An agreement by an Insurer not to subtract amounts for depreciation or wear & tear, from a claim presented for replacement ‘as new’, of insured property damaged or destroyed.
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SPECIAL PERILS
An optional coverage designed to provide protection for your property or vehicle in respect of loss or damage resulting from incidents not specifically stated in the policy. A few examples of the types of losses Insured under the ‘special perils’ extension are: flood, earthquake, malicious damage, bursting or overflowing of water tanks, apparatus and pipes, riot and civil commotion.