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Property Damage

By William Taylor,2014-02-09 23:38
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Property Damage

King Abdullah University of Science and Technology T +966 (2) 690-8600

    Thuwal 23955-6900 Saudi Arabia

    All Risks Property Damage and Business Interruption Insurers Fronting Insurer: Tawuniya (100%)

    Re-insurers:

    - Zurich (lead)

    - AIG

    - Tawuniya

    - Allianz

    - ACE

    - SwissRe

    - AXA

    - QBE

    Policy number 466990

    Policy period 1 December 2010 1 November 2011

    Structure of Placement

    Territorial limits Thuwal, Kingdom of Saudi Arabia and unnamed locations anywhere

    else in the World.

    Limits of Liability $1,000,000,000 (one billion USD) any one occurrence.

    Deductible $1,000,000 (one million USD) any one occurrence

    Covering All Real and Personal property of every kind and description including

    buildings and their contents, stock, fixtures, fittings and all other

    property belonging to KAUST including all such property in which

    KAUST may have an insurable interest.

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    King Abdullah University of Science and Technology T +966 (2) 690-8600

    Thuwal 23955-6900 Saudi Arabia

    Real and Personal ; All real and personal property while such property is located

    Property includes e.g. anywhere within the territorial limits of this Policy, which is

    owned, used, or intended for use by KAUST, or hereafter

    constructed, erected, installed (including while in the course of

    construction, erection, installation and assembly), or acquired

    by KAUST (subject to a sub-limit) however excluding EAR

    (Greenfield Construction);

    ; Property of others in KAUST’s care, custody, or control for

    which KAUST has assumed liability or responsibility to insure

    the said Property, regardless of whether through a written or

    oral contract, including the costs to defend any allegations of

    liability for loss or damage to such property, including penalties

    and other charges.

    ; Improvements and betterments undertaken. The Insurers agree

    to accept and consider KAUST as sole and unconditional owner

    of the improvements and betterments, notwithstanding any

    contract or lease agreement(s) to the contrary.

    ; Property of others that KAUST has agreed whether by written or

    oral contract to insure prior to loss or damage including property

    not in KAUST’s care, custody or control and at KAUST’s option

    the interest of the owner of such property.

    ; Property of KAUST or property held by KAUST in trust on

    consignment, on commission or on installment or lease.

    ; This Policy covers real and personal property at any new

    location that is rented, leased, purchased, constructed, or

    acquired by KAUST after the inception date of this Policy from

    the date of such acquisition, lease, or for which the Insured

    otherwise has an insurable interest or responsibility to insure

    such property, for a period of ninety (90) days, until reported and

    accepted by the Insurers. Once the newly acquired property is

    accepted by the insurers, the blanket Policy limits shall apply. If

    not reported after 90 days after KAUST becomes aware of such

    acquisition, such newly acquired property will be considered as

    an unnamed location.

    ; Property at any such miscellaneous unnamed location within the

    territorial limits of this Policy and subject to the sub-limit.

    ; Property purchased by KAUST, in which title has not yet passed

    to KAUST, which the Insured has agreed prior to loss to insure

    for the account of the seller during course of delivery.

    ; Property sold by KAUST under an installment plan, conditional

    sale, trust agreement, or other deferred payment plan after

    delivery to customers, for which KAUST may be liable, or for

    which KAUST may assume liability prior to a loss or, for which

    KAUST may agree to insure prior to a loss.

    ; The interests of KAUST in property of others which is being

    constructed, fabricated, installed, demonstrated, tested, or

    processed for KAUST but in which title has not yet passed to

    KAUST. All coverage’s provided by this Policy shall apply to

    such property.

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King Abdullah University of Science and Technology T +966 (2) 690-8600

    Thuwal 23955-6900 Saudi Arabia

    Subject to the following Sub ; Business Interruption $ 35,000,000 Limits ; Unnamed Locations (excl NatCat) $ 5,000,000

    ; Accounts Receivable $ 20,000,000

    ; Debris Removal $ 25,000,000

    ; Decontamination & Cleanup expense $ 5,000,000

    ; Defence Cost $ 1,000,000

    ; Demolition & Increased cost of Construction $ 10,000,000

    ; Fine Arts $ 2,000,000

    ; Ingress/Egress $ 10,000,000

    ; Interruption by Civil or Military Authority $ 10,000,000

    ; Leasehold Interest $ 5,000,000

    ; Loss Adjustment Expenses $ 1,000,000

    ; Expert Fees $ 1,000,000

    ; Property in the course of Construction $ 10,000,000

    ; Rental Value and Rental Income $ 10,000,000

    ; Service Interruption $ 15,000,000

    ; Spoilage of Property $ 5,000,000

    ; Valuable papers and records $ 500,000

    ; Research Projects $ 20,000,000

    ; Additional Increased Cost of Working $ 30,000,000

    ; Property under care/custody/control $ 5,000,000

    ; Expediting expenses $ 5,000,000

    ; Fire Fighting Expenses $ 1,000,000

    ; Public Authorities $ 5,000,000

    ; Public Utilities 15 days excess 7 days $ 15,000,000

    ; Temporary removal for repair, servicing etc. $ 5,000,000

Indemnity Period Maximum 36 months

    Principal Exclusion(s) This policy contains exclusions for the following: (Summary Only) 1. War

    2. Nuclear Reaction

    3. Terrorism

    4. Nationalisation, expropriation, confiscation, seizure, destruction

    by order of public authority

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King Abdullah University of Science and Technology T +966 (2) 690-8600

    Thuwal 23955-6900 Saudi Arabia

    5. Mysterious disappearance

    6. Delay or loss of market

    7. Fraudulent or dishonest acts

    8. Shrinkage or expansion in foundations, walls, floors or ceilings

    9. Faulty workmanship, material or design

    10. Influence of the weather, sand or dust to articles in the open

    11. Rodents, rotting, depletion or decomposition

    12. Ordinary wear and tear, gradual deterioration, latent defect etc.

    13. Contamination, soot, dust, smog, corrosion, oxidation, etc.

    14. Genetic mutation and alteration

    15. Rectifying errors in design, workmanship, processing

    16. Functional impairment

    17. Shortage of Energy, Cooling or Heating, except where this is

    caused by a physical Loss or Damage not elsewhere excluded.

    However, if a loss or damage, not otherwise excluded, ensues from

    the above exclusions than such ensuing loss or damage shall be

    covered.

    1. Where a supplier or manufacturer or contractor is responsible Specifically excluded for

    machinery breakdown 2. Rust, erosion, corrosion and other slowly developing effects

    3. Imposition of abnormal working conditions

    4. Abnormal wear and tear, replaceable parts

    1. Wear, tear, corrosion etc. Specifically excluded for

    Property under 2. Partial or total cessation of work

    Construction 3. Consequential loss of any kind including penalties

    4. Faulty design, defective material or casting

    5. Mechanical or electrical breakdown of construction plant,

    equipment and construction machinery

    6. Loss or damage to packing material

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King Abdullah University of Science and Technology T +966 (2) 690-8600

    Thuwal 23955-6900 Saudi Arabia

All Risks Residential Property Insurance

    Insurers Fronting Insurer: Tawuniya (100%)

    Re-insurers:

    - Tawuniya (50%)

    - Allianz (50%)

    Policy number 475830

    Policy period 1 June 2010 1 November 2011

    Territorial limits KAUST.

    Limits of Liability $30,000,000 any one occurrence.

    Deductible $15,000 any one occurrence, however $50,000 for Storm, Tempest

    and Flood and 1% (minimum $15,000) for Earthquake Covering All residential townhouses, apartments, detached houses and villa’s

    located at KAUST.

    Subject to the following Sub ; Natural Perils (storm, flood, quake) $ 10,000,000 Limits ; Removal of Debris, 5% of loss, maximum: $ 1,000,000

    ; Expediting expenses, 5% of loss, maximum: $ 500,000

    ; Fire fighting expenses $ 250,000

    ; Architects, surveyors etc $ 250,000

    ; Errors and Omissions $ 1,000,000

Principal Exclusion(s) This policy contains exclusions for the following: (Summary Only) 1. War

    2. Nuclear Reaction

    3. Terrorism

    4. Nationalisation, expropriation, confiscation, seizure, destruction

    by order of public authority

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    King Abdullah University of Science and Technology T +966 (2) 690-8600

    Thuwal 23955-6900 Saudi Arabia

5. Mysterious disappearance

    6. Delay or loss of market

    7. Fraudulent or dishonest acts

    8. Shrinkage or expansion in foundations, walls, floors or ceilings 9. Faulty workmanship, material or design

    10. Influence of the weather, sand or dust to articles in the open 11. Rodents, rotting, depletion or decomposition

    12. Ordinary wear and tear, gradual deterioration, latent defect etc. 13. Contamination, soot, dust, smog, corrosion, oxidation, etc. 14. Genetic mutation and alteration

    15. Rectifying errors in design, workmanship, processing 16. Functional impairment

    17. Shortage of Energy, Cooling or Heating, except where this is

    caused by a physical Loss or Damage not elsewhere excluded. 18. Machinery Breakdown

    19. Electronic Breakdown

    20. Property under construction

    21. Money, cheques, bullion etc

    22. Animals, growing crops, timber

    23. Land, dams, reservoirs, piers, wharves, jetties, bridges, tunnels 24. Construction plant and equipment

    25. Documents, manuscripts, business books, computer systems 26. Property held in trust

    27. Consequential loss, dishonesty, fraud, theft

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