富邦產物珠寶商綜合保險(BG)

商品名稱

富邦產物珠寶商綜合保險(BG)

核准文號

101.02.16 富保業字第 1010000173 號函備查

承保範圍

1) 被保險人執行業務通常使用的存貨以及所有商品與原料。

2) 所有不動產與各種個人財產，以及本保險契約目前或未來承保，由被保險人擁有或部分擁有之任何項目或利益，以及被保險人因信託或責任或在發生損失發生之前依契約或協議應負責，或被保險人因負保全責任而持有之財產，除下述除外事項外，包含被保險人因受委任、已出售尚未出貨、託運，或依採購合約或其他責任而保管必須進行處理、修復或修改，或同意負保險責任而持有之其他財產。

3) 被保險人職員及員工置於被保險人營業處所的個人財產。

4) 現金以及類似現金之物。

5) 個人財物。

不保事項

1) 在途之個人財產，包括已裝載／未裝載者。

2) 土地，包括地下礦採與地下礦物、開鑿成本、機器設備、建築木材、草坪、灌木、莊稼，以及其他植物、牲畜。

3) 汽車，包括取得行駛執照之拖車、航空器、船隻、太空船及其零件、衛星。

4) 被保險人營業處所外之鐵道機車車輛及其零件。

5) 道路、隧道、橋樑、鐵路、水庫、水壩、油井、水道、外部輸送管線與連桿。

6) 總 價 超 出 之 發 包 工 程 。

7) 被保險人營業處所 1,500 公尺外之輸配管線。

8) 核能發電廠。

9) 廢棄物處理場。

10) 微生物、基因突變或改變。

11) 電子資料、程式及軟體﹝除被保險人生產之在製品、成品、原料、物料，或其他非被保險人生產之商品外﹞。

12) 其他保險或政府保險範圍涵蓋之損失。

(詳見保單條款內容)

短期費率係數表

保險期間	年繳保險費比
一個月以下	15%
一個月以上至二個月期間	25%
二個月以上至三個月期間	35%
三個月以上至四個月期間	45%
四個月以上至五個月期間	55%
五個月以上至六個月期間	65%
六個月以上至七個月期間	75%
七個月以上至八個月期間	80%
八個月以上至九個月期間	85%
九個月以上至十個月期間	90%
十個月以上至十一個月期間	95%
十一個月以上	100%

免費申訴電話：0000-000-000

富邦產物珠寶商綜合保險(BG)

101.02.16 富保業字第 1010000173 號函備查

PROPERTY DAMAGE - SCOPE OF COVER AND EXCLUSIONS PROPERTY INSURED

This Policy covers:

1) Stocks and all merchandise and materials usual to the conduct of the Insured’s business.

2) All real and personal property of every kind and description or any interest therein, now or hereafter existing in any form, owned in whole or in part by the Insured, and property held in trust by the Insured or for which the Insured may be liable, or for which, prior to loss, the Insured may have assumed liability, under contract or agreement, or for which the Insured may have an obligation to insure, except as hereafter specifically excluded, including the property of others when held by the Insured on commission, sold, but not delivered, on consignment or in storage, for processing, repairs or alterations under contract of purchase or is otherwise liable therefore or has agreed to carry insurance thereon.

3) Personal property of the Insured’s officials and employees while on the premises of the Insured.

4) Cash and cashlike items.

5) Personal Effects.

PROPERTY EXCLUDED

This Policy does not cover:

1) Personal property in transit including loading / unloading.

2)Land, including underground mining and minerals underground, costs of excavation, plants, standing timber, lawns, shrubs, growing crops and other vegetation, animals.

3) Motor vehicles incl. trailers licensed for public roads, aircraft, watercraft, spacecraft and parts thereof, satellites.

4) Locomotives and rolling stock outside the insured premises.

5) Roads, tunnels, bridges, rails, reservoirs, dams, wells, canals, pipelines and shafts outside of buildings, fences, offshore property, docks, rigs and piers.

7) Contract Works exceeding a total project value of .

8) Transmission and distribution lines other than those on or within 1’500 metres of the Insured’s premises.

9) Nuclear Power Plants

10) Waste and disposal sites

11) Microorganisms, Genetic mutation or alteration

12) Electronic data, programs and software (except when they are stock in process, finishes goods manufactured by the Insured, raw materials, supplies or other merchandise not manufactured by the Insured).

13) Loss that must or is covered under any policy or state insurance.

NAMED PERILS

This Policy is extended to cover against physical loss, destruction or damage to the Property Insured occurring during the period of this Policy, following a peril stated below, not covered under item “ALL RISKS” and “MARINE INSURANCE ON GOODS” and not excluded otherwise in this Policy.

FIRE, LIGHTNING, EXPLOSION AND FALLING AIRCRAFT

1) Fire and Lightning

Damage caused by fire and/or lightning, excluding loss or damage caused by:

• spontaneous fermentation/heating,

• any process involving the application of heat, unless fire ensues.

Fire following Earthquake and Volcanic Eruption is not fire for the purpose of this Policy (see item “DEFINITIONS).

2) Explosion

Explosion damages of all kinds (including boiler Explosion), including those occurring through sub-pressure, but excluding loss or damage caused by:

• electrical arcing or any coincident rupture of electrical equipment due to such arcing,

• bursting or rupture of waterpipes resulting from freezing or any other cause,

• sonic shock waves,

• implosion,

• direct damage caused by centrifugal force or mechanical breakdown to moving or rotating machinery or any part thereof,

unless Explosion ensues.

3) Falling Aircraft

Destruction or damage caused by aircraft and/or other aerial devices or articles dropped therefrom.

EXTENDED COVERAGE

1) Strike, Riot, Civil Commotion, Vandalism, Malicious Mischief and Lock Out

This Policy is extended to cover damage or destruction generated by strikes, locked out workers, persons taking part in labour disturbances or malicious persons acting alone, or on behalf of or in connection with any political organisation, excluding destruction or damage resulting from confiscation or requisition by order of the government or any public authority.

2)Vehicle Impact

This Policy is extended to cover direct damage by actual physical contact of vehicles running on land or tracks with the Property Insured hereunder, or with the buildings containing such property, except loss to vehicles causing the damage.

3)Smoke

This Policy is extended to cover direct damage by smoke resulting from a sudden and accidental Occurrence.

4)Water Damage

This Policy is extended to cover direct damage caused by:

• water escaping from water pipe installations serving the buildings in which Property Insured is kept or from equipment and apparatus connected to the said water pipe installations.

• rain water or water from melting snow or ice which penetrates into a building through external drainpipes, gutters or the roof itself; however, not from open skylights or roof openings in new constructions or during alteration or other work on the building.

• backlog water from the sewerage system and subterranean water inside the building.

• accidental condensation of steam.

5)Frost

This Policy is extended to cover damage due to frost, i.e. expenses for repair and thawing of water pipes damaged by frost, and installations connected thereto, inside the building.

6)Natural Perils

This Policy is extended to cover damage due to weight of snow, hail, landslide, landslide and avalanche.

7)Earthquake and Volcanic Eruption

This Policy is extended to cover damage due to Earthquake and Volcanic Eruption.

8)Flood

This Policy is extended to cover damage due to Flood.

9)Windstorm

This Policy is extended to cover damage due to Windstorm.

It is however understood that the actual amount recoverable under this policy might be reduced by the erosion of the Master policy annual aggregate and or by claims covered under other local policies belonging to this Programme.

ELECTRICAL DAMAGES

This Policy is extended to cover damages due to electrical injury or disturbance to electrical appliances, including but not limited to computers and electronic installations, devices, or wiring from artificial causes.

The sublimit provided for this extension is specified in the Policy Schedule.

THEFT OF PERSONAL EFFECTS

Provided that it is mentioned under the Policy Schedule, cover is extended to the personal effects of the Insured, his visitors and/or employees in the case of theft with assault committed by a third party in the insured premises.

It is however understood that the actual amount recoverable under this policy might be reduced by the erosion of the Master policy annual aggregate and or by claims covered under other local policies belonging to this Programme.

THEFT OF CASH AND CASHLIKE ITEMS

The coverage is extended to robbery or burglary of cash or crossed cheques, representing exclusively the consideration for a sale and situated in the insured premises.

This cover does not apply to valuables and monies brought in to satisfy the demands of the perpetrators of the theft or attempted theft.

SLEIGHT OF HAND, MYSTERIOUS DESAPPEARANCE

Provided that it is mentioned under the Policy Schedule, cover is extended to theft of goods from the Insured in his premises during business hours by clients, potential buyers or visitors operating with cunning or guile, without the use of force, battery, assault or breaking and entering.

It is however understood that the actual amount recoverable under this policy might be reduced by the erosion of the Master policy annual aggregate and or by claims covered under other local policies belonging to this Programme.

ALL RISKS

This Policy is extended to cover direct, sudden and accidental physical loss, destruction or damage to the Property Insured occurring during the period of this Policy, and not excluded otherwise in this Policy, not covered under item “NAMED PERILS” and not excluded otherwise in this Policy.

This coverage is only applicable to Property Damage and Business Interruption.

EXCLUSIONS

This Policy does not insure against loss, destruction or damage caused by or resulting from:

1)This exclusion does not apply to all stock. Infidelity or dishonesty of the Insured or any of his employees, or other persons to whom property insured hereunder may be entrusted; nor loss or damage resulting from the Insured voluntarily parting with title or possession of any property if induced to do so by any fraudulent scheme, Xxxxxxxx, Robbery, Theft, Simple Theft, trick, device or false pretence, nor any unexplained loss, mysterious disappearance, loss or shortage disclosed on taking inventory.

2)errors in design, errors in processing, faulty workmanship or faulty materials, unless loss covered herein ensues and then only for the loss or damage caused by the ensuing peril.

3)mechanical or structural breakdown of moving or stationary parts within any machinery, boiler, computer or equipment, unless such loss or damage results from an insured peril or unless loss covered herein ensues and then only for the loss or damage caused by the ensuing peril.

4)that part of the property insured which is actually being worked upon or tested and directly resulting therefrom, or caused by any repairing, adjusting, servicing or maintenance operation. Resulting loss or damage to other property covered hereunder, by perils insured hereby, shall however be covered unless otherwise excluded.

5)collision damage to motor vehicles, locomotives, railways, rolling stock, unless loss covered herein ensues and then only for the loss or damage caused by the ensuing peril.

6)gradual deterioration, latent defect, inherent vice, moth, termites, vermin, ordinary wear and tear, pollution, contamination, dampness or dryness, extremes or changes of atmospheric temperature, smog, shrinkage, evaporation, loss of weight, rust, wet or dry rot, corrosion, mould, erosion, change in flavour or colour or texture or finish, unless such loss or damage results from an insured peril or unless loss covered herein ensues and then only for the loss or damage caused by the ensuing peril.

7)damage resulting from functional impairment, availability or serviceability of data, access thereto or changes in their original structure, software or computer programs including but not limited to

• date losses due to magnetic or electrical effects (e.g. voltage fluctuations and power cuts) on data media and data.

• wear of data media and interference with the magnetisation thereof.

• incorrect programming.

• incorrect input, insertion or labelling, data changes or data losses or deletion or disposal of data or data media.

• alteration or loss of operating systems (e.g. through computer viruses) not the direct consequence of damage, destruction or loss through theft of data media on which the operating systems were stored.

8)normal settling, shrinkage, bulging or expansion of foundations, walls, floors, ceilings or roofs unless such loss or damage results from an insured peril or unless loss covered herein ensues and then only for the loss or damage caused by the ensuing peril.

9)any law or ordinance which regulates construction, repair, replacement, use, or which necessitates demolition of any undamaged portions of property on premises owned, operated or leased by the Insured, unless specifically covered hereunder.

10)wind, hail, rain, sleet, snow, sand, dust or flood to movable property in the open, unless such property is designed to be kept in the open.

11)delay or loss of market unless specifically insured against by item 4. Business Interruption.

12)nationalization, confiscation, seizure or destruction by order of public authority, unless ordered by public authority to prevent the spread of fire.

13)Damage caused by the compulsory administration or liquidation of any clients, suppliers or members of the profession to whom insured objects were handed over for professional purpose.

14)Any prejudice other than the replacement value of the insured item or the cost of repair, with the exception of business interruption, provided that the Insured has expressly

taken out business interruption cover and that it is applicable.

• Intrinsic defects of the insured goods.

• Good missing at stocktaking in respect of which no claim has been previously notified, unless the loss be proved by the Insured to be due to a peril covered by this policy.

• Loss or damage to merchandise left unattended in any hotel room. For the purpose of this contract, the term “hotel” shall be deemed to include all hotels, motels, inns, guesthouses, clubs or other establishment renting rooms to the public.

MARINE INSURANCE ON GOODS OBJECT OF THE COVER

This section covers the insured property, whilst in transit world-wide by any means of transport whatsoever, including personally conveyed transits, shipments and sendings by land, sea and / or air, subject to the limits, conditions and exclusions set forth below.

This cover is operative from door to door and / or from safe to safe.

For all circulation and travel effected by the Insured’s Directors, Officers or Employees, representatives or franchise-holders, clients and / or their staff and / or other third parties duly authorised to effect such movements on their behalf.

The Insured shall, at their sole discretion, take such precautions and adopt such security measures as the may judge necessary, bearing in mind the values at risk and the circumstances of the transport being effected, subject to all items being personally conveyed remain in the close personal care, custody and control of the Insured and / or employees and / or representatives and / or responsible person duly authorised by a principal of the Insured.

For sendings and shipments world-wide, effected by the Insured and / or by third parties on their behalf, by surface mail and / or airmail, by specialised or

non-specialised transport companies, couriers and / or delivery services and / or by air freight, sea freight, rail or any other means not insured under paragraph (1.) above.

In respect of Air Freight “Valuable Cargo” or similar air Freight security services, the value declared to the airline shall be the equivalent of 10% of the actual insured value, except for shipments per Swiss Air, Air France, KLM, Lufthansa, Singapore Airlines, British Airways and JAL for which the Insured is not obliged to declare the value, and the Underwriters waive any right of recourse against these airlines and / or their subsidiary companies.

This section covers in particular sendings effected through any Forwarding Agent, Shipping agency or similar intermediary provided that merchandise with an insured value of over EUR 6’000 is declared as “valuables” to such intermediary.

Notwithstanding the expiry date of this insurance, it is agreed in respect of the cover for sendings and shipments granted hereunder, that the risk will attach from the dispatch until the arrival of the insured property at its final destination, provided that the property was dispatched during the period of this contract.

In the event of any loss or damage occurring whilst the insured property is in the care, custody or control of any security transport company or security courier service, it is understood and agreed that the Insured shall first claim against the carrier and that this insurance will only pay in the event of the carrier’s insurers not responding or in respect of any amount in excess of any payment by such insurers.

LIMIT FOR PERSONALLY CONVEYED TRANSITS PER OCCURRENCE

Entrustments

The cover hereunder is extended to include the insured property whilst at the premises of third parties and / or whilst in their care, custody or control anywhere world-wide, whether entrusted to such third parties under memorandum or otherwise and for any purpose whatsoever

Limit any one entrustment

Exhibitions

This section is further extended to include the insured property at trade fairs, exhibitions, fashion shows, photo shoots, private showings and / or private presentations and public relations events anywhere world-wide, including the transits to and from the event

Limit per occurrence

Wearing Risk

It is understood and agreed that this section is extended to include, up to the Limit stated under the Policy Schedule per occurrence and per person, any of the insured property worn for publicity purposes by third parties, including Bulgari Managers and members of the Bulgari family and / or their spouses, subject to the Insured keeping a register of such event for declaration to Underwriters at expiry of the annual policy period.

Temporary Stay Risks

Cover under this section is further extended to include all temporary stays connected with any circulation, travel or other transit, including but not limited to presentations to clients and / or prospective clients, negotiations with suppliers and / or formalities with customers or other authorities, up to the sum insured or limit applicable to the transit associated with the temporary stay risk, but subject to goods being left in locked safe or never left unattended unless beyond the Insured’s control.

XXXXXX EXCLUDED GENERAL EXCLUSIONS

This Policy does not insure against loss, destruction or damage caused by or resulting from:

1)war and warlike events, invasion, hostilities or warlike operations (whether war be declared or not), civil war, mutiny, military or popular uprising, riot, rebellion, revolution, military or usurped power or state of siege, except the Insured shall prove that such loss, destruction or damage is in no way connected with such events.

2)nuclear reaction and its consequences, radioactive radiation or radioactive contamination, whether controlled or uncontrolled reaction, whether directly or indirectly, whether arising within or outside the premises or whether caused or aggravated by one of the perils insured against.

3)terrorism.

Notwithstanding any provision to the contrary within this Policy or any endorsement thereto, it is agreed that this Policy excludes loss, damage, cost or expense directly or indirectly caused by, contributed to by, resulting from, or arising out of or in connection with any act of terrorism, as defined herein, regardless of any other cause or event contributing concurrently or in any other sequence to the loss.

An act of terrorism includes any act, or preparation in respect of action, or threat of action designed to influence the government de jure or de facto of any nation or any political division thereof, or in pursuit of political, religious, ideological or similar purposes to intimidate the public or a section of the public of any nation by any person or group(s) of persons whether acting alone or on behalf of or in connection with any organisation(s) or government(s) de jure or de facto, and which:

• involves violence against one or more persons, or

• involves damage to property, or

• endangers life other than that of the person committing the action, or

• creates a risk to health or safety of the public or a section of the public, or

• is designed to interfere with or disrupt an electronic system.

This Policy also excludes loss, damage, cost or expense directly or indirectly caused by, contributed to by, resulting from, or arising out of or in connection with any action in controlling, preventing, suppressing, retaliating against or responding to any act of terrorism. In any action suit or other proceedings where the Insurer alleges that by reason of this exclusion a loss, damage or expense is not covered by this Policy, the burden of proving that such loss, damage or expense is covered shall be upon the Insured.

COUNTRY-SPECIFIC EXCLUSIONS

This Policy does not insure against loss, destruction or damage caused by or resulting from:

- damage resulting from earthquake falling within the mandatory deductible under the local earthquake tariff.

PROCESS DAMAGE CLAUSE

It is understood and agreed that damage to the insured precious stock caused by work (notably mounting and setting) performed by the Insured or on his behalf is covered up

to the limit of in the annual aggregate applicable worldwide with coinsurance or deductible whichever is the greater.

FIDELITY CLAUSE

The property insured hereunder is covered against physical loss caused by the dishonesty of the employees of the Assured provided that such loss is notified to the Insurers within 12 months of its occurrence.

SPECIFIED PROPERTY AND COSTS CONTRACT WORKS

This Policy is extended to cover alterations and/or additions to property and property while in the course of construction, erection, installation, and assembly. Coverage hereunder shall only apply to alterations and/or additions and/or projects with a total project value not exceeding .

The sublimit provided for this extension is specified in the Policy Schedule.

PUBLIC AUTHORITIES

This Policy is extended to cover loss occasioned by the enforcement of any law or ordinance which regulate the construction or repair of buildings, which is in force at the time such loss occurs, and which necessitates repairing or rebuilding at greater cost of repair, construction or reconstruction. However, such coverages shall be limited to the minimum requirements of such authority and to the full cost of erecting on the same site a building of the same type with the same total floor area and of the same height, being as nearly like the building destroyed as possible with due regard to such changes as may be required by such law or ordinance. However, the Insurer shall not be liable for any greater loss unless the damaged or destroyed property is actually rebuilt or replaced on the same site or at another site.

The sublimit provided for this extension is specified in the Policy Schedule.

This Policy shall not be liable for any cost of demolition or increased cost of reconstruction, repair, debris removal or loss of use necessitated by the enforcement of any law or ordinance regulating any form of contamination including, but not limited to pollution.

EXPENSES TO INVESTIGATE LEAKS AND UNBLOCK PIPES

This Policy is extended to cover expenses as are necessarily incurred for the purpose of investigating leaks and unblocking pipes.

The sublimit provided for this extension is specified in the Policy Schedule

DEBRIS REMOVAL

This Policy is extended to cover costs and expenses necessarily incurred by the Insured for:

1)removing the debris of

2)dismantling, removing or demolishing undamaged Property Insured, but only with respect to the enforcement of any law or ordinance regulating the construction or repair of buildings, which is in force at the time of loss and which necessitates such dismantling, removing or demolition of

3)shoring up or propping up of

the portion(s) of Property Insured destroyed or damaged, including undamaged portions of the property, by any peril hereby insured against and within the sublimit provided for this extension as specified in the Policy Schedule.

The Insurer will not pay the cost to:

a)extract contaminants or pollutants from the debris.

b)extract contaminants or pollutants from land, air, or water.

c)remove, restore or replace contaminated or polluted land, air or water.

d)remove or transport any property or debris to a site for storage of decontamination required because the property or debris is affected by pollutants or contaminants, whether or not such removal, transport, or decontamination is required by law or regulation.

DECONTAMINATION EXPENSE AND POLLUTANT CLEAN UP

If, at the time of a damage to Property Insured caused by a peril insured against by this Policy, there is in force any law or ordinance regulating contamination, including but not limited to pollution, then this Policy shall cover, as a result of enforcement of such law or ordinance:

1)the cost of decontamination and removal of Property Insured in a manner to satisfy such law or ordinance.

The sublimit provided for this extension is specified in the Policy Schedule.

2)the cost to extract pollutants and/or contaminants from soil from the Insured's premises if the release, discharge or dispersal of such pollutants and/or contaminants occurs during the Period of Insurance.

In the event that said release, discharge or dispersal of pollutants and/or contaminants causes the Insured to incur additional costs to clean up pollutants and/or contaminants that were present prior to the time of said loss or damage this Policy shall cover such additional costs that are directly attributable to said covered physical loss or damage. For the purpose of this coverage:

1)pollutants and/or contaminants means any solid, liquid, gaseous or thermal material or irritant or contaminant, including smoke, vapour, soot, fumes, acids, alkalis, chemicals, waste and asbestos, which after its release can cause or threaten damage to the health or welfare of humans, animals or the environment, or causes or threatens the damage, deterioration, fungi, virus or hazardous substances.

2)insured premises means the boundaries of real estate which the Insured owns, leases or occupies as per the legal description of said owned, leased or occupied premises and is distinguished from the interest in property covered.

This coverage does not extend to costs incurred in extracting pollutants and/ or contaminants whose release or discharge is the result of any event or events which predate the inception of this Policy.

Liability under this clause arising out of any one Occurrence, and in the annual aggregate for all such Occurrences, shall not exceed the sublimit as specified in the Policy Schedule.

It is however understood that the actual amount recoverable under this policy might be reduced by the erosion of the Master policy annual aggregate and or by claims covered under other local policies belonging to this Programme.

There is no liability for expenses or time required for removing contaminated uninsured property, unless specifically mentioned herein, nor the contaminant therein or thereon, whether or not the contaminant results from an insured event.

RECONSTRUCTION COSTS

This Policy is extended to cover direct physical loss, destruction or damage during a period of 24 months to:

1)valuable papers: inscribed, printed or written documents, manuscripts or records, including abstracts, books, deeds, drawings, films, maps and accounts.

2)EDP media: converted data, programs or instructions used in the Insured's data processing operations, including the materials on which the data is recorded. For standard software the costs of replacement are covered only.

The sublimit provided for this extension is specified in the Policy Schedule.

BUSINESS INTERRUPTION - SCOPE OF COVER AND EXCLUSIONS COVERAGE

Not applicable

EXTRA EXPENSES

This Policy shall also cover the extra expense incurred in order to continue as nearly as practicable the normal operation of the Insured's business following damage to or

destruction of property covered hereunder by an insured peril for the length of time which would be required to rebuild, repair or replace the damaged property commencing with the date of loss or damage during the term of this insurance, but not limited by its expiration.

The sublimit provided for this extension is specified in the Policy Schedule.

Extra expenses shall mean the excess of the total cost during the period of restoration of the damaged property chargeable to the operation of the Insured's business over and above the total cost that would normally have been incurred to conduct the business during the same period, had no loss or damage occurred.

INTERDEPENDENCIES

Not applicable

SUPPLIERS AND CUSTOMERS

Not applicable

SERVICE INTERRUPTION

This Policy is extended to cover loss resulting from necessary interruption of business due to herein insured damage to or destruction of electrical transmission lines and other electrical equipment and steam and gas transmission lines and interruption of the supply of water situated outside of the premises when used for the service of the Insured.

The sublimit provided for this extension is specified in the Policy Schedule.

This coverage is subject to a waiting period of 1 consecutive hour of interruption.

DENIAL OF ACCESS

This Policy is extended to cover loss resulting from property damage at the facility or within 2km due to denial of access to the property insured as a result of a peril insured hereunder.

The sublimit provided for this extension is specified in the Policy Schedule.

ADDITIONAL CLAUSE

Not applicable

LOSS OCCURENCE

OBLIGATIONS IN THE EVENT OF A LOSS

Upon the occurrence of an event in respect of which a claim may be made under this Master Policy the Insured must fulfil the following obligations:

1)Report the loss to the Insurer immediately on learning thereof. In addition any fire, explosion, vehicle impact, civil commotion and theft loss must be reported to the Police.

2)Avoid or reduce the loss where possible and follow the instructions of the Insurer or its representative. No changes may be made to damaged property that may complicate or

prevent determination of the cause or the amount of the loss, unless undertaken for safety reasons or to reduce the loss or in the public interest.

3)Permit the Insurer or its representative to examine the damaged property at any time and to obtain on request information in writing on request as required to determine the cause, extent and further circumstances of the loss or to show legally effective proof thereof.

4)Provide the necessary information to justify its claim for compensation the extent of the Insurer's liability.

In addition, the Insured must fulfil the following obligations in respect of business interruption:

5)Throughout the Indemnity Period the Insurer is entitled to require all steps which it deems appropriate to be taken at its own expense and to verify the steps taken.

6)Notify the Insurer of the resumption of full operation if the resumption falls within the Indemnity Period.

7)Permit the Insurer and its experts to investigate the cause, extent and further circumstances of the loss and the scope of its duty to refund the loss. For this purpose the Insured will provide the Insurer on request with the business books, asset lists, balance sheets, statistics, documents and other data concerning the year prior to the conclusion of this Master Policy, those for the current financial year and those for three previous years.

8)Provide the Insurer on request with an interim balance sheet at the beginning and end of the interruption or the Indemnity Period, the Insurer or its expert being entitled to participate at the stocktaking.

9)Obligations in the event of a loss of precious goods, cash and cashlike items:

The Insured or, by default, the Policyholder, is bound to initiate criminal proceedings as soon as he becomes aware of this offence and to inform the Insurer of this immediately by registered letter with acknowledgement of receipt.

Obligations in the event of misappropriation and breach of trust

10)Given the Insurer proof that a criminal prosecution has been initiated by him, either by lodging a simple complaint with the Police or Public Prosecutor by direct writ of summons or else by claiming damages from the Senior Examining Magistrate, subject to admissibility.

The Insured must also send the formal receipt for any deposit paid into court which he has been required to pay.

• furnished all the usual documentary evidence necessary for assessing the damage suffered by him.

As soon as payment of the compensation has been made, the Insurer shall be subrogated in all the Insured’s rights and actions related to the claim and its

developments and shall retain the right to recover the payment in the event of the charges of misappropriation, breach of trust or fraud proving to be inaccurate.

ADDITIONAL OBLIGATIONS IN THE EVENT OF MARINE INSURANCE LOSS

PRESERVATION OF RIGHTS OF RECOVERY

All rights of recovery against third parties who may be held responsible for the loss or damage shall be preserved. In particular the following steps shall be taken:

a)Outwardly apparent loss or damage must be notified to the carrier in writing before delivery of the goods is taken.

b)Whenever loss or damage is presumed, the necessary reserves must be lodged within the period prescribed by law or contract.

c)The carrier must be summoned to a joint survey of the loss or damage.

The assured is liable for any act or omission prejudicing the rights of recovery.

Survey

a)In case of loss or damage the insurer, and abroad his surveyor, must be called in forthwith for survey purposes and to take whatever steps may be necessary.

b)Should the loss or damage not be outwardly apparent, survey must be requested within one week of the delivery of the goods to the consignee.

c)If the insurer has not appointed any surveyor, application shall be made to the “Lloyd’s Agent“ or if there is no such agent to another competent surveyor.

d)If the loss or damage occurred during carriage by land, sea, air or courier or packet express service, the relevant transport company shall be required to issue an official report.

e)The costs occasioned by the surveyor’s intervention are to be paid by the applicant and are refundable by the insurer if, and to the extent that, the claim is recoverable under the policy.

f)This insurance does not cover any claim where the loss or damage has not been ascertained in the prescribed manner.

VALUATION UNDER PROPERTY INSURANCE

The following conditions apply only if the loss or damage is not covered by an existing local policy, no corresponding valuation agreement has been arranged or no other local policy has been issued with the Insurer or insurers instructed by it.

Insured claims will be calculated on their replacement value on site and at the time of the damage, less value of the residue.

The following definitions apply to replacement value:

1)purchased goods (raw materials, semi-finished or finished products, operating materials including the contents of underground or overground tanks, office equipment and printed matter including materials for electronic data processing) at cost price

Cost price includes:

a)the purchase price (invoice price) less value added tax, discounts, rebates and other benefits

b)freight and customs charges

c)handling charges (cost of unloading, checking, handling, labelling and stocking). The purchase price is the invoice price, subject to the market price as a maximum.

2)semi-produced in-house and goods in process

When calculating the insurable value of semi-produced in-house and goods under manufacture, the pro rata administrative and distribution overheads and a proportion of profit will be included at the production costs already incurred, depending on the extent to which the products are finished.

The replacement value will not exceed the market price.

3)finished goods

When calculating the insurable value of finished goods, the administration and distribution overheads and profit will added to the manufacturing cost.

The claim will be adjusted on the basis of the valuation method applicable immediately before the Occurrence of the loss according to the works accounts.

The replacement value is the invoice price, subject to the market price as a maximum. 4)installations including EDP and other technical equipment (such as cash and telephone

systems, alarm devices)

The amount corresponding to the reprocurement or reinstatement (New Replacement Value) of goods of the same or similar kind, on partial loss not more than the cost of repairs. Existing residues will be calculated at their new value.

Only the Actual Cash Value will be paid for items no longer used or not replaced after the loss.

A reduced value (on claims paid as New Replacement Value) following completion of reinstatement or repair will be left out of account.

5)own and third party motor vehicles including trailers are deemed insured at Actual Cash Value. In

respect of partial damages the indemnification will not exceed the cost of repair.

6)personal effects

The amount required for the reprocurement or reinstatement (New Replacement Value) of items of the same or similar kind, on partial loss, not more than the cost of repair.

Existing residues will be calculated at new value. Only the Actual Cash Value will be paid for items no longer used or not replaced after the loss.

A reduced value (on claims paid as New Replacement Value) following completion of reinstatement or repair will be left out of account.

7)for buildings the customary construction cost (New Replacement Value) applies.

If the building is not rebuilt at the same place, in the same size and for the same purpose within two years or such longer period as may be necessary with all due diligence on the part of the Insured, the replacement value may not exceed the actual cash value.

This also applies, if the reconstruction is undertaken not by the Insured, its legal successor under family or succession law or by a person, possessing a legal title to acquisition of the building at the time of the loss. For condemned buildings, the replacement value is the demolition value.

8)for valuable papers, records, data media, the cost of blank materials plus the cost of gathering

and/or assembling information or data including reproduction. For standard software, only the costs

of replacement are covered.

9)for models, patterns and moulds, the cost of reconstruction less the decrease in value as a result of

normal wear or other reasons, but in no case less than the value of the materials used. 10)for securities and deeds, the cost of the amortisation procedure and loss of interest and

dividends. If the amortisation procedure does not result in an invalidation, the Insurer will indemnify for the non-amortised securities and deeds. The Insurer is entitled to replace such valuable papers in kind.

11)Fine Arts shall be valued at the appraised value or, if there is no appraisal, at the greater of the original acquisition cost or the market value at the time of the loss.

SPECIFIC VALUATION FOR STOCK UNDER PROPERTY INSURANCE

a)Securities:

Actual market value at the close of business on the day the loss was discovered or the actual cost of replacing the securities, whichever is the lesser, plus the cost to post any required bond for the lost instruments.

b)Records and database:

cost price of blank pages and materials and / or the cost of labour and computer time for the actual transcription of copying of written or electronic data supplied by the Insured, in order to replace, reproduce or reinstate all the books of account, records and electronic data lost.

c)Software programs and systems:

the reasonable cost of re-writing or amending the programs, systems or manuals where such re-writing or amending is necessary to correct the programs or amend the security codes following a covered loss under this Blanket Bond.

d)Cash and Currencies:

The EUR value of any foreign cash, currency or travellers’ cheques based on the free currency rate of exchange in effect on the day any such loss is discovered.

e)Bullion and precious metals (raw material): Actual replacement cost.

f)For merchandise belonging to the Insured:

- Jewellery Silverware, goldware and platinum articles as watches and accessories Goods in course of manufacture in retail stores and during selling trips / exhibitions / photo shooting and other sales activities:

a) Production cost for losses at Producing Companies

b) BGO purchasing price for losses occurred to goods at any other company (excluding High Jewellery / BCI / Memo USA)

c) BCI / Memo USA: Carnet ATA value . g)For all other property belonging to the Insured:

Replacement value at the time of the loss.

h)Merchandise entrusted to the Insured or belonging to third parties: Entrustment value.

i)Merchandise already sold but not delivered: Insured’s selling price.

j)Where the insured merchandise has been delivered subject to deferred or instalment payments:

The Insured are allow to declare to custom and / or any other authorise, shippers, forwarding agents or custom agents a lower value than the tag price or than the value for which they are responsible of than the insured value in respect of items being imported into a country or held in trust for third parties. Notwithstanding the foregoing, Underwriters’ liability remains as per above.

k)Customs Duty, axes and Expenses:

The settlement of any loss hereunder shall include any custom duty and / or taxes which the Insured may have paid or may be liable to pay and which they are unable to recover from the customs and / or Fiscal Authorities. Any expenses incurred in the payment and

/ or recovery of such duty and / or taxes shall be indemnified hereunder. Underwriters also agree to pay all expenses resulting directly or indirectly from Hijacking (other than travellers’ additional hotel and travel expenses).

When the claim is presented in other currencies the rate of exchange prevailing on the date of the execution of proof of loss shall be taken in order to determinate the claim in EUR.

COMPENSATION UNDER BUSINESS INTERRUPTION INSURANCE

not applicable

INTERDEPENDENCY UNDER BUSINESS INTERRUPTION INSURANCE

not applicable

SPECIAL CIRCUMSTANCES RELATING TO BUSINESS INTERRUPTION LOSSES

not applicable

BRANDS AND LABELS

The Insured is entitled to the ownership of its goods including plant belonging to them affected by a loss covered under this Policy and retains control (decision-taking powers) over the damaged goods. The Insured will as it sees fit decide whether goods damaged by an insured loss can still be put to use or not. Goods that can no longer be used will be sold with the Insured's consent or disposed otherwise. The Insured will refund the proceeds achieved from the sale or disposal of damaged goods (residual value) to the Insurer.

If the damaged goods are branded articles or bear a trade mark or have guarantee or responsibility of the manufacturer or Insured, the residual value of the damaged goods will be decided after removal of such branded goods, trade marks or other identifying characteristics in the customary way.

LOSS ADJUSTMENT

Both the claimant and the Insurer may demand immediate settlement of the loss. In case of business interruption the loss will be settled at the end of the Indemnity Period. By mutual agreement the settlement may take place earlier.

The claimant must provide proof of the extent of the loss.

The sum of insurance is no proof of the existence or value of the Property Insured at the time the loss occurs.

The loss will be ascertained either by the parties themselves or by a loss adjuster mutually agreed upon or in appraisal. Either party may call for appraisal.

APPRAISAL

Either party may require the amount of the loss to be ascertained by an appraiser. Appraisal may be extended to other findings, especially individual prerequisites for a claim, only by special agreement.

The appraisal will be subject to the following rules:

1)each party will appoint an appraiser in minutes or in writing and the appraisers will together similarly elect an arbitrator on commencement of the appraisal. Should either party fail to appoint its appraiser within 14 days after being asked to do so in writing, he will be appointed by the appropriate court on request of the other party. The same court will also appoint the arbitrator if the appraisals fail to agree on his appointment.

Persons lacking the necessary specialist knowledge or who are related or otherwise connected to a party may be declined as appraisers. If the reason for such refusal is disputed, the court referred to above will decide, and will itself appoint an arbitrator when approving the objection.

2)the findings of the appraisers must include the insured value of the Property Insured before and after the loss. If the appraisers fail to agree, the arbitrator will decide on points remaining in dispute within the limits of both findings. Decisions taken by the appraisers within the scope of their duties are binding unless it is proved that they clearly diverge substantially from the true situation. The party alleging such a divergence must show proof thereof.

3)the claim will be calculated according to the provisions of this Policy on the basis of the findings of the appraisers of arbitrator.

4) adjusters' costs are covered (but not those of the arbitrator), if the loss has been ascertained in the appraisal according to this item.

REINSTATEMENT PERIODS

The reinstatement periods stated in this Policy are deemed observed if binding orders for reinstatement or reprocurement are placed within these periods.

LIMITATION OF CLAIM AND FORFEITURE

Claims under this Policy are statute-barred 2 years following the Occurrence of the event giving rise to the duty of indemnity.

Repudiated claims not legally filed within 2 years following the Occurrence of the event will lapse.

Claims under Business Interruption insurance are statute-barred or forfeit one year following the expiry of the Indemnity Period.

Claims in respect of general average contributions become void unless suit is brought within one year of the completion of the statement.

SPECIAL FORFEITURE

On wilful causing of a loss, on deliberate breach of obligations and on fraudulent deception in the event of a loss by the Policyholder the Insurer will be relieved of all liability for the claim.

Grossly negligent causing of a loss or breach of obligations by the Insured will result in a reduced claims payment in accordance with the appropriate law.

NO REDUCTION BY LOSS

With the exception of loss caused by perils, which are subject to annual aggregate limits no loss hereunder shall reduce the amount of this Policy.

PAYMENT OF LOSS

A claim is due for payment 60 days following the date on which the Insurer has received the necessary particulars for ascertaining the amount of the loss and its liability. The claimant may request the minimum sum payable according to the state of the adjustment as part payment four weeks following the date of loss.

The duty for payment is suspended for as long as the loss can not be adjusted or paid through the fault of the Insured or as police or criminal investigations are conducted on the account of the loss and proceedings against the Insured or a third party have not been completed.

As from the due date, the payment will bear interest at a rate 1% above the discount rate of the Italian National Bank.

SUBROGATION

The Insurer may enforce a legal claim transferred to it against a third party only with the Policyholder's approval in case of global annual aggregate deductible erosion. The Policyholder will give its approval for all losses falling above the 3 million Euro annual aggregate deductible.

SUE AND LABOUR

In case of actual or imminent loss or damage it shall be lawful and necessary for the Insured, their factors, servants or assigns, to sue, labour and travel for, in and about the defence, safeguard and recovery of the property insured hereunder, or any part thereof, without prejudice to this insurance, nor shall the acts of the Insured or the Insurer in recovering, saving and preserving the property insured in case of loss be considered a waiver or acceptance of abandonment. The expenses so incurred shall be borne by the Insurer proportionally to the extent of his interest.

SALVAGE

Any salvage or other recovery (after deduction of expense incurred in such salvage or recovery) shall accrue to the benefit of the Insurer, until the sum paid by the Insurer has been recovered; any remaining balance shall accrue to the benefit of the Insured.

EXPENSES TO REDUCE LOSS

This Policy also covers such expenses as are necessarily and reasonably incurred for the purpose of reducing any loss under this Policy even if not successfully.

The sublimit provided for this extension is specified in the Policy Schedule

FIRE BRIGADE CHARGES

It is hereby declared and agreed that in the event of the Property Insured hereby being destroyed or damaged by any peril insured against, the insurance hereunder covers fire brigade charges and other extinguishing expenses for which the Insured may be assessed. The sublimit provided for this extension is specified in the Policy Schedule.

SECURITY MEASURES

THE INSURED’S OBLIGATIONS:

The cover provided by this policy exists subject to the Insured’s express declarations appended below.

For the entire term of this policy, except in acts of god or cases of force majeure, the Insured Party shall be obliged, under penalty of forfeiture of cover:

• to make every effort to keep the insured goods in good condition and ensure their safekeeping and security,

• and to use all the means of protection and locking at his disposal and to keep same in a perfect state of repair at all times,

• and not to make or cause to be made any modification of the various protection systems causing the security of the premises to be less than that known to the Insurer.

• and to maintain the level of supervision and surveillance declared to the Insurer,

INSPECTION OF THE INSURED PREMISES:

The Insurer reserves the right to have the premises inspected by an independent expert or an expert from its engineering service.

The security measures or procedures recommended by the expert should be respected by the Insured Party* within the allotted time, as notified by registered letter with acknowledgement of receipt.

Failure to comply shall result in the Insured forfeiting any right to compensation in the event of a loss caused or aggravated by non-compliance with the necessary measures or procedures.

It is also agreed that the Insured, in agreement with the Insurer, request the appointment of a surveyor with the scope of monitoring the security procedures and protections of said new locations.

GENERAL CONDITIONS

INCREASES AND REDUCTIONS IN HAZARD

An increase or reduction in hazard is any change in a fact material to the assessment of the risk, the extent of which the parties have ascertained at inception of this Policy.

Cover is maintained if the hazard is increased beyond the Policyholder's control. However, the Policyholder must advise the Insurer of the increase in hazard as soon as it becomes aware of it.

In the event of an increase in hazard, the Insurer reserves the right to charge an appropriate additional premium for the remainder of the period of insurance. Furthermore, the Insurer is entitled to cancel the local or Policy concerned at 4 weeks notice on receipt of notification. In either case, the Insurer is entitled to an appropriate additional premium calculated from the date of the increase in hazard up to expiry of the Policy.

In the event of a reduction in hazard the premium will be reduced accordingly.

DOUBLE INSURANCE

The Insured is bound to notify the insurer in writing of double insurance as soon as he becomes aware of its existence. In case of double insurance the liability of the insurer is subsidiary only.

BREACH OF DUTIES

On culpable breach of duties under the contractual or legal requirements or other obligations, or on an increase in risk culpably not declared, the Insurer may reduce the claim payment in proportion to the extent to which this affected the Occurrence of the loss or its scale.

NOTIFICATIONS TO THE INSURER

All notifications and communications under this Policy must be made to the Insurer, through the appointed Xxxxxx.

INSURERS AND PARTICIPATION

The Insurer’s liability under this Policy is 100% of the amount payable under the provisions of the Specification forming part of this Policy.

It is understood and agreed that the Insurers’ obligations under this policy are several and not joint and are limited to the extent of the individual signed shares as per below. None of the subscribing Insurers shall be responsible for the share of any other Insurer who for any reason may not satisfy all or part of its obligations under this policy.

PLACE OF JURISDICTION AND APPLICABLE LAW

local jurisdiction clauses and Law to apply

DEFINITIONS ACTUAL CASH VALUE

The sum payable for reprocurement at the time of the loss less the deduction for depreciation or for other reasons, on partial damage not more than the repair costs. EARTHQUAKE, VOLCANIC ERUPTION

Earthquake means large-scale movement of the earth's surface through natural causes, initiated by geological processes in the earth's crust and outer earth's mantle and Fire following earthquake. The movement must achieve a magnitude of at least ML 3.5 on the Richter Scale as measured by at least two seismic stations.

Volcanic eruption means a release of pressure on the bursting open of a crack in the earth, linked with lava flow, eruption of ash or other materials and gases released during eruption or volcanic eruptions and fire as a result of volcanic eruption.

EXPLOSION

Explosion means the sudden application or force resulting from the expansion of gases or vapours, such as explosion due to explosive gases, dust or vessels. Volcanic Eruption is not explosion for the purpose of this Policy (see Article 0).

FINE ARTS

Works of art, works of rarity, antique furniture, similar property of rarity, historical value or works of artistic merit, photographs (positives and negatives), lithographs, illustrations, galley proofs, original records.

FLOOD

Flood; rising waters; surface waters; waves; tide or tidal water; rain accumulation; runoff from natural or man made objects; the release of water; the rising, overflowing or breaking of boundaries of natural or man-made bodies of water; or the spray therefrom, surface waters or sewer back-up resulting from any of the foregoing; regardless of any other cause or event contributing concurrently or in any other sequence of loss. However, direct physical damage by fire, explosion or sprinkler leakage resulting from Flood is not considered to be loss by Flood within the terms and conditions of this Policy.

NEW REPLACEMENT VALUE

The manufacturer's current list price including customs duties, transport costs and installation expenses for a new, similar item. If an insured item is no longer produced, the last valid list price during the production period will apply, adjusted to take into account relevant price increases.

OCCURRENCE

Loss, or a series of losses or several losses, which are attributable directly or indirectly to one cause or disaster or to one series of similar causes or disasters arising from a single event. All such losses shall be added together and the total amount of such losses shall be

treated as one occurrence irrespective of the period of time or area over which such losses occur.

When the term applies to Earthquake, it shall be defined as the sum total of all the Insured’s losses sustained during any period of 72 consecutive hours by reason of one Earthquake or a series of Earthquakes. The Insured may elect the moment from which the 72 hour period shall be deemed to have commenced, provided always that no elected period of 72 hours shall commence within the period of any previous occurrence.

When the term applies to Flood, it shall be defined as the sum total losses sustained during any period of 72 consecutive hours by reason of one Flood or a series of Floods. The Insured shall have the right to elect the moment from which the 72 hour period shall be deemed to have commenced, provided always that no elected period of 72 hours shall commence within the period of any previous occurrence.

When the term applies to theft, the sum total of all losses insured herein resulting from one or more concealed acts committed by one person or more than one person acting in unison to the extent such loss is not otherwise excluded under this Policy.

When the term applies to Windstorm, it shall be defined as the sum total of all losses arising out of or caused by the same atmospheric disturbance during any period of 72 consecutive hours. The Insured shall have the right to elect the moment from which the 72 hour period shall be deemed to have commenced, provided always that no elected period of 72 hours shall commence within the period of any previous occurrence.

THEFT

Burglary, means loss convincingly proved through traces or witnesses or in accordance with the circumstances, originating through:

• burglary, i.e. theft by perpetrators who forcefully enter a building or a room in a building or break open a container therein, and locked vehicles (but not site accommodation and incomplete buildings).

• damage in the course of burglary or an attempt thereat.

• theft through opening up with the right keys or codes which the perpetrator has expropriated through burglary or robbery.

Robbery means loss convincingly proved through traces or witnesses or in accordance with the circumstances, originating through:

• xxxxxxx, x.x. theft with the threat or application of violence against the Insured, his employees or members of his family living with him in his home and theft on incapacity to resist through death, unconsciousness or accident.

PRECIOUS GOODS

In the sense of this Policy Precious goods are defined as precious metal, precious and semi-precious stones, pearls, jewellery, watches and any raw material to produce such jewellery or watches.

CASH AND CASHLIKE INSTRUMENTS

In the sense of this Policy cash and cashlike instruments are defined to include money, securities, savings books, bullion, coins and medals.

SIMPLE THEFT

Loss not amounting to burglary and robbery as defined under item “Theft of personal effects”.

WINDSTORM

Windstorm shall mean the direct action of wind of at least 75 km/h velocity that uproots trees or unroofs buildings in the vicinity of the Property Insured.

BREACH OF TRUST

Any act whereby a person misappropriates, to the detriment of another, monies, valuables or any goods whatsoever which have been entrusted to him and which he accept under the responsibility of returning them, representing them or using them in a particular way.

FRAUD

Any act whereby a person, either under false name or under false pretences, or by misrepresentation or by using fraudulent means, deceives a natural person or a legal entity and thus causes it, to its detriment or to the detriment of a third party, to hand over the insured goods.

NON-BUSINESS HOURS

The period from closing in the evening to re-opening the following morning.

COMPANY REPRESENTIVES

Any natural person properly vested, in accordance with the law and the Insured Articles of Association, with the duties of management and representation or control and supervising carried out within the insured enterprise and any subsidiary, such as:

Chairman of the Board of Directors, Chief Executive,

Directors,

Chairman and members of the Management Board, Chairmen and members of the Supervisory Board,

Managers

also in addition to any natural person vested with similar duties in accordance with foreign law, in particular directors and Officers in common-law countries.

EMPLOYEES

Any natural person bound to the Insured by an employment policy or any other policy according to which the person acts in the name of and on behalf of the Insured.

LEGAL REPRESENTATIVE

Any person having the power to bind the insured company in relation to third parties.

STOCKS

Stocks include, Raw Stocks, Stocks in Progress and Finished Stock manufactured by the Insured which in the ordinary course of the Insured's business is ready for packing, shipment or sale.