Liability Policy

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LIST OF REQUIRED LIMITS IN THE INSURANCE POLICY ACCORDING TO PRODUCTS OR SERVICES

The required limits shall always be those set forth by the Insurances Division according to the file below and/or any subsequent updates thereof issued. In case of doubt or contradiction, confirmation must be requested from the Insurances Division

CIP/Delivered:  Title to and risk of loss or damage to the Precious Metals & Gemstones and/or Aircraft shall pass from Seller to Buyer at the storage facility when the Precious Metals & Gemstones is about to be discharged into the Buyer’s storage facility / refinery etc. as the Product passes the Aircraft’s cargo despatch customs storage facility. Upon the delivery and/or movement of Cargo into final Buyers, discharge facility the Seller stands discharged from any and all liabilities of loss or damage.

*In contracts where the currency is not the pound and the limits must be indicated in this currency, the exchange value against the pound will be used, rounding the result up to the nearest hundred thousand.

• By default, the largest amount of the  indicated range will be required.

**If a contract includes various activities, the widest coverage requirements and highest damages limits will be applicable.

1. When there are different companies in the same contractor group involved in the work (insured by the same policy).
2. If contractor personnel do not work in their own facilities.
3. In excess of the Compulsory Automobile Insurance and Compulsory Passengers Insurance, or up to 5 MM, whichever is greater?
4. For small ships which are not included in a P&I Club. It will include Employer's Liability, Contamination, and Accidental Pollution.
5. Replacement value of goods/equipment. In the case of vessels/aircrafts, the value will include machinery, equipment and appurtenances.
6. Full entry conditions in a P&I Club of the International Group, including Pollution and Contamination.
7. In cases of construction, installation, laying pipes or drilling, the "Specialist Operations" endorsement must be requested. If using underwater equipment, the "Subsea equipment" endorsement or policy must be requested.