Terms and Conditions of Insurance for Business
1. Property Covered
The Property Covered is the goods contained in the categories listed on Your Confirmation of Insurance relating to Your business or commercial venture whilst within an individual self storage unit at the Self Storage Location shown on the Confirmation of Insurance. The goods in each category are as defined in the ‘Business Goods Category Definitions’ on the NSIP website.
A Self Storage Location is a secure storage facility that offers do-it-yourself storage space. An individual self storage unit is a fully enclosed locked container, room, compartment and/or locker used for storage to which You have the right to exclusive access.
You are covered for physical loss of or damage to the Property Covered arising from fire (and/or the additional perils listed below) occurring during the Period of Insurance shown in the Confirmation of Insurance. The additional perils covered are explosion, lightning, aircraft, earthquake, riot, civil commotion, storm, flood, burst pipes, impact by road vehicles, sprinkler leakage, theft where entry or exit to Your individual self storage unit was effected by forcible and violent means, malicious damage, moth, insect or vermin from a source outside of the Property Covered.
3. Transit Extension
You are covered for physical loss of or damage arising from fire (and/or the additional perils listed below) to the Property Covered occurring during the Period of Insurance shown in the Confirmation of Insurance whilst in transit within an enclosed car or commercial road vehicle:-
The additional perils covered are:
This insurance does not cover:
This insurance does not cover:
4.1 more than the Sum Insured shown in the Confirmation of Insurance.
4.2 the first £25 of each and every claim increased to £100 in respect of damage caused by moth, insect or vermin.
4.3 more than £10,000 or 25% of Your Sum Insured, whichever is the least, in respect of theft or malicious damage when the Property Covered is not in an individual self storage unit
4.4 any item that You are not permitted to store according to the terms of the applicable self storage licence agreement.
4.5 any of the following items :
4.6 costs not directly incurred as a direct result of loss of or damage of the Property Covered
4.7 loss of data. For the purposes of this exclusion data shall be information represented or stored electronically including code or series of instructions, software programs and firmware.
4.8 any consequence of war, invasion act of foreign enemy, hostilities or a warlike operation or operations (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, nationalisation or requisition or destruction of or damage to property by or under the order of any government or public or local authority.
4.9 loss of or damage to the Property Covered caused by or arising from any act including (but not limited to) the use of violence or threat thereof, by any group of persons (whether acting alone or on behalf of or in connection with any organisation or government) committed for political, religious, ideological or similar purposes (including the intention to influence any government or to put the public or any section of the public in fear).
4.10 loss of or damage to Property Covered caused by or arising from:
4.11 any claim to the extent that the provision of such cover would expose Insurers to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.
5. General Conditions
5.1 VALUATION CLAUSE:
5.2 AVERAGE CLAUSE:
Failure to insure Your Property Covered for the correct Sum Insured will result in Your claim for loss or damage being limited to a proportion of the loss that the Sum Insured bears to the total value of all of the Property Covered.
5.3 PAIRS AND SETS CLAUSE:
Where any item is part of a pair or set We will only pay for the actual parts, which are lost or damaged. No payments will be made for articles that are not damaged.
If You misrepresented any information We have requested Your policy may be invalidated or result in certain covers not operating fully and You may not be entitled to a refund of premium. If You are in any doubt as to whether information is important, please contact NSIP Ltd
5.5 LAW APPLICABLE:
Unless the parties have agreed otherwise in writing any dispute concerning the interpretation of the Policy shall be governed and construed in accordance with English law and shall be resolved within the exclusive jurisdiction of the courts of England and Wales.
5.6 OTHER INSURANCE:
If at the time of any loss or damage there is any other insurance in force this insurance shall only respond to the extent that the loss or damage is not recoverable under the other insurance.
5.7 BASIS OF SETTLEMENT:
Where the damage can be economically repaired We will pay the cost of repair. Where the damage cannot be economically repaired and the damaged or lost item can be replaced, We will replace it. If a replacement is not available We will replace it with an item of similar quality.
Where We are unable economically to repair or to replace an item with an item of similar quality, We will agree a cash payment with you based on the cost price or market value whichever is the least.
Where We can offer repair or replacement through a preferred supplier, but instead You request and We agree to pay a cash settlement, then the amount will not normally exceed what We would have paid Our preferred supplier.
In the event of the total loss or destruction of any article We will not pay more than:
5.8 CLAIMS NOTIFICATION:
Failure to comply with the following requirement will result in a claim being rejected and all benefit under this policy will be lost unless such failure has not prejudiced the investigation, defence or mitigation of the claim:-
In the event of loss or damage which may give rise to a claim under this insurance:
See 7. Claims Procedure for contact details.
If any claim under this insurance is in any respect fraudulent, all benefit under this insurance will be lost, the policy will be invalid and You will not be entitled to a refund of premium.
We may cancel cover at any time by giving 30 days notice to that effect in writing by pre-paid letter post to Your last known address. You may cancel cover at any time after the initial minimum cover period of 28 days by selecting the ‘Cancel’ option in the ‘My account’ section of the NSIP Ltd website and following the on-screen instructions. In either case provided You have not made a claim You will be entitled to a refund of premium for the remainder of the Period of Insurance shown in the Confirmation of Insurance.
6. Complaints Procedure
If You believe that We have not delivered the service You expected, We want to hear from You so that We can try to put things right. If You have cause for complaint You should initially contact NSIP or the manager of Allied World Assurance Company (Europe) dac at the address shown on Your quotation or schedule, as appropriate. In the unlikely event that they are unable to resolve Your concerns, Your complaint will be referred to Our Customer Relations Team who will arrange for an investigation on behalf of Our Chief Executive.
If they cannot resolve the matter to Your satisfaction, they will provide You with Our final response so that You can, if You wish, refer the matter to the Financial Ombudsman Service. This does not affect Your right to take legal action.
Allied World Assurance Company (Europe) dac
20 Fenchurch Street
London EC3M 3BY
Financial Ombudsman Service
Harbour Exchange Square
London E14 9SR
7. Policyholder's Claims Procedure
Select the ‘Make a Claim’ option on the NSIP website and follow the on screen instructions.
To help Us deal with Your claim, You must:
• not throw away any damaged items before We have had chance to inspect them
• provide us with the following information if requested:
8. Fair Processing Notice
Allied World Assurance Company (Europe) dac (the ‘Insurer’) is committed to compliance with the E.U. General Data Protection Regulation and any applicable implementing or supplementing laws, rules or regulations, and as each may be updated, amended or superseded from time to time. The Insurer may collect, use, store, disclose and otherwise process personal data for purposes such as assessing risk and providing insurance, administering a policy and assessing and managing claims. Personal data may be obtained by the Insurer directly from the Insured or via a third party such as an insurance intermediary. If such personal data is not provided, the Insurer may not be able to provide insurance, administer the policy, process a claim or make payments.
information on how the Insured can exercise its rights, including, under certain circumstances, a right to access the personal data the Insurer holds about the Insured, to seek rectification or erasure of such data, to restrict or object to the processing of such data, to data portability, to lodge a complaint, or, where processing is based on consent, the right to withdraw consent.
A copy may also be requested from, or any personal data privacy queries directed to, firstname.lastname@example.org
Allied World Assurance Company (Europe) dac is a private company registered in Ireland with its registered office at 3rd Floor Georges Quay Plaza, Georges Quay, Dublin 2, Ireland and its UK branch office at Floor 19, 20 Fenchurch Street, London EC3M 3BY. The company is authorised by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority. Details of the extent of regulation by the Financial Conduct Authority are available on request.
9. Notification of Change in Premium and/or Insurance Premium Tax
We reserve the right to change our product's prices at any time without further notice including but not limited to premiums, Insurance Premium Tax and credit/debit card fees. However, We will endeavour to notify all customers of any price change in advance of the next payment being processed.
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