for the benefits of fellow cs memebers, i extract out the policy wordings for your reference. This terms and conditions is from one of the insurer that i represent, wordings may defer from insurer to insurer.
here goes:-
Personal Possessions
definition: articles of personal use specifically designed to be worn or carried (including but not limited to sporting equipment and valuables) belonging to you or any memeber of your family.
Valuables refer to jewellery, precious stones, item of gold, silver or other precious metals, watches, PHOTOGRAPHIC EQUIPMENT, binoculars, work of art, curios, furs, music instruments(not piano) belonging to you or any member of your family.
Insured Events: cover you in respect of personal possessions against any accidental physical loss or damage anywhere in the world.
How to meet claims?: settlement of claims will be made by repair if item is partially damage, or replacement as new if it is totally lost or destroyed.
Max claim?:
*S$750 each item in respect of each UNSPECIFIED article
*the sum insured stated in the schedule in respect of any one specified article
*the total sum insured stated in the schedule is respect of all loss or damage during any one period or insurance
*it an item has been totally lost or destroyed and is not replaced, the amount payable will be the market value of the item at the time of loss or damage
*it a damage item can be repaired but the repair is not carried out, we will pay the reduction in the value of the item as a result of the loss or damage but not exceeding the estimated cost of repair
*if the item is part of a pair, set or collection, we will pay the value ot that item lost or damaged as a single item. we will not pay for the replacement of, or work on any undamaged or remaining items solely because they form part of a set, suite, group or collection of articles of similar nature colour, pattern or design.
what is not covered?:
*money or credit cards
*contact or corneal lenses
*property more specifically insured
*property held or used in connection with business, profession or employment
*loss or damage caused by or arising from:
-wear and tear
-rot, mildew, rust, corrosion, insects, woodworm, vermin, dyeing, scratching, cleaning, repair, renovation
-faulty manipulation, design, plan, specification or materials
-gradual deterioration, market depreciation
-mechanical or electrical breakdown, failure or deraangement unless accompanied by other damage for which indemnity is provided by this section
-change in temperature, colour, flavour, texture or finish
-domestic animals
*loss of or damage to personal possessions by theft or attempted theft
-from unattended vehicle unless all windows are securely closed and all doors and the boot are locked with the personal possession kept out of sight
-from any open or convertible car or car with sun roof opened
-not accompanied by forcible and violent entry into or exit from your home while any part of it is loaned or let to any person
-whilst your home is unoccupied for more than 60 consecutive days
* loss caused by detention, seizure or confiscation by customs or other officials
*consequential loss of any kind
*THE FIRST S$100 of each and every loss or damage.
very lengthy, but clear. so there is no argument.