The policy insures Valuables e.g.; Gold and Silver Articles, Jewellery, Watches, Furs against loss or damage by any accident or misfortune (except as under mentioned).
The insurance includes property whilst on the person or in transit and is operative in all places and situations. Claims are paid on value at the time of loss but if at the time of any loss or damage the sum insured on any item shall be less than the total value of the property covered thereby the Insured shall be considered his own insurer for the difference and shall bear a rateable proportion of such loss or damage.
The policy does not cover
1. Any consequences of war invasion act of foreign enemy hostilities (whether war be declared or not) civil war rebellion mutiny revolution insurrection or military or usurped power.
2. Outside Maldives – any consequence of strike or riot or civil commotion.
3. Loss or damage arising from detention confiscation destruction or requisition by any Maldivian Government Officials or Authorities.
4. Theft of property left in (a) unoccupied touring or convertible cars or (b) other unoccupied vehicles unless all windows doors luggage compartment or boot roof and windscreen are completely closed and securely locked.
5. Loss or damage arising from wear and tear gradual deterioration depreciation moth vermin any process of cleaning or restoring or action of light atmospheric or climatic conditions (other than lightning).
6. Loss or damage arising from mechanical or electrical breakdown.
7. Breakage of tortoiseshell glass or other brittle substances not due to fire or thieves.
|
