Deluxe Condo & Villa Package Policy

Scope of cover provided

A comprehensive, "All Risks" package policy which includes coverage for natural, catastrophe and man-made perils to property as well as crime related risks, legal liabilities and personal accident.

Sections of the policy

Section 1:     BUILDINGS
Section 2:     CRIME
Section 3:     PERSONAL ACCIDENT
Section 4:     LEGAL LIABILITY

SECTION 1: BUILDINGS

1. Fixed glass and sanitary fixtures
2. Underground pits, tanks, pipes and cables
3. Professional fees
4. Government or local authority requirements
5. Capital additions
6. Removal of debris and additional security expenses
7. Landscaping
8. Loss of maintenance fees
9. Landlords/tenants clause
10. Workmen's clause

SPECIAL CONDITION

In the event of loss by any of the insured perils, the sum insured on any item will be automatically reinstated to the sum insured which was current immediately before such loss, subject to the appropriate additional premium.

EXCLUSIONS

1. Fees for preparing a claim or costs of undamaged parts;
2. Cost of replacing any undamaged items forming part of a set or suite;
3. Subsidence, ground heave or landslip (unless otherwise agreed to in writing by insurers and subject to satisfactory site inspection and geotechnical survey);
4. Loss or damage to property by its own fermentation, natural heating or spontaneous combustion or by any process involving the application of heat;
5. Damage to external satellite dishes unless specified in the schedule;
6. Confiscation, commandeering, requisition or destruction of or damage to property by order of the Government or any public or local authority;
7. Any consequential loss except as provided herein.

BASIS OF CLAIM SETTLEMENTS

In the event of any loss or damage to the buildings, EC Global Insurance will pay the full cost of repair, replacement or reinstatement as new, of the damaged areas, less the deductible, if applicable, provided that:

1. The sum insured is adequate to cover the full cost of rebuilding the buildings as new, and adequate to replace any other structure noted on the schedule;
2. The buildings are maintained in a good state of repair;
3. The work is commenced within four (4) months after the loss

Otherwise, EC Global Insurance will pay the estimated cost of repairs at the time of the loss after deducting an amount for wear and tear  and depreciation and the deductible, if applicable.

The most EC Global Insurance will pay under Section 1 in respect of loss or damage to the buildings and other structures and the above additional coverage is the sum insured stated in the schedule.

THE DEDUCTIBLE

In respect of each incident of loss and/or damage arising directly or indirectly from the perils of:

1. Hurricane, cyclone, tornado and windstorm;
2. Earthquake and volcanic eruption;
3. Fire and/or flood (including overflow of the sea) caused by the perils stated in (1) or (2) above.

A sum equivalent to 2% of the sum insured by each item shall apply separately to each item as set out in the schedule, subject to a minimum of EC$2,000 each and every loss.

Standard deductibles as per market agreement will apply in respect of all minor perils.

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SECTION 2: CRIME

Coverage includes:

A.  Loss of Money - by its actual destruction, or by robbery or hold-up.

B.  Fidelity Guarantee - by fraud or dishonesty of any member of the Management Committee or employee in its service.

A.  LOSS OF MONEY

1. Losses on the premises: In a locked safe or cabinet; limit any one loss and in the aggregate - EC$20,000
2. Losses outside the premises: In the custody of and being conveyed by a bearer, messenger or employee, to and/or from a Bank; limit any one loss and in the aggregate - EC$20,000. Excess: EC$500 of each and every claim.

EXCEPTIONS

1. Any fraudulent, dishonest or criminal act by an employee, director, partner, trustee or authorized representative of the insured/management committee;
2. Any accounting or arithmetical errors or omissions;
3. Any depreciation in value or to the use of counterfeit money;
4. Loss and/or damage to money contained in coin-operated amusement devices or vending machines;
5. Any loss from an unattended vehicle.

B.  FIDELITY GUARANTEE/EMPLOYEE DISHONESTY

This section of the policy covers loss of money or property belonging to the management committee or for which they are responsible, caused by fraud, dishonesty on the part of any member of the management committee or employee in its service and occurring:

1. During the period of insurance
2. During the uninterrupted term in office or employment of such person, and
3. Discovered during the period of insurance or within six (6) months thereafter or within six (6) months after the termination of such term of office or employment, whichever shall happen first.

LIMIT:

1. In respect of any one member or employee of the management committee - EC$10,000
2. In the aggregate - EC$10,000

SPECIAL CONDITIONS

1. Seven (7) days notice to insurers of any act of fraud or dishonesty, or reasonable cause for suspicion after they have come to your knowledge;
2. Any monies due from you to any employee in respect of whom a claim is made shall be deducted form the amount otherwise payable under this section;
3. The policy is deemed canceled in respect of any member or employee of the management committee immediately upon discovery of any dishonest or fraudulent act on the part of such person; any further dishonest or fraudulent acts committed by such person are excluded.

The most EC Global Insurance will pay in respect of Section 2B - Fidelity Guarantee/Employee Dishonesty, in any one period of insurance is EC$10,000.

EXCEPTIONS

The coverage excludes:

1. Any loss, or that part of a loss, for which the proof of its factual existence or its amount is dependent upon in inventory or profit and loss computation alone;
2. Any claim for acts committed prior to the date shown on the schedule.

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SECTION 3: PERSONAL ACCIDENT

Insurance is provided to the employees and members of the management committee, for bodily injuryoccurring occuring

1. at the premises or, in respect of an employee of the management committee, in the discharge of duties;
2. away from the premises, caused by violent, accidental, external and visible means, which shall solely and independently of any other cause resulting in death, permanent disablement or necessary medical treatment.

BENEFITS LIMIT (any one person or event)

1. a) Death - EC$10,000
   b) Total loss by physical severance or permanent total loss of use of one or more hands or feet, or EC$10,000
   c) Total and irrecoverable loss or sight in one or both eyes or the total and irrecoverable loss of the sense of hearing or power of speech - EC$10,000
   d) Permanent total disablement from attending to any occupation - EC$10,000
2. Medical treatment necessary arising from injury caused as described above - EC$10,000

SPECIAL CONDITIONS

The policy pays one payment only under benefits

1. 1a) to 1d)
2. Benefits 1a) and to d) are only payable when occurring within 12 months of the occurrence of the event.
3. Benefits 1b), c) or d) may not be payable until the expiry of 12 months unless benefit is determined and agreed beforehand.

The most EC Global Insurance pays in respect of Section 3 - Personal Accident, under Benefits 1a), b), c) and/or d) in any one period of insurance is EC$10,000.

EXCEPTIONS

EC Global Insurance will not pay for:

1. Any claim in respect of a person under the age of 16 or more than 70 years of age;
2. For death or injury due to suicide or self injury;
3. For death or injury due to pregnancy or childbirth or pre-existing physical defect or infirmity or disease or illness, or a person under the influence of alcohol or drugs.

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SECTION 4: LEGAL LIABILITY

This section covers:

A.  DIRECTORS & OFFICERS LIABILITY
B.  GENERAL LIABILITY
C.  EMPLOYERS' LIABILITY

A.  DIRECTORS & OFFICERS LIABILITY

The policy indemnifies directors and officers of the management committee for:

Damages
Legal cost & expenses
Insured reimbursement

Limit:  EC$10,000 any one occurrence/aggregate
Excess:  EC$1,000 of each and every loss

SPECIAL CONDITIONS

1. Losses must occur during the period of insurance and/or discovered duirng during discovery period;
2. The discovery period will be no later than six (6) months following the termination of this policy;
3. This section of the policy is excess to a more specific policy or policies under which payment for loss is due.

EXCEPTIONS

1. Acts of libel or slander
2. Directors/officers gaining any personal profit or advantage with no legal entitlement;
3. Bodily injury, sickness, property damage or consequential loss;
4. Payments, commissions, benefits to political groups, Government officials, direct or employee with ownership interest;
5. Dishonest or fraudulent ocnduct conduct any director/officer;
6. Failure to effect and maintain insurance;
7. Any claims notified to previous insurers under other policies.

B. GENERAL LIABILITY

Provides indemnity for:

1. Bodily injury and death or property damage, including legal liability as owner of an individual unit;
2. All cost and expenses of litigation - recovered and incurred.

Limit of indemnity:

Up to EC$3,000,000 any one event
EC$3,000,000 any one period

EXTENSIONS

Car park liability: EC$50,000/EC$100,000
Owner to owner cross liabilities
Swimming pool liability

Excess: EC$500 of each and every property damage claim under this section of the policy.

EXCEPTIONS

1. any agreements;
2. Bodily injury to employees;
3. Damage to own property or in your charge or that of director/employee/owner;
4. Willful or malicious acts;
5. Products liability other  than food and drink;
6. Professional negligence;
7. Breach of any professional duty or service;
8. Non-domestic occupation of any unit;
9. Engaging in business, trade or profession of any unit.

C.  EMPLOYERS' LIABILITY

This section of the policy will indemnify against liability at law for damages and claimant's costs and expenses in respect of bodily injury by accident or occupational disease to any employee in the service of the management committee, arising out of and in the course of their employment.

LIMIT OF INDEMNITY - EC$2,000,000

SPECIAL CONDITIONS

1. All reasonable precautions to prevent accidents and disease are to be taken and compliance with all statutory obligations;
2. Policy covers only ratable proportion of any claim by any employee for occupational disease which the period of insurance bears to the total period during which the employee was exposed to the occupational hazard or disease.

EXCEPTIONS

1. Any liability to employees of contractors;
2. Any liability that the managment management has accepted by agreement or contract which would not have attached in the absence of such agreement;
3. Any injury by accident or disease sustained outside of Saint Lucia.

GENERAL EXCLUSIONS
(Applicable to the whole policy)

1. War risks
2. Radioactive contamination
3. Seepage pollution and contamination risk
4. Data exclusion clause
5. Destructive agents
6. Eletromagnetic Electromagnetic ("EMFs") Exclusion
7. Genetically modified organisms ("GMOs") Exclusion
8. Transmissible spongiform encephalophathies Exclusion
9. Fungus, mildew and mould mold
10. Total asbestos exclusion
11. Silica or silica related dust
12. Terrorism exclusion
13. Information technology hazards clarification clause

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