Deterioration Of Stock

 Deterioration of Stock Insurance

Wherever there is storage of goods in a refrigerated environment there is the risk of damage from a variety of causes. For example there may be a power failure in the power supply, impact damage caused caused by a forklift or simply a breakdown that prevents the plants used to control the atmosphere from functioning. Our Deterioration of Stock policy provides protection against the cost of unforeseen damage for goods owned and for goods in the care of the Insured.

Policy Covers:

Cover is provided for damage to Insured Property due to deterioration, putrefaction or contamination caused by an Accident.

Accident due to:

  • Damage to the structure of the cold chamber.
  • Damage to or a fault in the refrigeration system.
  • Failure of power supply from the end of electricity board or electricity supply company’s feeder.
  • Accidental failure of electricity supply to the Insured’s premises.

The Basis Of Settlement:

 Policy cover for the Insured Property on an indemnity basis. Following a loss, Insurance company replace what is lost or pay for the loss or damage in money.

Main Exclusion in policy:

  • Perils commonly covered under a property policy such as fire, explosion, lighting, flood, theft etc are excluded.
  • Trade losses caused by failure of electricity supply caused by deliberate act of the supplier, drought, rationing or industrial action.
  • The Policy Excess.
  • Trade loss.
  • Unexplained losses.
  • Damage caused by the Insured wilful act wilful negligent.
  • Damage occurring while the Insure property is in transit.
  • Terrorism activity.
  • Damaged caused by faulty packaging.
  • Any consequential such as penalties for delay or loss of profit.
  • Pollution and contamination other than where this is caused by an accident Insured under the policy.