This Section applies only if stated as Insured in the Master Certificate to this Insurance Contract.
Definitions
Refrigerated Stock
means stock merchandise and materials of the trade the property of the Insured or held by them in trust or on commission for which they are responsible.
Refrigeration Equipment
means the refrigeration equipment specified in the Schedule to this Section and installed at the Business Premises.
Excess
means the amount deducted from each and every loss or series of losses arising out of any one event of occurrence likely to give rise to a claim hereunder after the application of all terms exclusions and conditions of this Section as stated on the Schedule to this Section.
The Cover
In the event of loss or damage to Refrigerated Stock in the Refrigeration Equipment, caused by deterioration or putrefaction due to
a)change in temperature resulting from
i)breakdown of the equipment
ii)failure from any inherent cause of any thermostatic or automatic controlling device of the equipment
iii)the accidental failure of the public electricity supply to the Business Premises
b)accidental leakage of refrigerant or refrigerant fumes
the Insurers will indemnify the Insured during the Period of Insurance up to the Sum Insured set against any item of equipment specified in the Schedule to this Section.
Provided that the Refrigeration Equipment described is the subject of a current manufacturers guarantee or maintenance agreement with a competent refrigeration engineer.
Special Exclusions to the Deterioration of Stock Section
This Section does not cover
1.loss or damage caused by fire lightning or explosion.
2.loss or damage caused by any wilful act or wilful neglect by the Insured or his employees or due to faulty packing or stowage.
3.loss or damage resulting from the deliberate act of any public electricity supply authority or the exercise by any such authority of its power to withhold or restrict the supply of electricity.
4.loss or damage to the Refrigeration equipment itself
5.the amount of the Excess specified in the Schedule to this Section.
Special Conditions to the Deterioration of Stock Section
1.Average
If the Property Insured by any item of this Section shall at the time of any loss or damage be collectively of greater value than the Sum Insured under that item then the Insured shall be considered as being his own insurer for the difference and shall bear a rateable share of the loss accordingly.
- Other Insurances
If any other insurance effected by or on behalf of the Insured is expressed to cover any of the property hereby insured but is subject to any provision whereby it is excluded from ranking concurrently with this Section either in whole or in part or from contributing rateably to the loss or damage the liability of the Insurers hereunder shall be limited to such proportion of the loss or damage as the Sum Insured hereby bears to the value of such property.
If any such other insurance shall be subject to any Condition of Average this Section already subject to any Condition of Average shall be subject to Average in a like manner.
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