Risks : PLI
To pay on behalf of the Insured all sums which the Insured shall become legally liable to pay by reason of liability for damage because of injury to destruction of, or loss of, property belonging to guests/visitors including car(s) and its (their) contents at the Insured premises while such property is within the premises, or in the possession of the 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.