Perils Insured
Direct Physical Loss or Damage to the property from any external cause, subject to the exclusions and conditions of the policy.
Transport Insurance (Cargo)
Air - Land - Sea
Covers All Risk-warehouse to warehouse both locally and internationally.
In Commission and Laid Up
The vessel is covered subject to the provisions of this insurance:
While in commission at sea or on inland waters or in port, docks, marinas, on ways, pontoons,
or at a place of storage ashore. While laid up out of commission, including lifting or hauling
out and launching, while being moved in shipyard or marina, dismantling, fitting out, over hauling,
normal maintenance or while under survey.
Theft
This insurance covers loss of the vessel caused by theft of the entire vessel,
provided it is parked in a secured area (Owner’s Yard, garage, or marina) provided a sum is
stated for this purpose on the declaration page.
Deductible
We will pay only when a covered loss exceeds the deductible shown on the
declaration page for that coverage. We will then pay only the excess amount.
Territory
This policy applies only while the property we cover is in Belize or its Territorial Waters.
Seaworthiness Warranty
- The vessel must be reasonably fit in all respects including hull, machinery, equipment and crew whenever afloat and or being operated.
- When the vessel concerned is underway the insured name in the declaration to the policy or other competent person (s) shall be on board and in control of the vessel.
- This insuring agreement does not cover any loss or damage caused by your failure to exercise due diligence properly, to manage the scheduled vessel or maintain it in a seaworthy condition.
MARINE CLAIM
What You Must Do After A Loss:
In the event of a loss to any property that may be covered by this policy, you must: Promptly give us or agent and Belize Port Authority written notice. Report any theft to the police as soon as possible. Protect the property from further loss. Make any reasonable repairs necessary to protect it. Keep an accurate record of any repair expense. Give us a detailed list of the damage, destroyed or stolen property, showing the quantity, and description, actual cash value and the amount of loss claimed. Produce available bills, repair receipts and related documents or certified copies, that substantiate the loss claimed. As often as we reasonable require: Show us the damaged property Submit to examinations under oath and sign a transcript of same. At our, request give us a signed sworn proof of loss within 30 days from the date of loss. This statement must include the following information: The date, location and cause of loss: The interest you and others have in the property, including any encumbrances: Other insurance that may cover the loss: Any changes in ownership that have occurred during the policy period: An inventory of the damaged or stolen property.
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