MR 322 – Cover and Depreciation Adjustment for Wires and Non-Electric Cables

COVER AND DEPRECIATION ADJUSTMENT FOR WIRES AND NON-ELECTRIC CABLES #

It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon and subject to the Insured having paid the agreed extra premium, this insurance shall be extended to cover loss of or damage to wires and non-electric cables (Exclusion 2. contained in the Policy shall be deleted as far as applicable).

Provided always that such loss of or damage to wires and non-electric cables is caused by an accident indemnifiable under the Policy.

Provided further that the amount indemnifiable in respect of the items thus affected is depreciated at an annual rate to be determined at the time of the loss, this rate being not less 25% per annum, but not more than 75% in total.

However, non-electric cables of cargo cableways for industrial use shall remain excluded as per Exclusion 2 contained in the Policy.

Extra Premium          :  …………………………