To indemnify the Insured for sudden and unforeseen loss or damage to insured property (i.e. Buildings, machinery, equipment, supplies and goods, raw materials, warehouse and offices) by any perils not excluded in the Policy wording.
The Insurer shall not indemnify any loss or damage such as the following:
a) Loss or damage of contingencies related to:
- Explosion, rupture, bursting, cracking, bulging or leaking of steam boilers, steam turbines or steam engines,
- The cost of replacing defective or faulty materials, failure of design or fault, defect or omission in design plan or specification,
- Breakdown and/or mechanical malfunction of machinery.
b) Loss or damage of property related to:
- Property during construction or while undergoing testing prior to commissioning,
- Cash, cheques, postal notes, bill of exchange, jewellery, precious stones, curations or works of art,
- Motor vehicles and other mechanical or electrically propelled vehicles and accessories, etc.