SUMMARY OF INSURANCE COVER
This additional service applies only if you have indicated “yes” for the insurance option stated in the license agreement and have paid the corresponding additional fee.
The license agreement requires that your belongings be insured for their full actual value, and that this insurance cover be maintained throughout the entire storage period.
Please note that regardless of whether you instruct us to include you in our insurance arrangements, our liability for the actual physical loss or damage of your belongings is limited to the terms set out in the license agreement, which form part of our contract with you
IF YOU INSTRUCT US TO INSURE YOUR BELONGINGS, we can insure your belongings against physical loss or damage on your behalf through insurance provided by Amica for AXA Versicherung AG and Others, in accordance with our insurance arrangements summarized below. You may review the policy document at our office upon request
Your Broker: Xact European Solutions ApS
Administrator: Reason Global Insurance Brokers Limited
TOTAL SUM INSURED
The continuously maintained actual maximum total value of the goods, as declared to us in the license agreement or otherwise in writing. Under no circumstances may the sum insured exceed €100,000 for any individual customer, unless we have confirmed otherwise in writing. The total sum insured may be increased for an additional fee, if agreed in advance with our insurers.
INSURED PERILS
Actual physical loss or damage to your customers’ belongings arising from: fire, lightning, explosion, earthquake, storm, flood, bursting and/or overflowing of pipes, ingress of water or other liquid substance, aircraft or articles dropped therefrom, moth, insect or vermin caused by an external source, theft involving forcible entry into or forcible exit from the building or unit, riot, strike, civil commotion, malicious damage, and impact by any vehicle or railway rolling stock.
UNDERINSURANCE
It is a condition of the insurance that the sum insured represents the continuously maintained actual total value of the property being stored. If you do not declare the full replacement value of the property in the license agreement and subsequently make a claim, we shall only be entitled to claim from our insurers on your behalf that proportion of the lost property which the declared value bears to the full replacement value of the property.
BASIS OF CLAIMS SETTLEMENT
All claims will be settled at the insurer’s discretion by replacement, repair, and/or reimbursement of the insured goods. If goods insured under this policy are lost or totally destroyed, settlement will be based on the cost of replacing the goods with new ones, provided that the replacement goods are substantially the same, but not better, than the original was when new.
Linens and Clothing
If a claim involves the loss or damage of any linen or clothing, the insurers will take into account the age, quality, and degree of use of the lost or damaged item in determining its market value.
Documents
If a claim involves the loss or damage of documents, settlement will be based on the reasonable cost of reprinting and/or the reasonable cost of republishing and/or recreating them, including, where applicable, the cost of obtaining essential information through new research or investigation.
PAIRS AND SETS CLAUSE
If an item is part of a pair or set, the insurers will only pay for the items that are actually lost or damaged. The insurers will not pay for items that are part of a pair or set but are not themselves lost or damaged.
POLICY EXCESS
Nil
NOTIFICATION OF CLAIMS
All claims must be reported to us as soon as the loss or damage to the property is discovered, or when the property is removed from the unit, whichever occurs first.
EXCLUSIONS
The insurance does not cover the following
1. Money, coins, precious metal bullion, contract documents, bonds, securities, and similar items.
2. Livestock, plants, explosives, and flammable substances
3. Jewelry, watches, precious stones, and all postage stamps with a combined value exceeding €10,000.
4. Furs, works of art, perfumes, mobile phones, tobacco, cigars, cigarettes, beer, wine, spirits, and similar items with a combined value exceeding €20,000.
5. Electronic equipment with a combined value exceeding €10,000. Electronic equipment means all consumer and commercial electrical devices and instruments, including radios, televisions, computers, computer software, hard drives, chips, microchips, circuit boards and their components, modems, display devices, cameras, fax machines, photocopiers, video recorders, hi-fi equipment, stereos, CD players, digital recorders/players, and similar items. (Heavy electrical equipment such as switchgear, turbines, generators, and similar items are not considered electronic equipment.)
6. Any reduction in value resulting from the repair or restoration of damaged goods.
7. Loss of records, except for the cost of the blank storage media.
8. Any goods whose storage is not permitted under the terms of the license agreement.
9. Any consequences arising from: war, invasion, acts of foreign enemies, hostilities (whether war is declared or not), civil war, rebellion, revolution, military or other coup, seizure, nationalization, or requisition, or destruction or damage to property resulting from actions carried out by or under the order of any government or public or local authority.
10. Losses or indirect losses arising from claims made in respect of losses or damage caused by insured perils.
11. Loss or damage arising from:
a. ionizing radiation or contamination from radioactivity from any nuclear fuel or nuclear waste, or from the combustion of nuclear fuel
b. the radioactive, toxic, explosive, or other hazardous or contaminating properties of any nuclear power plant, nuclear reactor, or other nuclear component thereof
c. any weapon of war employing atomic or nuclear fission and/or fusion or other similar reaction or radioactive force or matter
d. the radioactive, toxic, explosive, or other hazardous or contaminating properties of any radioactive material. This exclusion does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, transported, stored, or used for commercial, agricultural, medical, scientific, or other similar peaceful purposes.
12. Loss or damage arising from any chemical, biological, biochemical, or electromagnetic weapon. The use of any computer system, computer software, computer virus or process, or other electronic system for malicious purposes.
13. Loss or damage to property resulting directly from pressure waves caused by aircraft or other devices traveling at or above the speed of sound.
14. If another insurance policy is in effect at the time of the loss, this insurance will apply only to the extent that the other policy does not cover the loss.
15. Loss or damage to property resulting from acts of terrorism or from the actions of persons acting for political purposes.