INVOICE TEMPLATE
RISK TYPE - TTT : CONTRACTORS MOBILE PLANT – TURBO COVER
INSURERTLC INSURANCE LTD
EXCESSAS SHOWN BELOW
( S )STANDARD COVER
Cover for sudden physical loss, damage or destruction from anycause, subject always to the terms, conditions and exceptionscontained within the TLC ‘Tracks & Treads – Turbo’ ContractorsMobile Plant policy wording TTT:02– December 2010.
( 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)
Appreciation – Limit25% of sum insured
Breach of Warranty
Cleaning Up Costs following an Accident – Limit$10,000
Consequential Loss – Limit$50,000 total / $5,000 per week / 6 months / Excess 10% of claim,
minimum $2,500 (conditionsapply where no valuation)
Emergency Services
GST in excess of sum insured clause
Hired & Borrowed Plant – Limit$250,000 / 90 days – SubjecttoAverage
Hoists & Hydraulic Lifting Equipment – Limit$5,000 –$1,000 excess
Increased Value – Limit10% of sum insured
Interest Clause
Mutually Acceptable Loss Adjusters
No excess for Fire or Theft (conditions apply)
Progress Payments
Proportional Premium Refund – TotalLoss
Reinstatement of Amount following Loss
Replacement Cost on Parts – Limitedto machines aged 15 years or less
Salvage, Recovery & Resiting Costs – Limit20% of sum insured,
maximum $50,000 – $2,500 excess
Temporary Repairs with Insurer approval – Limit$5,000
Third Party Road Risk – $2,000,000 – $500 excess
Tyre Damage – Limit$5,000 per tyre – $500 excess
Uninsured Third Party Protection – Limit$3,000
Windscreen (Non Forestry Only) – Limit$5,000 / $100 excess/ to be reported within 60 days
Windscreen (Forestry only) - Limited to one claim per policyperiod / $250 excess / to be reported
within 60 days – Limit $1,500
( C )OPTIONAL EXTENSIONS
1.Employee Death by Accident ‘At Work’ / Funeral Expenses
(Limit $50,000 / $5,000 per employee)
- All employees
2.Finance Payment Protection (Limit 6 months / Excess 10% of loss –
minimum $2,500 – 14 day franchise)
- Items
3.Foreign Objects (Excess 10% of loss – minimum$2,500)
- Items
4.Goods on Hook (Limit $ / Excess $ )
- Items
5.Hired & Borrowed Plant
- Limit increased to $
6.Laid Up Cover Discount
- Items
7.Machinery Breakdown (Limit $10,000 / 10% of claim – Excess minimum $1,000)
- Items
8.Profit Share Clause (15% refund where total loss lessthan 40%)
9.Third Party Road Risk Extension (Excess $500)
- Limit increased to $
10.Tools & Sundry Equipment ($500 excess / $1,000 Burg/Theft)
- Limit $ - SUBJECT TO AVERAGE
11.Windscreen (Forestry/Quarry - Limit $5,000 - Excess $ as agreed)
- Items
( S )PRINCIPAL EXCLUSIONS
Consequential Loss
Loss caused by war, foreign hostilities or nuclear material,terrorism
Depreciation, Wear & Tear
Failure, defect or fault in design or specification
Electronic Data
Loss resulting from explosion or collapse of a pressure vessel
Whilst being used for an illegal purpose
Whilst being used for or in preparation for any race, trial orcontest
Loss arising from ingestion or entry of any foreign object intoany machine or any attachment or
accessory thereto
Intentional Loss
Loss caused by lawful seizure
Loss discovered during routine servicing
Mechanical breakdown or failure
Loss caused by nuclear fuel, material etc
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
Loss caused by an operator under the influence of alcohol ordrugs
Where operator not licensed to operate machine
Whilst being used in an unsafe manner or unroadworthy condition
Whilst undergoing a testing procedure
Whilst being used for a purpose other than for which a machinewas designed
Whilst being used underground
( 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 3342010219
TLC Insurance Limited as Lloyd’s Coverholder
INSURANCE COMPANIES (RATINGS & INSPECTIONS) ACT 1994
Lloyd’sStandard & PoorsA+(Strong)09 September 2010
AM BestA(Excellent)09 July 2010
FitchA+(Strong)20 July 2010
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’sin 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.
TTT:02 – December 2010