Risks : PLI
The Insured’s business shall be understood to include the provisions of social, sports and welfare activities for the benefit of the Insured’s employee.
For the purpose of this endorsement the company will treat as though he were the Insurer for any employee whilst engaged in the above mentioned activities provided that :
Ø Such employee is not entitled to indemnify under any other Policy.
Ø Such employee shall observe the terms of this Policy insofar as they can apply
In respect of any claim or number of claims arising out of one cause the Company is liable to indemnify more than one party the total amount of indemnity to all parties shall not exceed the limit of liability.
Where the subject-matter insured hereunder (or any apportionable part) becomes missing and after the lapse of a reasonable time has not been located, an actual total loss of the subject-matter insured (or any apportionable party) may be presumed. For the purposes of this insurance, there shall be deemed to have been the lapse of a reasonable time where delivery to the consignees’ or other final warehouse or place of storage at the destination named herein has not been effected within 90 days of the expected date of such delivery. If, after the payment by the Insurer(s) of an actual total loss as provided for above, this subject-matter insured or whatever may remain thereof is located, the ownership and all proprietary rights incidental thereto shall be vested is the Insurer(s) the subject-matter insured of whatever may remain thereof.