Risks : CEAR
It is understood and agreed that this policy is extended to indemnify the insured against loss damage to materials (whether temporary or permanent) and any other goods or objects intended for incorporation into the works, whilst such materials goods or objects are stored in the insured premises other than when they are actually being worked upon. Provided always that the Insurer’s liability under this extension shall not exceed the Sum Insured.
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.