The policy has a few ‘named excluded perils’ or specific risk exceptions that will not be covered under the insurance. The policy will not indemnify the insured in cases of loss, damage or liability arising from or aggravated by one of the following risks:
- Willful acts or negligence of the insured or the carelessness of his responsible representative.
- Inventory losses discovered only at the time of taking an inventory.
- Defective design, material, bad workmanship or faulty casting leading to a loss or damage in erection.
- Wear and tear or gradual deterioration as a result of atmospheric conditions including rust, scratching of painted or polished surfaces or breakage of glass etc.
- Work cessation, whether total or partial.
- War and war-like events including invasion, hostilities, act of foreign enemy war like operations, civil war, revolution, rebellion, insurrection, civil commotion, mutiny, military or usurped power, martial law, confiscation, conspiracy, persons acting in connection with any political organization, commandeering a group of malicious persons, requisition or destruction by order of any government de jure or de facto or by any public, local or municipal authorities.
- Nuclear events or nuclear reaction, nuclear radiation or radioactive contamination.
The company shall not be held liable for the expense experienced in case of rectification or correction of any error occurred during erection, unless it results in physical loss or damage to files, accounts, drawings, bills, currency, evidence of debt, stamps, deeds, security cheques, notes or packing materials such as boxes, cases and crates.