JEWELLERS BLOCK INSURANCE

Transcription

1 GENERAL INSURANCE DIVISION The Phoenix Insurance Company Ltd. Main Office: 53 Hashalom RD. Givaataim Fax: JEWELLERS BLOCK INSURANCE Effected with The Phoenix Insurance Company Ltd. (here below: the Company or The Insurers) This is to certify, that in consideration of the payment of insurance of the premium or undertaking of Assured to pay, contributions specified herein, the Company hereby agrees to insure in accordance with the terms and conditions contained herein or, endorsed hereon. WHEREAS the Assured named in the schedule hereto has made to the Company a written proposal and declaration (bearing the date stated therein) which proposal and declaration, together with particulars and statements contained therein, it is hereby agreed that this is the basis of the contract and is to be considered as incorporated herein, and has paid or agreed to pay the insurance contribution stated herein, the Company agrees to insure him or them for loss of or damage to the interest insured during the period and whilst within the limits specified herein. NOW THIS CERTIFICATE WITNESSES that, if at any time during the said period the interest insured or any part thereof shall be lost or damaged by any peril insured against as set forth herein the Company will, to the extent and in the manner hereinafter provided, indemnify the Assured in respect of such loss or damage not exceeding the respective sum or sums insured as specified herein. The Assured should examine this certificate carefully and, in the event of any correction being required immediate advice should be given to the Company. 1. AGAINST 1.1 Definition of Interest Insured Stock including other people s goods for which the Assured is responsible, including jewelry, diamonds, precious and semi-precious stones of any sort or kind whatsoever, platinum, gold, silver, gold or silver plate or ornaments, pearls and/or other merchandise and materials usual to the conduct of the Assured s business, whether the same be the property of the Assured or entrusted to him or them on sale or return or on approbation or for work to be done thereon or for safe custody or for any other purpose whatsoever, and other interests incidental to the Assured s business. Cash and Banknotes for the proceeds of goods sold are also covered herein. 1.2 If specified in the Schedule then for an additional premium the Company will also cover Fixtures and Fittings located in the Assured s premises, as per the following Fixtures and Fittings extension. A. Trade and Office Furniture, Fixtures, Fittings, Machinery, Plant, Safes, Alarm Systems, Tenants Decorations and improvements and all other contents which are the property of the Assured, (but excluding Insured property as defined above) against loss or damage caused by: Fire, Lightning, Explosion, Aircraft or other Aerial devices and Articles dropped therefrom (excluding bombs), Burglary, Theft or any attempt thereat, Storm, Tempest, Flood, Bursting or Overflowing or Leakage of water pipes or Apparatus, Impact by any road vehicle not belonging or under any control of the Assured, and subject to the terms and conditions of this Certificate. For the purpose of this extension, the words Water Pipes or Apparatus will mean Water Pipes, Water Mains, Water Tanks or Water Apparatus but excluding Automatic Sprinkler Installations and Drenches and Boilers (other than Domestic type). B. The premises at which the Assured s business is conducted on and/or Landlords Furniture and Fittings installed in such premises, whether the property of the Assured or for which the Assured is legally responsible as Tenant, is covered against damage done by Burglars, and or Thieves or Persons attempting to commit burglary or theft (subject to the terms conditions and limitations of this Certificate). 1.3 Situation Of Interest Insured While the same is in or upon any premises listed in the attached Schedule or endorsements thereto. 1

2 1.4 The Perils Insured Interest Insured 2. GENERAL DEFINITIONS 2.1 TERRITORIAL LIMITS 2.2 DIAMOND EXCHANGE COMPLEX AGAINST LOSS OR DAMAGE TO THE INTEREST INSURED OR ANY PART THEREOF FROM ANY CAUSE WHATSOEVER, during the period of insurance stated in the attached Schedule within the Territorial Limits (subject to the terms, conditions, definitions and exclusions of this Certificate). IT IS HEREBY NOTED AND AGREED without diminishing the force of the words against loss or damage arising from any cause whatsoever contained in this Certificate, that this insurance covers loss of or damage to the interest insured by theft or dishonesty committed by an officer, clerk or servant of banks (provided such banks are not acting as Brokers or Customers of the Assured) whilst such interest insured is in the custody of such banks for the account of the Assured. shall mean the territorial limits of the State of Israel and the adjacent territories or as stated in the schedule. shall mean the restricted areas of the building known as the Shimshon Diamond Exchange Building, the building known as the Maccabi Diamond Exchange Building, the building known as the Noam Building or Diamantaire Centre, the building known as the Diamond Tower and the direct passageways through the bridges connecting the Maccabi Building and the Shimshon Building, the bridge connecting the Shimshon Building with the Noam Building as well as the passageway between the Shimshon Building and the Diamond Tower all controlled and supervised by the security arrangements prevailing in the complex. 2.3 ENTRUSTMENTS shall refer to interest insured handed over by the Assured to any other third party as set out in the Schedule or to the Assured by any third party in the usual course of the Assureds business. 2.4 PREMISES are one or more locations as set out in the Schedule from which the Assureds business is conducted subject to the limitations per location appearing in the Schedule. 2.5 OUTDOOR CARRYING shall refer to interest insured carried in the ordinary course of the Assureds business outside of the Assureds premises by the Assured, his employees or others with the knowledge of the Assured, and always subject to condition 8.6 herein. 3. SENDINGS (Inside Israel Only) This Certificate includes Sendings inside Israel only. EXCLUSIVELY by Registered Mail but specifically EXCLUDES the Israeli leg of any international sending whilst the interest insured are in the custody of the Postal Authorities. Limit for this extension: US$ 10,000.- any one sending. 4. GOODS IN CUSTOMS This Certificate includes cover for goods in the custody of Customs Authorities for a few days irrespective of the terms of sale until handed over to the Assured or to the purchaser by the Customs Authorities or otherwise, subject to the limit expressed under the outdoor carrying item. 5. BASIS OF VALUATION The basis of Valuation of the Interest insured shall be as stated in the written proposal form which is the basis of this contract and or as defined in the schedule. 6. EXCLUSIONS THIS CERTIFICATE DOES NOT COVER: 6.1 Loss or damage by theft or dishonesty or deception committed by any servant or traveller or messenger in the exclusive employment of the Assured (except when conveying the Interest Insured to the Post) or by any customer or by any purported customer or dealer or agent or broker or broker s customer or customer s dealer in respect of Interest Insured entrusted to them by the Assured, his or their servants or agents, unless such loss or damage arises when such Interest Insured is deposited for safe custody by the Assured, his or their servants or agents with such dealer or broker or customer or broker s customer or customer s dealer. 6.2 Damage to Interest Insured which may be sustained while the same is being actually worked upon and directly resulting therefrom. 6.3 Loss or damage (including loss or damage by fire or theft) directly or indirectly resulting from typhoon, hurricane, cyclone, volcanic eruption, earthquake, subterranean fire or other convulsion of nature. (This exclusion applies only to risks on land). 2

3 6.4 Property missing at stocktaking in respect of which no claim has been previously notified, unless the loss be proved by the Assured to be due to a peril covered by this Policy. 6.5 Loss of or damage to Interest Insured whilst the same is being worn or used by the Assured, any Principal, Director, or Partner of the Assured, members of their families, relatives, staff or friends or whilst in their custody for this purpose. 6.6 Loss of or damage to Interest Insured whilst at any Public Exhibition promoted or financially assisted by any Public Authority or by any Trade Association. 6.7 Loss of or damage to Interest Insured hereunder while in any vehicle, unless at the time the loss or damage occurs such vehicle is attended by either the Assured or a person in the employment of the Assured or whose duty it is to attend the vehicle on behalf of the Assured, provided that the Assured or such a person is inside the vehicle. 6.8 Loss of or damage to goods entrusted to the Assured by private clients and/ or customers solely for safe custody. 6.9 Loss, destruction or damage directly occasioned by pressure waves caused by aircraft and other aerial devices travelling at sonic or supersonic speeds Loss of or damage to Computer Systems' Records Loss or damage directly or indirectly occasioned by, happening through or in consequence of war (whether war be declared or not), invasion, acts of foreign enemies, hostilities ( warlike activities), civil war, rebellion, revolution, insurrection, military or usurped power, martial law, strikes, riots, civil commotions or confiscation or nationalization or requisition or destruction of or damage to property by or under the order of any government or public or local authority Loss or damage directly or indirectly caused by or contributed to by or arising from ionizing radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel Loss of earnings, loss of consideration or default, loss by delay, loss of market or consequential or indirect loss or damage of any kind or description whatsoever Loss resulting from acceptance by the Assured of any currency which subsequently is proved to have been forged, counterfeit or otherwise invalid for any reason whatsoever, or from acceptance by the Assured of any cheque, credit or charge card, or other negotiable instrument which is subsequently dishonoured for payment, or any other form of payment which is invalid or uncollectible for any reason whatsoever Loss or damage, which occurred outside the territorial limits specified in the Policy EXCLUDING DEPRECIATION EXCLUDING INFIDELITY Except as detailed in the paragraph below: IT IS HEREBY NOTED AND AGREED without diminishing the force of the words Against loss or damage arising from any cause whatsoever contained in this Policy, that this Insurance covers loss or damage of the Interest Insured by theft or dishonesty committed by an officer, clerk or servant of banks (provided such banks are not acting as brokers or customers of the Assured) whilst interest insured is in custody of such banks for account of the Assured INSOLVENCY Loss arising directly from the Insolvency, Administration, Voluntary EXCLUSION Arrangements with Creditors, Bankruptcy, Receivership, or the inability to CLAUSE fulfill the debt obligations or financial default of: (i) The Assured (ii) Any Third Party to whom the Insured Interest has been entrusted. Notwithstanding the above it is specifically noted and agreed that this Exclusion shall not apply in the event of physical loss or damage following Insolvency, Administration, Voluntary Arrangements with Creditors, Bankruptcy or Receivership of any Third Party to whom the Assured has entrusted Insured Interest for processing or otherwise where such Third Party is holding the Insured Interest on an allocated basis and the principle of allocation is recognized under a local law applicable to such Third Party. 3

4 6.19 WAR AND CIVIL WAR EXCLUSION CLAUSE CL. NMA TERRORISM EXCLUSION ENDORSEMENT CL. NMA INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIO- CHEMICAL AND ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE (1/1/2004) 6.22 INSTITUTE CYBER ATTACK EXCLUSION CLAUSE CL 380 (1/1/2004) Notwithstanding anything to the contrary contained herein this Policy does not cover Loss or Damage directly or indirectly occasioned by, happening through or in consequence of war (whether war be declared or not), invasion, acts of foreign enemies, hostilities ( warlike activities), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation or nationalisation or requisition or destruction of or damage to property by or under the order of any government or public or local authority. Notwithstanding any provision to the contrary within this insurance or any endorsement thereto it is agreed that this insurance excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss. For the purpose of this endorsement an act of terrorism means an act, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s) or government(s), committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public, or any section of the public, in fear. This endorsement also excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to any act of terrorism. If the Company alleges that by reason of this exclusion, any loss, damage, cost or expense is not covered by this insurance the burden of proving the contrary shall be upon the Assured. In the event any portion of this endorsement is found to be invalid or unenforceable, the remainder shall remain in full force and effect. This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith 1. In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by or arising from 1.1 ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel 1.2 the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof 1.3 any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter 1.4 the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter. The exclusion in this sub-clause does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, carried, stored, or used for commercial, agricultural, medical, scientific or other similar peaceful purposes 1.5 any chemical, biological, bio-chemical, or electromagnetic weapon. 1.1 Subject only to clause 1.2 below, in no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by or arising from the use or operation, as a means for inflicting harm, of any computer, computer system, computer software programme, malicious code, computer virus or process or any other electronic system. 1.2 Where this clause is endorsed on policies covering risks of war, civil war, revolution, rebellion, insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power, or terrorism or any person acting from a political motive, Clause 1.1 shall not operate to exclude losses (which would otherwise be covered) arising from the use of any computer, computer system or computer software programme or any other electronic system in the launch and/or guidance system and/or firing mechanism of any weapon or missile. 4

5 7. WARRANTIES 7.1 It is Warranted that the Company will not be liable for any loss or damage to the interest insured if such loss or damage is the direct or indirect result of or has been contributed to by or aggravated by the Assured s failure to implement any safety precautions and/or recommendations contained in the Survey Report issued by an approved surveyor, or contained in Insurers instructions, within one month of the receipt of such report or instructions by the Assured or within any longer period which may be agreed to in writing by the Company. 7.2 It is Warranted that such protections and/or safeguards as may be referred to in the written proposal and declaration or in the survey report as being in force shall not be withdrawn or varied to the detriment of the interests of the Company without their consent. 7.3 It is a condition precedent to the Company liability under this Policy that all keys and duplicate keys capable of operating the alarms and all keys and duplicate keys of safes and strong rooms are removed from the premises after the regular working hours or whenever the said premises are unattended, unless otherwise stated in the written proposal form which is the basis of this Contract. 7.4 It is a condition precedent to the liability of the Insurers that, in the event of any occurrence likely to result in a claim, immediate notice must be given to the Company at the address specified on the front page of this Policy. 7.5 It is warranted that the Interest Insured as defined herein will be locked outside working hours and at all other times when the premises are unattended in the safes as detailed in the Schedule, or in the written proposal form which is the basis of this Contract. 8. CONDITIONS 8.1 It is understood and agreed that the Assured shall keep proper Stock and Account Books in which all sales and purchases and other transactions are recorded, and that such Books shall be available for inspection by the Company or their representatives in case of a claim being made under this Certificate. 8.2 On the happening of any loss or damage to the Interest Insured the Assured shall advise the insurer immediately after becoming aware of it. 8.3 The Assured shall, in case of loss or damage and as a condition precedent to any right of indemnification in respect thereof, give to the Company such information oral or written evidence and documents as to the Interest Insured lost or damaged and the circumstances of the loss or damage as the Company may reasonably require. 8.4 If the Assured shall make any claim knowing the same to be false or fraudulent, as regards amount or otherwise, this Policy shall become void and all claims hereunder shall be forfeited. 8.5 In case of any loss or damage of any kind whatsoever, it shall be lawful for the Assured, his or their servants or assigns to sue labour and travel in and about the defence safeguard and recovery of the aforesaid subject matter of this insurance or any part thereof without prejudice to this insurance or waiver of the Assured s or Company s rights. 8.6 It is a condition precedent to cover under the outdoor carrying item that whenever the Sum Insured exceeds the following limitations apply: a) For carrying limits greater than $ 150,000.- up to $250,000.- the person carrying the Interest Insured must be accompanied by at least one escort. b) For carrying limits greater than $ 250,000.- up to $ 400,000.- the person carrying the Interest Insured must be accompanied by at least two escorts. c) For carrying limits greater than $ 400,000.- the person carrying the Interest Insured must be in an armoured car. These limitations do not apply to Sendings by professional security carriers, or to carryings within a building. 8.7 All salvage, recoveries and payments recovered or received by the Assured subsequent to a loss settlement under this certificate or prior to such settlement (without the Insurers knowledge) shall be applied as if recovered or received prior to the said settlement and will be reduced from the Company s liability. In the event that the insured loss has already been paid by the Company, the Assured will repay the Company within 14 (fourteen) days from the date of each such recovery. 5

6 8.8 Additional Insurance If the Interest Insured covered under this policy be insured against the same risk with more than one insurer for coinciding periods, the Assured shall notify the insurer of any such additional cover within a reasonable period after having become aware of such additional cover. 8.9 Subrogation A. Where, as a result of an insured event the Assured may also be entitled to compensation or indemnity from any third party other than as a result of a contract of insurance, such right shall be transferred to the insurer from the time of payment and to the extent of the benefits paid. B. The insurer shall not be entitled to exercise such right transferred, in a manner which will prejudice the right of the Assured to collect from the said third party any compensation or indemnity in excess of the benefits received from the insurer. C. In the event of the Assured receiving from a third party compensation or indemnification to which the insurer is entitled, the same shall be transferred to the insurer. Should the Assured have compromised, waived or acted in any manner which may prejudice the right of the insurer, the Assured shall compensate the insurer accordingly. D. The provisions of this clause shall not apply where the insured event was unintentionally caused by any person from whom a reasonable insured would not claim compensation or indemnification by reason of that person being either a member of any of the Assured s board of directors, or being employed by the Assured, or the Assured having undertaken in writing prior or the occurrence of the loss or damage to waive such claim or indemnify him upon such an event. 9. CLAUSES 9.1 Automatic Reinstatement of Loss Clause Pro Rata Additional Insurance Contribution 9.2 Cancellation Clause In the event of loss or losses occurring under this Insurance it is hereby mutually agreed to reinstate the cover granted hereunder to its full amount herein from the time of occurrence of such loss or losses until the expiry of this Insurance and that an additional premium calculated at pro rata for the period from the date of such loss or losses to the expiry of this Insurance shall be paid by the Assured on the amount of such loss or losses and that this additional premium shall be paid by the Assured when the loss or losses arising hereunder are settled, but nevertheless the Company shall not be liable for more than the amount stated in respect of any loss or losses arising out of one event. This Insurance may be cancelled at any time at the request of the Assured in writing to the Company and the Insurance contributions hereon shall be adjusted on the basis of the Company receiving or retaining the customary short term tariff: for an insurance period of up to seven days prior to cancelation, or if the insurance period has not commenced 5% of the annual premium; for any period exceeding the seven days in which the policy was in force 5% of the annual premium and an additional premium of 0.3% per day for any day the policy was in force starting from the 8th day. This Insurance may also be cancelled by or on behalf of the Company by thirty days notice to be given in writing to the Assured at his last known address and the Insurance contribution hereon shall be adjusted on the basis of the Company receiving or retaining pro rata Insurance contribution. Notice shall be deemed to be duly received in the course of Post if sent by pre-paid letter post properly addressed. 9.3 English Law This Policy will be interpreted according to English Law and Practice. 9.4 Jurisdiction and Period of Limitation 9.5 Deduction or Set Off Premium From Benefits Any dispute arising hereunder will be decided exclusively by the competent Court of Tel Aviv. It is EXPRESSLY agreed that the right to claim under this policy shall extinguish after three years from the occurrence of the loss or damage by lodging a claim to the accompanied courts in TEL AVIV. The Company has the right to deduct or to set off from any indemnity Payable hereunder any amounts which are due from the Assured to the Company, whether in respect of this policy or in respect of any other policy. In case of total loss or damage, the Company has the right to deduct the unpaid balance of the premium, even though payment of the premium is not yet due. 6

7 9.6 Patrol Clause It is hereby noted and agreed 1. That the Assured signed a subscription contract with a Patrol Service Company approved by the Company and provided they undertake to utilise the service during the whole currency of the policy. 2. That the Assured has undertaken to inform the Company of any material change in such a subscription contract with the Patrol Service Company. FURTHER CONDITIONS This Policy is subject to the following Clauses as attached: BAGGAGE WARRANTY CROSS FIDELITY CLAUSE NOTIFICATION EXAMINATION OF CLAIM This Policy excludes losses of jewellery from baggage unless carried by hand and under the personal supervision of the Assured, their principals, employees, representatives, travellers or agents. It is understood and agreed that the principals, their employees, representatives, travellers or agents, of a company which share the premises with the Assured are deemed to be employees of the Assured within the meaning of the Policy. It is hereby declared and agreed that any notice by the Assured to the Insurer (including notice of claims and any correspondence relating thereto) shall be given to the Insurers at the Insurers address listed at the heading of this policy. Any notice by the Insurer to the Assured shall be given to the Assured s address last known to the Insurers. The Assured as often as may be reasonably required to submit, and so far as is within his or their power shall cause all other persons interested in the property and members of their households and employees to submit, to examinations under oath by any persons named by the Insurers relative to any and all matters in connection with a claim and subscribe the same; and shall produce for examination all books of accounts, bills, invoices and other vouchers or certified copies thereof if originals be lost, at such reasonable time and place as may be designated by the Insurers or their representatives, and shall permit extracts and copies thereof to be made. No such examination under oath or examination of books or documents, nor any other act of the Insurers or their representatives in connection with the investigation of any loss or damage hereunder, shall be deemed a waiver of any defense which the Insurers might otherwise have with respect to any such loss or damage but all such examinations and acts shall be deemed to have been made or done without prejudice to the Insurers liability. 7