Theft etc of object The Insured is obliged to report immediately to the Insurer and the local police any theft, embezzlement, or malicious damage of the insured object and to provide all cooperation in detecting and claiming back the object. The Insurer may also instruct the Policyholder to report theft or malicious damage to private organisations in order to retrieve and recover the vehicle.
Theft etc. In cases of loss by theft or embezzlement of the Insured object the insurer will indemnify the current market value of the object immediately before the loss. The Insurer is only obliged to indemnify in the event of the title of the stolen or embezzled Insured object being transferred to the Insurer.
Theft etc. Similarly, if a driver or any staff of the Contractor is caught in theft case or in any unauthorized movement of materials or in the activity which is punishable under the law or not authorized by the Plant, the Contractor will bear the full responsibility for theloss and other consequences which may result to the Plant due to such illegal/ unauthorized acts besides the action to terminate the contract by the Plant.
