INVOICE TEMPLATE
RISK TYPE - TTS : TRACKS AND TREADS Standard
INSURER TLC Insurance Ltd as Lloyd’s Coverholder
EXCESS AS SHOWN BELOW
( S ) STANDARD COVER
Cover for sudden physical loss, damage or destruction from any cause, subject always to the terms, conditions and exceptions contained within the TLC ‘Tracks & Treads – Standard’ Contractors Mobile Plant policy wording TTS:04 – March 2015.
( T ) SCHEDULE OF PLANT INSURED
( C ) EXCESS
1% of Sum insured – minimum of $500
EXCEPT a minimum Theft excess of $2,000 applies to Machine Accessories whilst detached from a machine
(S) TERRITORY
New Zealand
( S ) STANDARD EXTENSIONS
Additional Costs – Limit $10,000
Additions & Deletions – Limit $250,000 / 3 months
Agreed Value (conditions apply)
Breach of Warranty
Cleaning Up Costs following an Accident – Limit $10,000
Emergency Services
GST in excess of sum insured clause
Hired & Borrowed Plant – Limit $250,000 / 90 days – Subject to Average
Increased Value – Limit 10% of sum insured
Interest Clause
Mutually Acceptable Loss Adjusters
No excess for Fire (conditions apply)
Progress Payments
Proportional Premium Refund – Total Loss
Reinstatement of Amount following Loss
Salvage, Recovery & Resiting Costs – Limit $50,000
Temporary Repairs with Insurer approval – Limit $5,000
Third Party Road Risk – $10,000,000 – $500 excess
Uninsured Third Party Protection – Limit $3,000
Windscreen – Limited to one claim per policy period / to be reported within
60 days / $1,500 limit / Excess: Non Forestry $100 / Forestry $250
( C ) OPTIONAL EXTENSIONS
1. Appreciation (Limit 25% of Sum Insured)
2. Consequential Loss including Loss of Revenue
Weekly Limit - $5,000 (Maximum)
Claim Limit - $50,000 (Maximum)
Policy Limit - $250,000 (Any one Period of Insurance)
Excess – 10% of claim – minimum $2,500
Indemnity Period – 6 Months
Items -
3. Employee Death by Accident ‘At Work’ / Funeral Expenses
Limit - $50,000 (For Death)
Limit - $5,000 (For Funeral Costs)
Aggregate Limit - $100,000 (For Death) / $10,000 (For Funeral Costs)
- All Employees
4. Finance Payment Protection
Limit – 6 months
Excess – 10% of loss – minimum $2,500
Items -
5. Foreign Objects (Excess 10% of loss - minimum $2,500)
Items –
6. Goods on Hook
Limit $
Excess $
Items -
7. Hoists & Hydraulic Lifting Equipment
Limit - $5,000 per claim
Excess - $1,000
Items -
8. Laid-Up Cover Discount
Items
8. Machinery Breakdown
Limit $10,000
Excess 10% of claim – minimum $1,000
Items -
10. Profit Share Clause (15% refund where total loss less than 40%)
11. Rental Machine Cover
Limit - $10,000
Excess - $1,000)
12. Tools & Sundry Equipment
Excess - $500 / $1,000 Burg/Theft)
Limit $
13. Tyre Extension
Limit - $5,000 any one claim
Excess - $500
Items -
14. Windscreen (Forestry/Quarry)
Limit - $5,000
Excess $ as agreed
Items
( S ) PRINCIPAL EXCLUSIONS
Consequential Loss
Depreciation, Wear & Tear
Electronic Data
Failure, defect or fault in design or specification
Intentional loss
Loss arising from ingestion or entry of any foreign object into any machine or any attachment or accessory thereto
Loss caused by an operator under the influence of alcohol or drugs
Loss caused by lawful seizure
Loss caused by nuclear fuel, material etc
Loss caused by war, foreign hostilities or nuclear material
Loss discovered during routine servicing
Loss resulting from explosion or collapse of a pressure vessel
Mechanical breakdown or failure
Outside New Zealand
Theft by any person posing as a prospective purchaser
Theft unless reasonable steps taken to protect property
Tyre Damage
Where left unattended in any watercourse for more than 4 hours
Where operator not licensed to operate machine
Whilst being used for a purpose other than for which a machine was designed
Whilst being used for an illegal purpose
Whilst being used for or in preparation for any race, trial or contest
Whilst being used in an unsafe manner or unroadworthy condition
Whilst being used underground
Whilst undergoing a testing procedure
( C ) REMARKS
( C ) UNDERWRITER COMMENT
Please notify TLC IMMEDIATELY should any of the information contained within this invoice be incorrect and require amendment.
( S ) INSURANCE COMPANY DETAILS
INSURER: Certain Underwriters at Lloyd’s under Agreement Number: SC 3342014219
TLC Insurance Limited as Lloyd’s Coverholder
INSURANCE COMPANIES (RATINGS & INSPECTIONS) ACT 1994
Lloyd’s Standard & Poors A+ (Strong) 15 October 2014
AM Best A (Excellent) 15 October 2014
Fitch AA- (Very Strong) 15 October 2014
INSURANCE COMPANIES DEPOSIT ACT 1953
Access to the Insurers with whom the insurance under this policy is placed is made available through deposits lodged by Lloyd’s in accordance with Section 4B of the Insurance Companies Deposits Act 1953 and such deposit is available as security for the contract of insurance evidenced by this document
The name of the individual Insurer with whom your insurance is placed is available on request
SEVERAL LIABILITY CLAUSE LSW1001
The subscribing Insurers’ obligation under contracts of insurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing insurers are not responsible for the subscription of any co-subscribing insurer who for any reason does not satisfy all or part of its obligation.
TTS:04 March 2015