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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
1. INSURER
20% Amica for AXA Versicherung AG
35% DUPI Marine Insurance
20% Generali Italia S.p.A.
13% HDI Global SE – Rappresentanza Globale per l’Italia
12% SIAT Assicurazioni S.p.
2. 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.
2.1. Insured value of the goods
The full total replacement value of the Goods as stated in cover page of the insurance. We do not carry out any valuation of the Goods and We are not responsible for ensuring that the full replacement value as new as stated by You in the Cover Sheet is an accurate or true valuation of the full replacement value as new of the Goods at any time. You are responsible for ensuring that insurance cover for the value of Goods insured is maintained at an adequate level throughout the period of this Agreement.
3. INSURED PERILS
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.
4. UNDER-INSURANCE
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.
5. 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.
5.1. If loss or damage occurs to the Goods as a result of any matter which may result in a claim under Our insurance policy, after receipt from You of a written request to notify a claim, We will notify Our insurer promptly of the claim. For the purposes of processing any such claim, You shall provide Us, Our insurer or any of its agents appointed to investigate such claim (such as a loss adjuster) with such information and evidence as may reasonably be required in relation to the claim.
In the event that We make a claim under Our insurance policy in respect of loss or damage to the Goods, You acknowledge that Our liability to make any payments to You in relation to such claim is restricted to payment to You of the amount that We recover from Our insurer under Our insurance policy in relation to the Goods.
5.2. 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).
5.3. 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.
6. 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.
7. EXCLUSIONS
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.
8. CLAIMS PROCEDURE
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.
8.1. Whilst We will notify claims to Our insurer, We are not under any circumstances obliged to start or threaten to start any legal proceedings in relation to any such claim. Nothing in this Agreement shall make or be deemed to make Us Your agent.
9. Insurance charges
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.
9.1. If You fail to pay any insurance charges then any insurance cover in respect of the Goods will cease immediately from the date such charges are overdue
If the payments are 2 months late, Cityvarasto has the right to cancel the insurance.