This insurance was introduced
to meet the requirements of the those who wanted to insure themselves
against deterioration of goods they are
stored in cold storage which might arise
due to a breakdown of refrigerating
machinery. The event resulting in
deterioration of stock in the cold storage must always been be an indemnified breakdown of machinery loss of or
damage to refrigerating equipment which is covered under machinery breakdown
insurance policy. Deterioration of stock
in cold storage insurance is a
therefore. regarded a as a
completed to the cover provided
by the machinery breakdown insurance and a DOS policy can only be taken out in the connection with
a MB (machinery Breakdown). cover. The
policy includes deterioration damage due
to the refrigerants escaping or leaking
as a consequences of an indemnifiable machinery breakdown.
SCOPE OF COVER: This policy is a
follow-up cover to machinery breakdown insurance and may only be taken up out in a
connection with the latter. A claim can
only arise when the insured refrigeration
plant suffers some unforeseen
material damages
indemnifiable under the deterioration of
the insured stock due to a risk of fall in
cooling temperature., or B the
unforeseen and sudden escape of refrigerants
into the cold storage rooms the value of the refrigerant itself is not covered under DOS insurance or
directly resulting from any
indemnifiable material damages to the
refrigeration plant. Damage due to a rise in the temperature or leakage to the
of refrigerant resulting from the causes is not covered by the
insurance .
SPECIAL PROVISION; In view
of the nature of stocks, scope of cover afforded and chances of potential losses:
there are specific conditions and
provisions contained in the policy. They are: (1). There should be in force an
insurance in respect of breakdown of the machinery. a precondition as a to a
liability in respect of an accident is
that a payments in respects of an accident of such machinery should have been made or liability admitted. The non payments due to the operations of an excess under the
machinery policy will not affect liability for stock. (2). The stocks claimed for should have been in the said that plant which should be under constant supervision
of competent who can prevent and set right accidents.
(3). The insured should maintain records in chambers as to quality
quantity and value besides periodical readings of temperature the declarations
of the risk should be also be furnished
periodically to the company. (4). The plant shall be prepared for such tests and
examinations as required by the statutory authority or the insurer at the
insured’s own expenses by the statutory authority or the insurer at the
insured’s own expenses.
SUM INSURED:
The sum insured under this policy specified in schedule II. (1). shall be value of the stocks obtained by multiplying full storage
capacity of the storage for annual
policies. (2), value of the stocks
obtained by the multiplying full
storage capacity of the maximum number
of chambers that are likely to be used
during the entire period for policies
issued for periods less then 12 months. By the average price of the potatoes at the time fo the loading
as determined by the insured with the concurrence of the company at the time this
insurance has come into effect. The
price shall include the storage charges
for the whole season. For the purpose,
full storage capacity of the cold storage , chamber shall be determined on the
basic that 10 quintals of potatoes can
be stored for 100 cubic feet or space
inside the chamber