This insurance is provided by The Overseas Assurance Corporation Ltd (“OAC”). OAC has requested that you refer to this copy of the OAC policy for the complete policy terms and conditions. The information contained in this document provides only a basic outline of your insurance protection and, as such, it is not intended to be a complete and accurate representation of all the terms including conditions and exclusions contained in the policy to which it relates.  Furthermore, nothing contained in this document is intended to replace or amend the provisions of the policy to which it relates.

Risks Covered
The subject matter is insured against all risks subject to the following :

By Air
Institute Cargo Clauses ( Air) ( excluding sending by Post) 1.1.82 CL. 259
Institute War Clause ( Air Cargo) ( excluding sending by Post) 1.1.82 CL. 258
Institute Strikes Clause ( Air Cargo) 1.1.82 CL. 260

By Sea
Institute Cargo Clause (A) 1.182 CL. 252
Institute War Clause (Cargo) 1.182 CL. 255
Institute Strike Clause (Cargo) 1.1.82 CL. 256
Institute Classification Clause 1.8.97 CL. 354
Cargo ISM Endorsement (JC98/0 19) dated 1 May 1998

Applicable to All Modes of Conveyance
Average Clause (Used Items)
Institute Replacement Clause 1.1.34
Institute Radioactive Contamination, Chemical, Biological, Bio-chemical & Electromagnetic Weapons Exclusion Clause CI 370 10.11.03
Pair and Set Clause

For clarification on the clauses above, please contact OAC at +65 62482501 or +65 62482321.

Voyage
From the time the subject matter insured is delivered to SingPost’s designated warehouse in USA, Japan or Europe to the designated address as stated in the Consignment Note

Important Notice: OAC does not insure certain items. Please refer to the goods excluded list.

Interest Insured
On all general merchandise but excluding items listed under List A, B and C: ­

List A - List of Negotiable Documents:

1.       Banker's Drafts, Bank Notes

2.       Bearer Bonds

3.       Bills of Exchange

4.       Cheques

5.       Debentures

6.       Dividend Warrants

7.       Promissory Notes

8.       Share Certificates

9.       Share Warrants

10.    Travellers Cheques

11.    Treasury Bills

List B - Export Restrictions / Prohibitions

1.       Dangerous Goods

a.       Explosives

b.       Flammable Gas - ignites when leaking; aerosols; etc

c.        Flammable Liquid -low flash-point; emitting flammable vapour

d.       Flammable Solids

e.       Oxidising substances - e.g. organic peroxides

f.         Toxic substances - to contact & consumption

g.       Radioactives

h.       Corrosives

i.         Magnetized materials - affecting navigation

2.       Living Plants and Animals

3.       Perishables

4.       Narcotics & Psychotropic substances

5.       Endangered species of wildlife & their by-products

6.       Obscene or immoral articles, publications, video tapes/discs & software

7.       Seditious & treasonable materials

List C - Other Excluded Items

1.       Jewellery

2.       Watches

3.       Stamps

4.       Money

5.       Precious Stones and Gems

6.       All food stuff

7.       Antiques

8.       Work of Art

Key Policy Exclusions
You are advised to read the full text of the above policy exclusions. These are available for inspection at OAC. Please note that the following risks are not covered:

1. Loss damage or expense attributable to willful misconduct of the Assured;
2. Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject matter insured;
3. Loss damage or expense caused by inherent vice or nature of the subject matter insured;
4. Loss damage or expense proximately caused by delay, even though the delay is caused by a risk insured against;
5. Loss damage or expense arising from any hostile use of any weapon employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter;
6. Loss damage or expense caused by insufficiency or unsuitability of packing or preparation of the subject matter insured (packing shall be deemed to include stowage in a container or lift van but only when such stowage is carried out prior to attachment of this insurance or by the Assured or their servants);
7. Rust, Oxidation and Discolouration absolutely;
8. Excluding Bending, Denting , Scratching and Twisting absolutely;
9. Electronic Date Exclusion Clause;
10. Information Technology Hazards Clause;
11. Institute Cyber Attack Exclusion Clause 10.11.03 CL. 380;
12. Termination Of Transit Clause (Terrorism);
13. Exclusion Of The Contracts (Rights Of Third Parties) Act 2001

In addition to the exclusions set out in the policy, you are advised that the insurance of the subject matter does not cover loss damage or expense caused by:-

1. Confiscation or detention of the subject matter by custom house or other officials or authorities;
2. Mechanical and electrical derangement unless accompanied by visible external damage;
3. Any consequential losses.

Period of Cover
The insurance of the subject matter attaches from the time you make full payment of the insurance premium on vPOSTASIA website. The insurance of the subject matter continues, unless provided otherwise in the policy, during the ordinary course of transit, and terminates either on delivery to the address stated in the Consignment Note or until such other period stipulated in the policy, whichever shall first occur.

The signature on the “Proof of Delivery” copy of the Consignment Note and/or any such document issued by the destination country’s delivery agent shall be conclusive proof of safe delivery.

Minimizing Losses
It is your duty, the duty of your addressee, and/or your servants or agents in respect of the loss recoverable under this insurance: -

1. to take such measures as may be reasonable for the purpose of averting or minimizing such loss;
2. to ensure that all rights against carriers, bailees or other third parties are properly preserved or exercised.

Procedure for Claims
1. All claims made under this insurance of the subject matter must be submitted in writing to :

The Overseas Assurance Corporation Ltd.
(Reg. No. 1920 00003W)
(A wholly-owned subsidiary of Great Eastern Holdings Limited)
General Claims Department
1 Pickering Street, #13-01
Great Eastern Centre
Singapore 048659

2. When submitting the claim, all relevant documents must be enclosed, including but not limited to the following : -

2.1 Original vPOSTUSA/vPOSTJAPAN/vPOSTEUROPE Consignment Note/Tracking Information and Payment Advice;
2.2 Original invoices or purchase receipts of the subject matter insured;
2.3 Survey Report or other documentary evidence showing the extent of the loss or damage of the subject matter insured;
2.4 Original repair bills/replacement invoices;
2.5 All correspondence exchanged with any third party responsible or potentially responsible for the loss or damage of the subject matter

3. You and/or your addressee shall not give clean receipts except under written protest, when there is apparent damage (including any damage to the packing) to the subject matter insured.

Complying with the above procedure shall be condition precedent to OAC’s liability under this insurance.

The above are not the full terms and conditions of the open cover issued by OAC to SingPost and in force at the material time. In case of any inconsistency between the policy and the open cover, the open cover shall prevail. You are advised to refer to OAC for further details.

Governing Law
This insurance is subject to and shall be governed by Singapore Law. Any claim or other dispute hereunder shall be determined exclusively by Singapore Courts unless OAC otherwise agrees in writing.

Premiums Payable, Limits of Liability and Excess
With effect from 2 May 08:-

1. All premiums ^# payable will be based on 3.3% of the declared item value subject to a minimum premium^# of S$24 for each consignment note. Declared item value shall include, but not limited to, cost of the item, any insurance purchased for the local shipping to SingPost’s designated warehouse in USA, local shipping charges to SingPost’s designated warehouse in USA and any other applicable charges paid.

2. Limits of liability of each consignment note will be US$20,000. The basis of valuation of any loss or damage to the subject matter or any such expense incurred related thereto is set out in the policy.

3. Nil excess will apply for each consignment note.

^# Premium(s) refers to Insurance premium and administrative fees payable.

Duty of Disclosure
In addition to providing all basic information necessary to enable OAC to place the risk, you must ensure that you are complying with your legal duty of disclosure of all material matters relating to the risk. In particular, you must satisfy yourself as to accuracy and completeness of the information you provide to OAC.

In this respect, you must provide all information relating to the risk, whether favourable or not, which would influence the judgement of a prudent insurer in determining whether he will take the risk, and, if so for what premium and on what terms.

If all such information is not disclosed by you, OAC has the right to void the insurance contract from its commencement which may lead to claims not being met.