Comprehensive Physical Damage Insurance
This insurance covers all risks for physical, sudden, unforeseen, and accidental loss or damage to the insured property described above in accordance with the terms, exclusions, and conditions described herein.
Coverages included
Since this is an All Risks Physical Damage policy, the events covered must comply with the conditions set forth in the policy. This offer includes coverages for natural risks of catastrophic origin, such as:
- Earthquake, Earthquake, or Volcanic Eruption.
- Hurricanes, Cyclones, Storm Winds, and Hail.
- Flooding of rivers, lakes, or maritime waters.
- Landslide, or Landslide Damage
- Damage due to mudslides
- Damage due to rainwater and/or sewage water
- Fall of trees
- Fire and/or lightning
As well as other risks that may or may not be of natural origin, such as:
- Strikes, work stoppages, riots, riots, and popular disturbances
- Fires in forests, undergrowth, grasslands, or undergrowth
- Explosion
- Damage due to drinking water
- Smoke damage
- Aircraft crash and vehicle impact
Special Clauses
- Designation of property.
- Damages caused by public authority in the pursuit, capture, or detention of wrongdoers and terrorists; damages caused by military authority only in the performance of civil activities.
- Removal of Debris.
- Automatic Reinstatement of the Sum Insured.
- Expenses incurred for the transportation of the insured property in order to save it from any loss, including the installation and disassembly of the property, to be installed in a place, either provisional or definitive.
- Valuation Exemption.
- Damage caused to the insured property as a consequence of explosion, breakage, or rupture of apparatus or piping normally working under pressure for any cause whatsoever.
- Spillage of the fire sprinkler system.
- Damage caused by water.
- Coverage for damage caused by hazardous materials, such as explosive, flammable, and/or toxic substances.
- Breakage of glass, crystals, and sanitary ware.
- Engineers’, Architects’, and Supervisors’ fees.
- Emergency Rent/Loss of Rent Coverage.
- Modifications and Repairs.
- Misstatements or Unintentional Omissions.
- Damage directly caused by electrical currents.
Exclusions
- The Insured Party shall bear the deductible stipulated in the particular conditions of the offer in any event; in case more than one property is damaged or affected in the same event, the Insured Party shall assume only once the deductible stipulated for such property.
- In case more than one insured property is damaged or affected in the same event, the Insured shall assume only once the deductible stipulated for such property.
- Loss or damage caused directly or indirectly by or resulting from earthquake, tremor, seaquake, tidal wave, volcanic eruption, typhoon, cyclone, or hurricane.
- Loss or damage caused directly or indirectly by theft; “Theft” shall be understood as the seizure or removal of the insured property, while inside the premises described in the Special Conditions of this offer, committed by a person or persons using violence or force, by climbing or by any other means to enter the premises, which leaves reliable and perceptible traces produced by tools, explosives, electricity or chemical substances or other similar means, in the place where the illegal penetration of the premises took place.
- Loss or damage caused by any fault or defect existing at the inception of this insurance, which is known by the Insured Party or by his representatives responsible for the insured property, regardless of whether such faults or defects were known to the Company or not.
- Loss or damage caused directly or indirectly by failure or interruption in the supply of electric current from the public grid, gas, or water.
- Loss or damage is a direct consequence of continuous operation (wear and tear, cavitation, erosion, corrosion, scaling) or gradual deterioration due to atmospheric conditions.
- Any expense incurred for the purpose of eliminating operational failures unless such failures were caused by loss or indemnifiable damage occurring to the insured property.
- Any expenses incurred in connection with the maintenance of the insured property. Such exclusion shall also apply to parts replaced in the course of such maintenance operations.
- Loss or damage for which the manufacturer or supplier of the insured property is legally or contractually liable.
- Loss or damage to leased or rented equipment, where liability rests with the owner, either legally or under lease and/or maintenance agreement.
- Consequential loss or liability of any kind.
- Loss or damage to wearable parts, such as bulbs, valves, tubes, belts, fuses, seals, tapes, wires, chains, tires, replaceable tools, engraved rollers, glass, porcelain, ceramic objects, or any operating means.
- Aesthetic defects, such as scratches on painted, polished or varnished surfaces.
Damages or Losses caused directly or indirectly by acts of persons taking part in stoppages, strikes, disturbances, riots, or popular disturbances of a social, political, or any other nature, whether or not acting in connection with any political organization or ill-intentioned persons during the performance of such acts, or repressive measures taken by the legally constituted authorities. - Damages or Losses caused directly or indirectly by acts of hostilities, declared or undeclared war activities, invasion, revolution, internal war, insurrection, conspiracy, popular or military uprising, suspension of constitutional guarantees, confiscation, seizure or destruction of property by order of any authority or any other event giving rise to situations of law or, in fact, as those previously mentioned.
- Damages or Losses caused or aggravated by the use of atomic or radioactive energy, whatever their origin, nuclear reaction, or radioactive contamination, controlled or not, regardless of whether the damages caused are direct or indirect. The Company shall, however, be liable in respect of loss or damage mentioned in items l) and m) of these Special Exclusions, when the parties specified therein have been affected by loss or damage occurring to the property insured.
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