Engineering Insurances

Machine damage Insurance does not cover theft or attempt to theft.

Insurance coverage is terminated in case of any damage to the assets under the insurance and if such damage is full damage. In case of partial damage, the insurance amount is reduced as much as the indemnities paid as of the date of damage.

Provisions regarding the terms of termination are included in the General Terms and Conditions for Assembly Insurances. First of all the parties (insurant, insurance holder and insurer) may use their right for the termination under the provisions of these general terms and conditions; these provisions contain different applications based on the Declaration Liability of Insurant, Liability of Notice within the Insurance Period, and Change of Property.

In Electronic Equipment insurance, not only a breakdown of devices but also fire, theft, acts of god (excluding earthquake) are also included in the coverage. It is not required to take out additional fire coverage for the electronic equipment secured under the insurance.

Scope of guarantee only covers the production defects; whereas, damages by user and damages such as fire, theft, acts of God, etc. must be secured under Electronic Equipment Insurance for electronic equipment and Fire and Machinery Breakdown insurance for the machinery to indemnify the damages. 

The maintenance bond starts with the completion of a building or provisional acceptance, or delivery to the employer or use by the employer and ends with the final acceptance by the employer. Any damages and losses caused by the contractor to the insured assets during his/her actions for remedying the deficiencies and faults according to his/her liabilities under the terms of contract as well as the damages and losses due to a reason that occur during the maintenance bond and under the responsibility of contractor during the construction period are guaranteed. Coverage for fire, acts of gods, etc. are provided with additional policy.

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