MR 119 – Principal’s Existing Property or Property Belonging to or Held in Care, Custody or Control by the Insured

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It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon and subject to the Insured having paid the agreed extra premium, Section I of this insurance shall be extended to cover loss of or damage to the Principal’s existing property or property belonging to or held in care, custody or control by the Insured.

Insured property  :

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Sum insured         :

The Insurers will only indemnify the Insured for loss of or damage to the insured property provided that prior to the commencement of construction its condition is sound and the necessary safety measures have been taken.

In respect of loss or damage caused by vibration or by the removal or weakening of support Insurers will only indemnify the Insured for loss or damage as a result of a total or partial collapse of the insured property, and not for superficial damage which neither impairs the stability of the insured property nor endangers its users.

The Insurers will not indemnify the Insured for

–        loss or damage which is foreseeable having regard to the nature of the construction work or the manner of its execution,

–        the costs of loss prevention or minimization measures which become necessary during the period of insurance.

Deductible           :

Extra premium:

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