Product Disclosure Statement
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Product Disclosure Statement (Policy Wordings
The following are the additional clauses we have included as part of our Product Disclosure Statement:
Replacement and repair of machinery: In the event of loss or damage to any part(s) of an insured machine/ car parts consisting of more than one (1) part, cover under this policy shall not exceed the cost of replacement or repair of the part(s) plus labour and (re)fitting and carriage costs. Duty (if applicable) incurred in the provision of the part(s) shall also be claimable provided that, the full duty payable on the part(s) is included in the insured value. Our limit of liability will not exceed the amount insured of the machine or manufactured item calculated in accordance with the basis of valuation.
Insufficiency of Packing Clause: This Policy covers loss of or damage to the goods when in transit notwithstanding insufficiency or unsuitability of packing or preparation of the goods.
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