replacing any of the property lost or damage or such item or parts thereofas company may think fit and paying the amount of Loss or Damage in respect of the residue ofsuch property. Provided that if the Company elects to replace any property the company in makinggood of the Loss or Damage shall not be bound to replace or reinstate such property exactly andcompletely but only to do substantially as nearly as circumstances permit and in a reasonablysufficient manner. In case where any of the property is insured elsewhere the Company may joinwith any other insurance Company or insurers in replacing or reinstating the same.(15) If the time of any loss or damage there shall be any other subsisting insurance against such loss ordamage the Company shall not be liable for more than its ratable proportion of such loss or damage.(16) The insured and any claimant under this Policy shall at the expenses of the Company do and concurin doing and permit to be done all such acts and things as may be necessary or reasonably requiredby the Company for the purpose of enforcing any rights and remedies or of obtaining relief forindemnity from other parties to which the Company shall be or would become entitled or subrogatedupon the Company paying for or making good any loss or damage under this Policy whether suchacts and things shall be or would become entitled or required before or after the insuranceindemnification by the Company.(17) The basis of valuation of property insured for the purpose of this insurance shall be the Insured’scost plus ten percent thereof.(18) Immediately upon the happening of any loss or damage the Sum Insured under Section-I shall bereduce by the amount of loss or damage and the sums insured under the various items specified inSection-II and III of the Schedule shall be reduced in the same proportion as the Sum Insured underSection 1 is reduced and such reduced Sum insured shall be limit of any loss occurring during the

current period of the Policy unless the Company consents upon payment of prorata additionalpremium for the unexpired period to reinstate the full sums insured.(19) If any dispute or difference shall arise to the quantum to be paid under the policy liability beingotherwise admitted such difference shall independently all other questions be referred to the decisionof a sole arbitrator to be appointed in writing by the parties to of if they cannot agree upon a singlearbitrator within 30 days of any party invoking arbitration the same shall be referred to a panel ofthree arbitrators, comprising of two arbitrators, one to be appointed by each of the parties to thedispute/difference and the third arbitrator to be appointed by such two arbitrators and arbitrationshall be conducted under and in accordance with the provisions of the Arbitration and ConciliationAct, 1996.It is clearly agreed and understood that no difference or dispute shall be referable to arbitration asherein before provided, if the Company has disputed or not accepted liability under or in respect ofthis policy.It is hereby expressly stipulated and declared that it shall be a condition precedent to any right ofaction or suit upon this Policy that award by such arbitrator/arbitrators of the amount of the loss ordamage shall be first obtained.It is also hereby further expressly agreed and declared that if the Company shall disclaim liability tothe insured for any claim hereunder and such claim shall not within 12 calendar months from thedate of such disclaimer have been made the subject matter of a suit in a court of Law, the claim shallfor all purposes be deemed to have been abandoned and shall not thereafter e recoverable hereunder.(20) a) Condition of average applicable to losses under Sec. I II & III of the Policy :- If the propertycovered hereby on all the specified premises under Section-I and outside the premises incustody and or held in trust by various parties covered under Sections. II & III, shall at thetime of loss or damage by any perils hereby insured against, be collectively or greater valuethan the sum insured under Section I, II & III then the insured shall be considered as beinghis own insurer for the difference and shall bear ratable share of the loss or damageaccordingly.b) Condition of Average applicable to Sec. IV : If the property covered under Sec. IV of thePolicy shall be collectively of greater value that the Sum Insured under Sec. IV then theinsured shall be considered as being his own insurer for the difference and shall bear ratableshare of the loss or damage accordingly.(21) In the event of loss or damage to any article forming part of a pair or set, but in any event theCompany’s liability shall not exceed the proportionate part of the sum insured in respect of the pairor set.(22) The due observance and fulfillment of the terms, provisions conditions and endorsement of thisPolicy in so far as they relate to anything to be done complied with by the insured and the truth of thestatements and answers in the said proposal shall be condition precedent to any liability of the Company tomake any payment under this Policy.N.B. IN THE EVENT OF DISHONOUR OF PREMIUM CHEQUE THE POLICYAUTOMATICALLY STANDS CANCELLED AS FROM INCEPTION.