THE FIXMYPC Protection Plan
Whereas the Insured by a proposal and declaration dated as stated in the schedule which shall be the basis of this contract and is deemed to be incorporated herein has applied to the Company for the insurance hereinafter contained and has paid the premium as consideration for such insurance in respect of accidental damage occurring during the Period of Insurance.
It is hereby declared and agreed that for the purpose of this policy, the words ’’ THE COMPANY’’ wherever they appear in the policy shall be interpreted as referring to FIXMYPC.
NOW IT IS HEREBY AGREED as follows: If at any time during the said period or during the continuance of this policy by renewal the property or any part thereof, described and included in the aforesaid proposal and in the schedule hereto and belonging to the Insured shall be damaged within the territorial limits defined in the said schedule (or during voyages between the territories stated therein) by accident or other fortuitous or unforeseen circumstance then, subject to the conditions endorsed hereon, and to any other endorsement hereon, the Capital-Stock, Estates and Securities of the company only shall become liable to pay or make good to the Insured such damage to the extent of the intrinsic value of the property so damaged to the amount sustained, but not exceeding the sum or sums of money insured thereon, nor exceeding in the whole the sum insured by this policy as stated in the said schedule.
PROVIDED ALWAYS that the company shall not be responsible in respect of:
- Damage resulting from wear or tear, deterioration, moth, insect, vermin, or any gradually operating cause.
- Loss or damage directly or indirectly occasioned by or happening through or in 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.
- Loss or damage due to theft or attempted theft in which any member of the Insured’s family is concerned as principal or accessory.
- Loss or damage whilst the insured articles are left in an unoccupied building for a longer period than seven (7) days unless suitable arrangements are made for the safety of the said articles and the consent of the company is obtained to such arrangements.
- See Excess Clause.
CONDITIONS OF INSURANCE
- Upon the happening of any event giving rise or likely to give rise to a claim under this policy:
- The Insured shall give immediate notice thereof in writing to the company stating the circumstances of the case, and take all practicable steps to discover the guilty person or persons, if any, and to recover the property damaged, and unless such notice be received by the company within 30 days of the happening of such event, the company shall be under no liability for any loss or damage occurring in connection with such event.
- The Insured shall deliver to the company within seven (7) days from the date on which the event shall have come to his knowledge, a detailed statement in writing of the damage, with an estimate of the intrinsic value of the property damaged, and the amount of the damage sustained.
- The Insured shall furnish the company all such particulars and evidence, documentary, or otherwise, and execute and do all such assurances and things as the company may reasonably require to substantiate the claim, to discover and punish the guilty person or persons, if any, to trace and recover the property lost and to recoup the company, so far as may be, in respect of the amount it shall pay or be liable to pay under this policy. The company shall bear the expense of all such particulars, evidence, assurances, and things as they may require with the above objects or any of them, other than those required to substantiate the claim.
- If the proposal or declaration of the Insured is untrue in any material respect, or if any claim made shall be fraudulent or intentionally exaggerated, or if any false declaration or statement shall be made in support thereof, then this policy shall be void and no claim shall be payable thereunder.
- If at the time of the happening of any damage covered by this policy there shall be subsisting any other insurance of any nature whatsoever covering the same, whether effected by the Insured or not, then the company shall not be liable to pay or contribute more than its ratable proportion of damage.
- The company may reinstate, repair or replace the property damaged, as the case may be, instead of paying the amount of the damage, and may join with any other Assurers in so doing, in cases where the property is also insured elsewhere. Upon payment of any claim for total loss under this policy the Salvaged property in respect of which the payment is made shall belong to the company.
- All sums which may from time to time be paid by way of compensation to the Insured under this policy in any one year of insurance shall be accounted in diminution of the total sum insured, so that in case of subsequent damage during the same year the total amount payable by the company shall not in any case exceed the total sum insured.
- All notices required to be given by the insured to the company must be given in writing within 30 days of occurrence to the Head Office of the company or to one of the Branch Offices.
- Nothing contained herein shall give any rights against the company to any person other than the Insured, and the company will not be bound by any passing of the interest of the Insured otherwise than by death, unless and until the company shall by endorsement hereon declare the insurance to be continued.
- The company shall not be bound to send any notice of the Renewal Premium becoming due, nor to renew this policy. The company shall at any time by giving notice in writing to the Insured by registered letter at his place of abode as last known to the company, be at liberty to determine and cancel this policy as from the date of such notice, provided that the company shall in that event return to the Insured a proportionate part of the premium corresponding to the unexpired term of this policy.
- All differences arising out of this policy shall be referred to the arbitration of some person to be appointed by both parties or, if they cannot agree upon a single Arbitrator, to the decision of two Arbitrators, one to be appointed in writing by each party; and in case of disagreement between the Arbitrators, to the decision of an Umpire who shall have been appointed in writing by the Arbitrators before entering on the reference, and an award shall be a condition precedent to any liability of the company or any right of action against the company. If the company shall disclaim liability to the Insured for any claim hereunder and such claim shall not within twelve calendar months from the date of such disclaimer have been referred to arbitration under the provisions herein contained then the claim shall for all purposes be deemed to have been abandoned and shall not thereafter be recoverable hereunder.
- The Insured shall take all reasonable precautions for the safety of the property insured.
- If the value of articles not specified separately shall at the time of any damage be greater than the sum hereby insured in respect thereof, the Insured shall not be entitled to recover more than such proportion of the said loss as the sum insured in respect of such unspecified articles bears to the value thereof.
- It is a condition precedent to liability that the repair of any damage is carried out by FIXMYPC.
MEMORANDA ATTACHING TO AND FORMING PART OF SPECIAL ALL RISKS POLICY NO:
……………………….. IN THE NAME OF ……………………………
MEMO 1. NON-ACCIDENTAL DAMAGE EXCLUSION:
Notwithstanding anything contained herein to the contrary, it is hereby understood and agreed that damage not as a result of accidental occurrence is not covered.
MEMO 2. EXCESS CLAUSE
It is hereby understood and agreed that the insurance by this policy does not cover the first N10,000.00 or 10% of claim whichever is greater.
MEMO 3. NO PREMIUM NO COVER
The receipt of insurance premium shall be a condition precedent to a valid contract of insurance and there shall be no cover in respect of an insurance risk unless premium is paid in advance subject to the provisions of sections 50(1) of insurance Act 2003.
MEMO 4. AUTOMATIC REINSTATEMENT OF SUM INSURED AFTER LOSS CLAUSE
If this insurance be reduced by the amount of any claim paid, it is agreed to reinstate such amount by the payment of a pro rata premium so that this insurance is always maintained at the sum insured, the reinstatement to take effect immediately upon the occurrence of any damage and the charges therefore to be made from the date of such damage , but nevertheless the Company’s liability hereon shall never be more than the sum insured in respect of any one damage or occurrence or series of damages or occurrences arising out of one event.
MEMO 5. DOCUMENTARY EVIDENCE WARRANTY
It is warranted during the currency of this policy that in the event of claim for damage arising under item(s) described in the policy schedule, the insured shall produce documentary evidence in form of purchase receipt showing the actual amount of value of the items insured prior to the happening of the claim.
MEMO 6. SYSTEM FAILURE CLAUSE
Notwithstanding anything contained herein to the contrary, it is hereby declared and agreed that the insurance provided by this policy does not cover loss or damage to any of the insured property which is attributed to or directly caused by Software problem, Hard disk failure, Motherboard/ Ram problem, Manufacturer defect or error and Power failure.
MEMO 7. JURISDICTION CLAUSE
Notwithstanding anything contained herein to the contrary, it is agreed that the indemnity provided herein shall not apply to Compensation for damage in respect of judgments delivered or obtained in the first instance in a court of competent jurisdiction outside Nigeria.
MEMO 8. DEPRECIATION CLAUSE
It is hereby declared and agreed that 10% Depreciation shall apply to the value of the insured item, in the event of damage resulting in a total loss case.
MEMO 9. TWO OPTION BASIS OF SETTLEMENT OF CLAIMS
It is hereby agreed that Where the cost of repair or reinstatement of a damage exceeds 50% of the sum insured or current Market Value, the basis of settlement of the claims shall be:
- Repair Option: 50% of Value of affected item, Less Depreciation, Less Total Loss Excess of 10% each *The Insured retains the salvage or damaged item
- Constructive Total Loss Option: Value of affected item, Less Depreciation, Less Total Loss Excess of 10% each *The Company takes the salvage or damaged item.
MEMO 10. THEFT EXCLUSION CLAUSE
It is hereby declared and agreed that this policy covers accidental damage only, hence, does not cover loss or misplacement of the insured item by any means including, but not limited to: Burglary, Housebreaking, Larceny, Theft, Hold-up etc