| Technical
progress and consumer market requirements have led to the increasing storage
of stocks at low temperature. Technological, chemical and biological
know-how is involved in developing cold storage techniques.
Deterioration of
stock in cold storage insurance was introduced, to meet the above
requirements of those who wanted to insure themselves, against deterioration
of goods they stored in cold storage, which might arise due to a breakdown
of refrigerating machinery.
The event resulting in Deterioration of Stock in
cold storage must always following an incident, which had led to a claim
paid under a Machinery Breakdown Insurance Policy. Deterioration of Stock in
Cold Storage insurance is therefore regarded as a complement to the cover
provided by Machinery Breakdown Insurance, and a DOS [Deterioration of
stock] policy can only be taken out in connection with a MB Cover [Machinery
Breakdown Cover].
The policy includes damage to stocks due to refrigerants
escaping or leaking, following breakdown of machinery.
|
Overview
motor insurance