In cargo insurance covering machinery, this clause provides that, in respect of damage, the Insurer’s liability is limited to replacing and fitting the broken part.
In cargo insurance covering machinery, this clause provides that, in respect of damage, the Insurer’s liability is limited to replacing and fitting the broken part.
An event that results in an Insured loss. In some lines of insurance, such as Liability, it is distinguished from accident in that the loss does not have to be sudden and fortuitous and can result from continuous or repeated exposure which results in bodily injury or property damage neither expected nor intended by the Insured.