SUMMARY OF OUR INSURANCE COVER
Under the terms of the Storage Agreement, we agree to include cover for physical loss or damage of your property whilst stored with us within our own insurance arrangements only if you have indicated “yes” to the insurance option and all charges in this respect are paid. The details of our insurance arrangements
are as follows
Underwritten 100% by Certain Underwriters at Lloyds
TOTAL SUM INSURED
The full true total maximum value of the goods at all times as declared to us on the Storage Agreement or elsewhere in writing. The sum insured shall in no circumstances exceed EUR 100,000 for any one customer unless confirmed in writing by us. The total sum insured can be increased on payment of an additional
charge, subject to the prior agreement of our Insurers.
Actual physical loss of or damage to our customers’ property caused by fire, lightning, explosion, earthquake, aircraft or articles dropped therefrom, storm, food, bursting &/or leaking pipes, ingress of water or other liquid substance, moth, insect or vermin from an external cause, theft accompanied by forcible and violent entry to or exit from the building or Unit, riot, strike, civil commotion, malicious damage, and impact by vehicle or railway rolling stock.
It is a condition of the insurance that the sum insured represents the full true total value of the property stored at all times. If you fail to declare the full replacement value of your property on the Storage Agreement, in the event of a claim we will only be entitled to recover on your behalf from our Insurers the proportion
of the loss as the declared value bears to the total replacement value of your property.
BASIS OF CLAIMS SETTLEMENT
The settlement of any claim shall be by replacement, repair and/or compensation at Insurer’s option. In the event of the total loss or destruction of any item insured under this Insurance, the basis of settlement shall be the cost of replacing the item as new provided that the item is substantially the same as but not
better than the original when new. Household linen and clothing. Where any claim includes loss of or damage to any item(s) of household linen and clothing, Insurers will take into consideration the age, quality, degree of use and consequent market value of any such lost or damaged item(s).
PAIRS & SETS CLAUSE
Where any items are part of a pair or of a set Insurers shall only pay for the actual items which are lost or damaged. No payment will be made by Insurers for any items which are part of a pair or of
a set and which are not lost or damaged.
TIME LIMIT FOR CLAIMS NOTIFICATION
All claims must be noticed to us at the time of discovery of loss or of damage to your property or at the time of
removal of your property from the unit, whichever is the soonest.
No cover is provided for the following
- Money, Coins, Bullion, Deeds, Bonds, Securities and the like.
- Livestock, Explosives and Flammables
- Jewellery, Watches, Precious Stones, Stamps of all kinds exceeding EUR 1,000 combined total.
- Furs, fine arts, perfumery mobile phones, tobacco, cigars, cigarettes, beers, wines, spirits & the like exceeding EUR 15,000 combined total.
- Electronic items exceeding EUR 15,000 in total. Electronic items are designed as all items of consumer and commercial electrical appliances and instruments including but not limited to radios, televisions, computers, computer software, hard drives, chips, microchips, printed circuit boards and their components, modems, monitors, cameras, facsimile machines, photocopiers, VCRs, hi-fi, stereos, CD players and the like. (Heavy electrical items such as switchgear, turbines and generators and the like shall be deemed not to be electronics)
- Loss of data records other than cost of blank data carrying materials.
- Any consequence of War, Invasion, Act of Foreign Enemy Hostilities (whether War be declared or not), Civil War, Rebellion, Revolution, Insurrection or Military or Usurped Power or confiscation or nationalisation or requisition or destruction of or damage to property by or under the order of any government or public or local authority.
- Ensuing or indirect losses resulting from or as a consequence of claims made for loss or damage arising from an Insured Peril.
- Loss or damage from:
a) ionising radiation from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel;
b) the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or nuclear component thereof,
c) any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter.
d) the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter. The exclusion of this sub clause does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, carried stored or used for commercial, agricultural, medical, scientiic orother similar peaceful purposes.
- Loss or damage from any chemical, biological, biochemical or electromagnetic weapon. The use or operation as a means of inflicting harm or any computer system, computer software program, computer virus or process or any other electronic system.
- Loss of or damage to your property directly caused by pressure waves caused by aircraft and other aerial devices travelling at sonic or supersonic speeds
- If at the time of loss there is other insurance in force this insurance shall only respond to the extent that losses are not recoverable under the other insurance
- Loss of or damage to your property caused by or resulting from any act(s) of terrorism
or any person(s) acting from a political motive.
If your goods become lost or damaged and you wish us to make a claim on our insurance
policy please notify us in writing. Your notification should be sent to us
at the address or fax number detailed in your Storage Contract. We will, within
two business days of receiving that notification, notify the insurers of the claim.
The insurance charges is paid in advance once a month by the due date to the account designated by Cityvarasto Oyj. Cityvarasto has the right to change the amount of the insurance charge. The customer will be notified of the change at least 30 days in advance.
If the insurance charge is not paid in accordance with the agreement, Cityvarasto Oyj has the right to charge a notice/delay fine as well as the late payment interest allowed by the Debt Collection Act at any given time with collection costs for overdue payments. If the payments are 2 months late, Cityvarasto has the right to cancel the insurance.