SUMMARY OF INSURANCE COVER

This additional service only applies if you have indicated “yes” to the insurance option in the licence agreement and have paid the corresponding additional fee.

It is a condition of the licence agreement that your assets are insured for their actual total value and that the insurance cover is maintained throughout the storage period of the assets.

Please note that whether or not you instruct us to include you in our insurance arrangements, our liability for actual physical loss or damage to your property is limited to the terms set out in the licence agreement, which forms part of our contract with you.

IF YOU DIRECT US TO INSURE YOUR PROPERTY, we may insure your property against physical loss or damage on your behalf under insurance provided by Amica for AXA Versicherung AG and Others in accordance with our insurance arrangements summarised below. You can view the policy at our office on request

Your Broker: Xact European Solutions ApS
Administrator: Reason Global Insurance Brokers Limited

TOTAL VALUE OF INSURANCE
The total maximum actual value of the goods in force at any time, as notified to us in the licence agreement or otherwise in writing. Under no circumstances may the sum insured exceed €100,000 for any individual customer unless confirmed by us in writing. The total sum insured may be increased by an additional premium if agreed in advance with our insurers.

INSURED RISKS
Actual physical loss of or damage to your customers' property due to: fire, lightning, explosion, earthquake, storm, flood, burst and/or leakage of pipes, ingress of water or other liquid substance, airborne vehicle or objects falling from such vehicle, moth, insect or pest caused by external causes, theft involving forcible entry into or egress from a building or unit, riot, strike, civil commotion, malicious mischief, and impact by vehicle or railway equipment.

ALIVE INSURANCE
The insurance is subject to the condition that the sum insured represents the total actual value of the assets held at all times. If you do not declare the full replacement value of the property in the licence agreement and you claim compensation, we are entitled to claim from our insurers on your behalf only that proportion of the lost property which corresponds to the ratio of the declared value to the full replacement value of the property.

BASIS OF CLAIMS PROCESSING
All claims will be processed at the insurer's discretion by replacing, repairing and/or refunding the insured goods. If the goods insured under this policy are lost or completely destroyed, the basis of settlement will be the cost of replacing the goods with new goods, provided that the goods are substantially similar to, but not superior to, the original when new.

Linen and clothing
If a claim involves the loss of or damage to any item of linen or clothing, insurers will take into account the age, quality and degree of use of the lost or damaged item and, on that basis, its market value.

Documents
If the claim involves loss of or damage to documents, the basis for processing will be the reasonable costs of reprinting and/or the reasonable costs of republication and/or reformatting, including, where applicable, the costs of obtaining essential information through further research or investigation.

PARTY AND SERIES SECTION
If the goods are part of a pair or set, insurers will only pay for the actual loss or damage. Insurers will not pay for goods which are part of a pair or set and which are not lost or damaged.

OWNERSHIP OF THE INSURANCE DOCUMENT
Nil

NOTIFICATION OF CLAIMS
All claims must be notified to us when the loss of or damage to 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, bullion, bonds, notes, securities and the like.

2. Livestock, plants, explosives and flammable substances

3. Jewellery, watches, precious stones, all stamps with a total value exceeding 10 000 euros.

4. Furs, works of art, perfumes, mobile telephones, tobacco, cigars, cigarettes, beer, wine, spirits and the like, the total value of which exceeds EUR 20 000.

5. Electronic equipment with a total value exceeding EUR 10 000. Electronic equipment means all consumer and commercial electrical appliances and instruments, including radios, televisions, computers, computer software, hard disks, chips, microchips, printed circuit boards and their components, modems, display devices, cameras, fax machines, photocopiers, video recorders, hi-fi equipment, stereos, CD players, digital tape players/players and the like. (Heavy electrical equipment such as switchgear, turbines and generators and the like are not considered to be electronic equipment.)

6. Price reductions resulting from the repair or restoration of damaged goods.

7. Loss of records, excluding the cost of blank media.

8. Any goods the storage of which is not permitted under the terms of the licence agreement.

9. Any consequences resulting from: war, invasion, hostile action by foreign enemies (whether war is declared or not), civil war, insurrection, revolution, military or other coup d'état or seizure, or nationalisation or requisition, or destruction of or damage to property resulting from action taken by or on the orders of any government or public or local authority.

10. Losses or indirect losses resulting from claims for compensation for loss or damage caused by insured perils.

11. Loss or damage resulting from:
a. ionising radiation or contamination from radioactivity arising from nuclear fuel or nuclear waste or from the combustion of nuclear fuel
b. radioactive, toxic, explosive or other hazardous or contaminating properties of a nuclear power plant, nuclear reactor or other nuclear components thereof
c. Weapons of war using atomic or nuclear fission and/or fusion or other similar process or radioactive force or substance
d. Radioactive, toxic, explosive or other hazardous or contaminating properties of radioactive material. The exclusion of this subparagraph shall not extend to radioactive isotopes, except nuclear fuel, when such isotopes are manufactured, transported, stored or used for commercial, agricultural, medical, scientific or other similar peaceful purposes.

12. Loss or damage caused by a chemical, biological, biochemical or electromagnetic weapon. Use of a computer system, computer software, computer virus or process, or other electronic system for malicious purposes.

13. Loss of or damage to property directly caused by shock waves from an aircraft or other sound or other device flying at a higher speed.

14. If another insurance policy is in force at the time of loss, this policy applies only to the extent that the other policy does not cover the loss.

15. Loss of or damage to property caused by terrorist acts or acts of politically motivated persons.