Risks : IAR
Workmen are allowed in and/or about any of the described premises for the purpose of making new erections or alterations, repair, decoration, plant installation, general maintenance and the like without prejudice to the terms and conditions of the Policy.
Showing posts with label PROPERTY ALL RISKS INSURANCE. Show all posts
Showing posts with label PROPERTY ALL RISKS INSURANCE. Show all posts
VEHICLE LOAD CLAUSE - IAR
Risks : IAR
In the event of the Insured’s Property being left loaded in Vehicles or freight containers overnight while in, on or about the premises hereby insured the Insurer will indemnify the Insured for the loss of or damage to such Property caused by fire or any other peril insured hereby, provided always that the Insurer’s Liability shall not exceed the sum insured of Property under the Policy.
In the event of the Insured’s Property being left loaded in Vehicles or freight containers overnight while in, on or about the premises hereby insured the Insurer will indemnify the Insured for the loss of or damage to such Property caused by fire or any other peril insured hereby, provided always that the Insurer’s Liability shall not exceed the sum insured of Property under the Policy.
Thirty (30) Days Cancellation Notice Clause
Risks : VAR
Both the Insurer and the Insured are entitled to terminate this insurance upon thirty (30) days notice in writing being given. Such termination should be effected to the registered letter and the Insured entitle to a pro-rata return premium for the unexpired period of Insurance.
Both the Insurer and the Insured are entitled to terminate this insurance upon thirty (30) days notice in writing being given. Such termination should be effected to the registered letter and the Insured entitle to a pro-rata return premium for the unexpired period of Insurance.
TENANTS IMPROVEMENT CLAUSE – IAR
Risks : IAR
TENANTS IMPROVEMENTS CLAUSE The insurance by this Policy extends to include tenants improvements and alteration to Landlord’s property insofar as the Insured is responsible therefore..
TENANTS IMPROVEMENTS CLAUSE The insurance by this Policy extends to include tenants improvements and alteration to Landlord’s property insofar as the Insured is responsible therefore..
TEMPORARY REMOVAL – IAR
Risks : IAR
TEMPORARY REMOVAL CLAUSE It is hereby agreed that the property insured by this Policy (other than any stock in trade or merchandise) is covered in respect of the perils hereby insured against whilst temporarily removed for cleaning, renovation, repair or other similar purposes, elsewhere on the same premises or any other premises in the Republic of Indonesia and in transit thereto and therefrom by road. Provided always that: 1. The amount recoverable under this Extension in respect of each item of this Policy shall not exceed the amount which would have been recoverable …the loss occurred in that part of the premises from which the property temporarily removed nor, in respect of any loss occurring elsewhere than …the said premises, 10% of the sum insured by this Policy after deductible therefrom the value of any building (exclusive of fixtures and fittings) stock in trade or merchandise hereby insured. 2. This extension does not apply to property if and so far as it is otherwise insured. 3. As regards losses occurring elsewhere than at the premises from which the property is temporarily removed to: a. motor vehicles and motor chassis licensed for normal road use b. property held by the Insured in trust, other than machinery and plant This clause is subject otherwise to all the terms and conditions of the Policy to which it is attached.
TEMPORARY REMOVAL CLAUSE It is hereby agreed that the property insured by this Policy (other than any stock in trade or merchandise) is covered in respect of the perils hereby insured against whilst temporarily removed for cleaning, renovation, repair or other similar purposes, elsewhere on the same premises or any other premises in the Republic of Indonesia and in transit thereto and therefrom by road. Provided always that: 1. The amount recoverable under this Extension in respect of each item of this Policy shall not exceed the amount which would have been recoverable …the loss occurred in that part of the premises from which the property temporarily removed nor, in respect of any loss occurring elsewhere than …the said premises, 10% of the sum insured by this Policy after deductible therefrom the value of any building (exclusive of fixtures and fittings) stock in trade or merchandise hereby insured. 2. This extension does not apply to property if and so far as it is otherwise insured. 3. As regards losses occurring elsewhere than at the premises from which the property is temporarily removed to: a. motor vehicles and motor chassis licensed for normal road use b. property held by the Insured in trust, other than machinery and plant This clause is subject otherwise to all the terms and conditions of the Policy to which it is attached.
Suppliers and Customers Extension Clause – IAR
Risks : IAR
Subject to the terms, conditions and exclusions of the policy, loss resulting from interruption of or interference with the Business in consequence of Damage to : a. property of suppliers, manufactures or processors of components, goods, materials, suppliers of service or other facilities and their suppliers. b. Property of customers c. Property whilst in transit by road, rail or inland waterway. Anywhere in the World is regarded as due to the insured Events insured by the Specification shall be deemed to be the loss resulting from Damage to property of the Insured.
Subject to the terms, conditions and exclusions of the policy, loss resulting from interruption of or interference with the Business in consequence of Damage to : a. property of suppliers, manufactures or processors of components, goods, materials, suppliers of service or other facilities and their suppliers. b. Property of customers c. Property whilst in transit by road, rail or inland waterway. Anywhere in the World is regarded as due to the insured Events insured by the Specification shall be deemed to be the loss resulting from Damage to property of the Insured.
SUBSIDENCE AND LANDSLIDE CLAUSE
It is hereby noted and agreed that, this policy shall also cover the peril of subsidence, landslip or landslide except:
Subsidence, landslip or landslide caused by:
- faulty construction of the building or structure
- faulty design of the building or structure
- soil damage due to human action
- nuclear reaction.
STRUCTURAL ALTERATIONS – IAR
Risks : IAR
It is hereby noted and agreed, that the structural alteration and extension of the buildings mentioned in this Policy is allowed, as are the erection of new building, installation, reinstallation, replacement of machines, tools, implements, piping or other installation and objects as well as to move all these within the premises. In case of removal or demolition of an insured object this insurance will cover the new items substituting the removed or demolished objects up to the original amount insured.
It is hereby noted and agreed, that the structural alteration and extension of the buildings mentioned in this Policy is allowed, as are the erection of new building, installation, reinstallation, replacement of machines, tools, implements, piping or other installation and objects as well as to move all these within the premises. In case of removal or demolition of an insured object this insurance will cover the new items substituting the removed or demolished objects up to the original amount insured.
STOCK DECLARATION CLAUSE – IAR – STOCK ADJUSTABLE
Risks : IAR –
STOCK ADJUSTABLE
1. In consideration of the premium by this policy being provisional in that it is calculated on 75 % of the sum insured hereby and is subject to adjustment on expiry of each period of insurance : The Insured agrees to declare to the Insurer in writing the value of his stocks (other than retail), less any amount insured by Policies other than declaration policies, on the following basis namely the average of the values at risk during the month and to make such declaration within thirty days of the last day of the calendar month, such declaration to be signed by the Insured or by a responsible person authorized to sign on his behalf. If other policies on a declaration basis cover the stocks hereby insured the declaration shall be made so as to apportion to each policy a share of the value of the stocks insured under such declaration policies, pro rata to the respective amounts named in the policies. In the event of a declaration not being made within the 30 days mentioned above then the Insured shall be deemed to have declared the sum hereby as the value at risk. On the expiry of each period of insurance the premium shall be calculated at the rate quoted on the average sum insured, namely the total of the values declared or deemed to have been declared divided by the number of declarations due to have been made. If the resultant premium be greater than the provisional premium the Insured shall pay the difference, if it be less the difference shall be repaid to the Insured but such repayment shall not exceed one third of the provisional premium. 2. The basis of value for declarations shall be the market value and any loss hereunder shall be settled on the basis of the market value immediately anterior to the loss. 3. If at the time of any loss, there be any other subsisting insurance or insurances on other than a declaration basis, whether effected by the Insured or by any other person or persons, covering the stocks hereby insured, this Policy shall apply only to the excess of the value of such stocks at the time of loss over the sum insured by such insurance or insurances, and this Insurer shall not be liable to contribute more than that proportion of such loss which such excess (or, if there be other declaration insurances covering the same stock, a rateable proportion of such excess), but not exceeding the sum insured hereby, bears to the total value of the stocks. 4. If after the occurrence of a loss it is found that the amount of the last declaration previous to the loss is less than the amount that ought to have been declared, then the amount which would have been recoverable by the Insured shall be reduced in such proportion to the amount of the said last declaration bears to the amount that ought to have been declared. 5. Notwithstanding the occurrence of a loss it is understood that the sum insured will be maintained at all times during the currency of the Policy and the Insured therefore undertakes to pay extra premium on the amount of any loss pro rata from the date of such loss to the expiry of the period of occurrence, the premium being calculated at the rate applicable to the stock destroyed and such extra premium shall not be taken into account in, and shall be distinct from, the final adjustment of premium. 6. In the event of this Policy being cancelled by the Insured during its currency (Whether stocks exist or not) the premium to be retained by the Insurer shall be the appropriate short period premium calculated on the average amount insured up to the date of cancellation, or 50 % of the provisional premium whichever is the greater but if the Policy is cancelled by the Insured after loss has occurred the premium to be retained by the Insurer shall be the pro rata proportion of the premium calculated on the average amount insured on the date of cancellation plus the pro rata proportion if the premium from the date of loss to the expiry of the period of Insurance on the amount of the loss paid, or 50 % of the provisional premium whichever is the greater. 7. The maximum liability of the Insurer shall not exceed the sum insured hereby and premium shall not be receivable on values insured thereof. The sum insured may, however, be increased by prior agreement with the Insurer in which event the new sum insured and the date from which it is effective will be recorded on the Policy by endorsement. 8. If the stocks hereby insured shall at the time of loss be collectively of greater value than the sum insured thereon, then the Insured shall be considered as being his own insurer for the difference and shall bear a rateable proportion of the loss accordingly. Every time, if more than one Sum Insured exist on stocks (other than retail) it shall be separately subject to this condition. 9. It is warranted that every other Policy on a declaration basis covering the stocks insured hereby shall be identical in wording with the Policy. This insurance is subject in all respect to the printed conditions of the Policy except in so far as they may be varied by these every
STOCK ADJUSTABLE
1. In consideration of the premium by this policy being provisional in that it is calculated on 75 % of the sum insured hereby and is subject to adjustment on expiry of each period of insurance : The Insured agrees to declare to the Insurer in writing the value of his stocks (other than retail), less any amount insured by Policies other than declaration policies, on the following basis namely the average of the values at risk during the month and to make such declaration within thirty days of the last day of the calendar month, such declaration to be signed by the Insured or by a responsible person authorized to sign on his behalf. If other policies on a declaration basis cover the stocks hereby insured the declaration shall be made so as to apportion to each policy a share of the value of the stocks insured under such declaration policies, pro rata to the respective amounts named in the policies. In the event of a declaration not being made within the 30 days mentioned above then the Insured shall be deemed to have declared the sum hereby as the value at risk. On the expiry of each period of insurance the premium shall be calculated at the rate quoted on the average sum insured, namely the total of the values declared or deemed to have been declared divided by the number of declarations due to have been made. If the resultant premium be greater than the provisional premium the Insured shall pay the difference, if it be less the difference shall be repaid to the Insured but such repayment shall not exceed one third of the provisional premium. 2. The basis of value for declarations shall be the market value and any loss hereunder shall be settled on the basis of the market value immediately anterior to the loss. 3. If at the time of any loss, there be any other subsisting insurance or insurances on other than a declaration basis, whether effected by the Insured or by any other person or persons, covering the stocks hereby insured, this Policy shall apply only to the excess of the value of such stocks at the time of loss over the sum insured by such insurance or insurances, and this Insurer shall not be liable to contribute more than that proportion of such loss which such excess (or, if there be other declaration insurances covering the same stock, a rateable proportion of such excess), but not exceeding the sum insured hereby, bears to the total value of the stocks. 4. If after the occurrence of a loss it is found that the amount of the last declaration previous to the loss is less than the amount that ought to have been declared, then the amount which would have been recoverable by the Insured shall be reduced in such proportion to the amount of the said last declaration bears to the amount that ought to have been declared. 5. Notwithstanding the occurrence of a loss it is understood that the sum insured will be maintained at all times during the currency of the Policy and the Insured therefore undertakes to pay extra premium on the amount of any loss pro rata from the date of such loss to the expiry of the period of occurrence, the premium being calculated at the rate applicable to the stock destroyed and such extra premium shall not be taken into account in, and shall be distinct from, the final adjustment of premium. 6. In the event of this Policy being cancelled by the Insured during its currency (Whether stocks exist or not) the premium to be retained by the Insurer shall be the appropriate short period premium calculated on the average amount insured up to the date of cancellation, or 50 % of the provisional premium whichever is the greater but if the Policy is cancelled by the Insured after loss has occurred the premium to be retained by the Insurer shall be the pro rata proportion of the premium calculated on the average amount insured on the date of cancellation plus the pro rata proportion if the premium from the date of loss to the expiry of the period of Insurance on the amount of the loss paid, or 50 % of the provisional premium whichever is the greater. 7. The maximum liability of the Insurer shall not exceed the sum insured hereby and premium shall not be receivable on values insured thereof. The sum insured may, however, be increased by prior agreement with the Insurer in which event the new sum insured and the date from which it is effective will be recorded on the Policy by endorsement. 8. If the stocks hereby insured shall at the time of loss be collectively of greater value than the sum insured thereon, then the Insured shall be considered as being his own insurer for the difference and shall bear a rateable proportion of the loss accordingly. Every time, if more than one Sum Insured exist on stocks (other than retail) it shall be separately subject to this condition. 9. It is warranted that every other Policy on a declaration basis covering the stocks insured hereby shall be identical in wording with the Policy. This insurance is subject in all respect to the printed conditions of the Policy except in so far as they may be varied by these every
SPONTANEOUS COMBUSTION CLAUSE – IAR - STOCK
Risks : IAR - STOCK
It is hereby agreed and declared that this insurance covers loss of or damage to the insured property caused by its own spontaneous combustion, notwithstanding anything stated to the contrary on the printed conditions of the policy.
It is hereby agreed and declared that this insurance covers loss of or damage to the insured property caused by its own spontaneous combustion, notwithstanding anything stated to the contrary on the printed conditions of the policy.
SERVICE CLAUSE – IAR, FIRE
Risks : IAR, FIRE
The Insurance by this policy relating to ‘machinery’ and ‘equipment’ extends to include telephone, gas, water and electric instruments, maters, piping, cabling and the like and accessories thereof including similar property in adjoining yards or roadways or underground all the property of the insured or of suppliers or others for which the insured are responsible.
The Insurance by this policy relating to ‘machinery’ and ‘equipment’ extends to include telephone, gas, water and electric instruments, maters, piping, cabling and the like and accessories thereof including similar property in adjoining yards or roadways or underground all the property of the insured or of suppliers or others for which the insured are responsible.
SELLING PRICE – IAR, FIRE
Risks : IAR, FIRE
It is noted and agreed that in respect of goods sold but not yet delivered for which the Insured is responsible and with regard to which under the written or printed conditions of sale the Sale Contract is cancelled by reason of the loss or damage indemnified by this Policy either wholly or to the extent of the loss or damage, the liability of the Insurer shall be based on the contract price, and for the purpose of average the value of all goods, to which this clause would in the event of loss or damage be applicable shall be ascertained on the same basis.
It is noted and agreed that in respect of goods sold but not yet delivered for which the Insured is responsible and with regard to which under the written or printed conditions of sale the Sale Contract is cancelled by reason of the loss or damage indemnified by this Policy either wholly or to the extent of the loss or damage, the liability of the Insurer shall be based on the contract price, and for the purpose of average the value of all goods, to which this clause would in the event of loss or damage be applicable shall be ascertained on the same basis.
SANCTION LIMITATION AND EXCLUSION
No Insurer shall be deemed to provide cover and no insurer shall be liable to pay and any claim or provide any benefit hereunder to the extent that the provision of such covers, payment of such claim or provision of such benefit would explore the insurer to any sanction, prohibition or restriction under United Nation Resolutions or the trade or economic sanctions, laws, or regulations of the European Union, United Kingdom or united States of America
REPLACEMENT CLAUSE - IAR
Risks : IAR
“In the event of loss or damage to ay parts or parts of an insured machine or equipment caused by a peril covered by a peril covered by the policy the sum recoverable shall not exceed the cost of replacement or repair of such part or parts plus charges for forwarding and refitting, if incurred, but not excluding duty unless the full duty is included in the amount insured, in which case loss if any, sustained by payment of additional duty shall also be recoverable. Provided always that in no case shall the liability of underwriters exceed the insured value of the complete machine or equipment.”
“In the event of loss or damage to ay parts or parts of an insured machine or equipment caused by a peril covered by a peril covered by the policy the sum recoverable shall not exceed the cost of replacement or repair of such part or parts plus charges for forwarding and refitting, if incurred, but not excluding duty unless the full duty is included in the amount insured, in which case loss if any, sustained by payment of additional duty shall also be recoverable. Provided always that in no case shall the liability of underwriters exceed the insured value of the complete machine or equipment.”
RENT CLAUSE - IAR
Risks : IAR
“It is hereby declared and agreed that in the event of the said premises or any part thereof becoming untenantable as result of its destruction or damage by fire or any other perils hereby insured against, the company will, subject to the conditions hereinafter contained, indemnify the insured for loss or rent in accordance with the lease or agreement existing at the tie of such destruction or damage. The company shall only be answerable for rent for such period as the premises (or proportionately in the case of any part thereof) may be actually untenantable, due diligence being used in the repair or reconstruction of the same, but if any case the repair or reconstruction of the said premises be not fortwith commenced, the loss of rent shall be determined by the time which would have sufficed for the purpose had due deligence been used, but in no case exceeding 12 (twelve) months rent. In case the rent of the premises for the period specified shall exceed the sum hereby insured, the amount payable shall be in the proportion which the sum insured bears to such rent. If the whole of any part of the premises be occupied by the insured, the rent thereof shall be assessed at a reasonable market value. And it is further stipulated that should any of the standing charges incurred for maintaining the premises in a tenantable condition (such as wages of caretaker or liftmen, cost of power, lighting and the like), ceased or be reduced in consequence of fire of any other peril hereby insured against, then the amount payable shall be reduced accordingly”
“It is hereby declared and agreed that in the event of the said premises or any part thereof becoming untenantable as result of its destruction or damage by fire or any other perils hereby insured against, the company will, subject to the conditions hereinafter contained, indemnify the insured for loss or rent in accordance with the lease or agreement existing at the tie of such destruction or damage. The company shall only be answerable for rent for such period as the premises (or proportionately in the case of any part thereof) may be actually untenantable, due diligence being used in the repair or reconstruction of the same, but if any case the repair or reconstruction of the said premises be not fortwith commenced, the loss of rent shall be determined by the time which would have sufficed for the purpose had due deligence been used, but in no case exceeding 12 (twelve) months rent. In case the rent of the premises for the period specified shall exceed the sum hereby insured, the amount payable shall be in the proportion which the sum insured bears to such rent. If the whole of any part of the premises be occupied by the insured, the rent thereof shall be assessed at a reasonable market value. And it is further stipulated that should any of the standing charges incurred for maintaining the premises in a tenantable condition (such as wages of caretaker or liftmen, cost of power, lighting and the like), ceased or be reduced in consequence of fire of any other peril hereby insured against, then the amount payable shall be reduced accordingly”
REMOVAL OF DEBRIS - IAR
Risks : IAR
On First Loss BasisThis insurance under this heading is not subject to the Average Clause.
1.In consideration of the payment of an additional premium this policy extends to indemnify the Insured in respect of
The cost of removal of debris, demolition any temporary repairs necessary (including the Insured’s legal liability for the cost of removal of debris, demolition and temporary repairs in regard to adjoining premises, roadways or waterways, as well as on the site), consequent upon the destruction of or damage to any property, insured by the Insured’s Fire Policy (or Policies) occasioned by fire or any other perils thereby insured against.
Provided always :
-that such cost is not recoverable under any other Policy of Insurance
-that the indemnity afforded by this insurance shall not apply to or include liability assumed by the Insured under agreement entered into after the commencing date of this insurance unless such liability would have attached to the Insured in the absence of such agreement.
2.Sum Insured : within the sum insured with Limit 10% of TSI which in no case shall not exceed 10% of the total sum insured on building(s) and/or contents.
REINSTATEMENT VALUE - LONG
Risks : IAR
It is hereby declared and agreed that in the event of the property insured being destroyed or damaged, the basis upon which the amount payable under interest insured (building, content) of the policy is to be calculated shall be the cost of replacing or reinstating on the same site property of the same kind or type but not superior to or more extensive than the insured property when new, subject to the following Special Provision and subject also to the terms and conditions of the policy except insofar as the same may be varied hereby. Special Provisions i. The work of replacement or reinstatement (which may be carried out upon another site and any manner suitable to the requirements of the Insured subject to the liability of Insurer not being thereby increased) must be commenced and carried out with reasonable dispatch and in any case must be completed within 12 (twelve) months after the destruction or damage or within such further time as the insurer may (during the said 12 months) in writing allow otherwise no payment beyond the amount which would have been payable under the Policy if this memorandum had not been incorporated therein shall be made. ii. Until expenditure has been incurred by the insured in replacing or reinstating the property destroyed or damaged the insurer shall not be liable for any payment in excess of the amount which would have been payable under the policy if this memorandum had not been incorporated therein. iii. If at the time of replacement or reinstatement the sum representing the cost which would have been incurred in replacement or reinstatement if the whole of the property covered had been destroyed exceeds the sum insured thereon at the breaking out of any fire or at the commencement of any destruction of or damage to such property by any other peril insured against by this policy then the Insured shall be considered as being his own insurer for the excess and shall bear a rateable proportion of the loss accordingly. Each item of the Policy (if more than one) to which this memorandum applies shall be separately subject to the foregoing provision. iv. No payment beyond the amount which would have been payable under the Policy if this memorandum had not been incorporated therein shall be made if at the time of any destruction or damage to any property insured hereunder such property shall be covered by any other insurance effected by or on behalf of the Insured which is not upon the identical basis of reinstatement set forth herein. v. This memorandum shall be without force or effect if (a) The Insured fails to intimate to the Insurer within 6 months from the date of destruction or damage or such further time as the Insurer may in writing allow his intention to replace or reinstate the property destroyed or damaged. (b) The Insured is unable or unwilling to replace or reinstate the property destroyed or damaged on the same or another site.
It is hereby declared and agreed that in the event of the property insured being destroyed or damaged, the basis upon which the amount payable under interest insured (building, content) of the policy is to be calculated shall be the cost of replacing or reinstating on the same site property of the same kind or type but not superior to or more extensive than the insured property when new, subject to the following Special Provision and subject also to the terms and conditions of the policy except insofar as the same may be varied hereby. Special Provisions i. The work of replacement or reinstatement (which may be carried out upon another site and any manner suitable to the requirements of the Insured subject to the liability of Insurer not being thereby increased) must be commenced and carried out with reasonable dispatch and in any case must be completed within 12 (twelve) months after the destruction or damage or within such further time as the insurer may (during the said 12 months) in writing allow otherwise no payment beyond the amount which would have been payable under the Policy if this memorandum had not been incorporated therein shall be made. ii. Until expenditure has been incurred by the insured in replacing or reinstating the property destroyed or damaged the insurer shall not be liable for any payment in excess of the amount which would have been payable under the policy if this memorandum had not been incorporated therein. iii. If at the time of replacement or reinstatement the sum representing the cost which would have been incurred in replacement or reinstatement if the whole of the property covered had been destroyed exceeds the sum insured thereon at the breaking out of any fire or at the commencement of any destruction of or damage to such property by any other peril insured against by this policy then the Insured shall be considered as being his own insurer for the excess and shall bear a rateable proportion of the loss accordingly. Each item of the Policy (if more than one) to which this memorandum applies shall be separately subject to the foregoing provision. iv. No payment beyond the amount which would have been payable under the Policy if this memorandum had not been incorporated therein shall be made if at the time of any destruction or damage to any property insured hereunder such property shall be covered by any other insurance effected by or on behalf of the Insured which is not upon the identical basis of reinstatement set forth herein. v. This memorandum shall be without force or effect if (a) The Insured fails to intimate to the Insurer within 6 months from the date of destruction or damage or such further time as the Insurer may in writing allow his intention to replace or reinstate the property destroyed or damaged. (b) The Insured is unable or unwilling to replace or reinstate the property destroyed or damaged on the same or another site.
PROPERTY & MACHINERY UNDERGOING CONSTRUCTION & ERETION WITH LIMIT 10% OF TSI
Risks : IAR
Notwithstanding of anything to the contrary, It is hereby noted and agreed that this policy shall extend to cover the property undergoing construction and/or erection with limit 10% of TSI in the aggregate.
Notwithstanding of anything to the contrary, It is hereby noted and agreed that this policy shall extend to cover the property undergoing construction and/or erection with limit 10% of TSI in the aggregate.
BURST OF PIPE ENDORSEMENT
Notwithstanding of anything in the policy, this insurance shall extend to include loss or damages to the property insured caused by bursting or overflowing of watertanks apparatus or pipes.
BRAND AND LABEL CLAUSE
If branded or labeled merchandise covered by this Policy is damage, and the Insurer elects to take all or any of such merchandise at the agreed or appraised Value, the Insured may, at his own expense, stamp “salvage” on the merchandise or its container or may remove the brands or label, if such stamp or removal of brand or label will not physically damage the merchandise but the Insured shall at its own cost re-label the merchandise or containers in compliance with all of the requirements the applicable law.
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