1. Property Insured
This policy insures Scuba and Camera Equipment as described in the Declarations to which this form is attached.
2. Property Excluded
This policy does not insure the following property or property otherwise eligible for coverage while in the situations described
hereunder:
- Personal property of yours or others, unless specifically scheduled and declared to us;
- Property that you lease, loan, or rent to others.
3. Territorial Limits
We will cover property wherever located in the world.
4. Perils Insured
This policy insures against risks of direct physical loss of or damage to the insured property from any external cause,
except as otherwise provided.
5. Perils Excluded
We will not pay for loss or damage caused directly or indirectly by any of the following. Such loss or damage is excluded
regardless of any other cause or event that contributes concurrently or in any sequence to the loss or damage.
- Loss or damage which is due and confined to wear and tear, inherent vice, gradual deterioration, corrosion, insects, vermin,
freezing, extremes of temperature, mechanical or electrical breakdown or failure, unless such damage is the result of other
loss covered by this policy;
- Loss or damage caused by or resulting from delay, loss of market, loss of use or interruption of business;
- Unexplained loss, mysterious disappearance, or shortage disclosed upon taking inventory.
- Items lost while in your Care, Custody or Control - while in use both in and out of the water, dropped overboard or swept
overboard.
- Loss or damage caused by or resulting from Nuclear Hazard;
- Any weapon employing atomic fission or fusion; or
- Nuclear reaction or radiation, or radioactive contamination from any other cause. But if nuclear reaction or radiation,
or radioactive contamination results in fire, we will pay for the direct loss or damage caused by that fire if the fire
would be covered under this coverage form.
- Loss or damage caused by or resulting from War and Military Action;
- War, including undeclared or civil war;
- Warlike action by a military force, including action in hindering or defending against an actual or expected attack, by
any government, sovereign or other authority using military personnel or
- other agents; or
- Insurrection, rebellion, revolution, usurped power or action taken by governmental authority in hindering
- Loss or damage caused by or resulting from Fungi, Wet Rot And Dry Rot;
Presence, growth, proliferation, spread or any activity of "fungi", or wet or dry rot.
But if "fungi", or wet or dry rot results in a Covered Cause of Loss, we will pay for the loss or damage caused
by that Covered Cause of Loss.
This exclusion does not apply:
- When "fungi", or wet or dry rot results from fire or lightning; or
- To the extent that coverage is provided in the Additional Coverage – Limited Coverage For "Fungi", Wet Rot
And Dry Rot with respect to loss or damage by a cause of loss other than fire or lightning.
- Loss or damage caused by or resulting from Voluntary parting with any property by you or anyone entrusted with
the property if induced to do so by any fraudulent scheme, trick, device or false pretense.
6. Limit of Liability
The maximum liability of the Company for any one loss, disaster, or casualty, including expenses and charges, or all combined;
shall not exceed the Limit of Liability specified in the Declarations.
7. Deductible Clause
Claim for loss or damage to each item insured hereunder shall be adjusted separately, and from the total of all such adjusted
claim, or the amount of insurance upon each item, whichever is the lesser, the deductible amount specified in the Declarations
shall be deducted. The Deductible for loss or damage caused by Water, Moisture, Condensation or Flood is 10% of the Loss
Amount, but no less than $250.
8. Valuation Clause
The following Agreed Amount clause supersedes Paragraph F.1, Valuation, of Conditions form NIM 1050 01
10:
Agreed Amount: Covered property described will be valued at the limit indicated for the described property, but no more
than the lesser of the following amounts:
- The cost of reasonably restoring that property to its condition immediately before loss or damage;
- The cost of replacing that property with substantially identical property.
9. Loss Payable Clause
Loss, if any, shall be adjusted with you and made payable to you and Loss Payee specified in the Declarations.
10. Loss Adjustment Provisions
The following clause supersedes Paragraph F. 1-2., Other Insurance, of Conditions form NIM 1050 01 01:
The coverage provided by this policy shall be considered primary insurance.
The following clause supersedes Paragraph K., Reinstatement of Limit of Insurance, of Conditions form NIM 1050 01 10:
The Limit of Insurance will not be reduced by the payment of any claim, except for the total loss or damage of a scheduled
item. No refunds are provided for unearned premium.
11. Definition of Loss
Wherever the term Loss shall appear in this policy, it shall include damage caused by or resulting from physical loss, disaster
or casualty to insured property from any external cause.
12. Additional Conditions
- In the event of a loss by theft, you will notify the police authorities nearest to the loss location immediately upon discovery
of the loss. Failure to do so shall render this insurance null and void with respect to the loss.
- Form NIM 1050 01 10: Page 3. Control of Property is deleted in its entirety.
- Sanctions
Whenever coverage provided by this policy would be in violation of any U.S. economic or trade sanctions such as, but not
limited to, those sanctions administered and enforced by the U.S. Treasury Department's Office of Foreign Assets Control
("OFAC"), such coverage shall be null and void.