Inventory insurance

A smart entrepreneur makes sure his or her inventory and goods are properly insured. ENNIA’s Inventory and Goods insurance covers the loss of your inventory and goods as the result of a fire. … You can also take out additional coverage for natural disasters and break-ins. ENNIA’s Inventory and Goods insurance covers the loss of your inventory and goods as the result of a fire. You can also take out additional coverage for natural disasters and break-ins. In the event of a break-in, ENNIA covers lost or damaged business assets, such as goods (including those owned by third parties), machines and inventory. Our break-in insurance is always offered in combination with fire insurance.

What does it cover?

  • Loss of business inventory and goods as a result of a fire is included in the standard coverage.
  • Additional coverage for damage as a result of break-ins and natural disasters.
  • Lost or damaged business assets, goods, machines and inventory.
  • Temporary rental of replacement space.
  • Lightning strike and water damage with very comprehensive coverage.

Why choose this insurance?

  • We help you cover the costs of having to replace your inventory and goods after a fire, break-in or natural disaster.
  • We can also insure machines and goods owned by third parties that are in your building or on your property.
  • We take care of the financial concerns from losing inventory, because we know that you, as an entrepreneur, already have enough on your plate after a fire, break-in or natural disaster.
  • We offer free expert advice on loss prevention.
conditions of coverage

Coverage

To cover approved goods and merchandise while temporarily detained in fulfillment centers approved herein by Underwriters. Approved goods and merchandise shall include the property of the Assured, or goods held by them in trust, or on commission, or on consignment or otherwise, or sold but not delivered or removed, or in joint account with or belonging to others, and for which the Assured may be liable in the event of damage.

Fulfillment center coverage shall insure against all risk of damage, except as excluded in the policy to which this endorsement is attached, and as hereinafter excluded or specifically provided for.

Covers direct damage while goods are in our care, custody or control at our designated fulfillment centers approved by our insurers. Some of the causes of damage covered while the goods are at our approved fulfillment centers are (1) damage during handling of your goods, (2) damage caused by Acts of God or Natural Disasters (see special deductible, below, for Earthquake, Hail, Windstorm, Hurricane or Flood.).

Goods Insured

In consideration of premium as set forth elsewhere herein, this Policy is hereby extended to cover goods insured while temporarily detained in fulfillment centers approved by Underwriters subject to terms and as hereinafter provided.

To cover upon all new lawful goods and/or merchandise of every description, however, the following commodities are excluded from coverage: Accounts, bills, currency, evidence of debt, money, checks, money orders, COD payments, coins, securities, tickets, deeds, notes, gift cards, manuscripts, documents, bullion (gold, silver & other precious metals), gemstones (loose stones), furs, neon items, hazardous material, plasma televisions or monitors, LCD televisions or monitors, perishable cargo or similar property, eggs in the shell, ceramic slabs, marble slabs, granite slabs, slate slabs, stone slabs, grandfather clocks, grandmother clocks, stand-up clocks, automobiles, motorcycles, flowers, plants, seeds, guns, newsprint, tobacco, windows, plate glass, stained glass, and float glass.

Deductible

In addition to any deductible that may apply each claim for damage hereunder (separately occurring) shall be adjusted separately and from the amount of each adjusted claim, the sum of $500, $1000, $10000 shall be deducted depending on the rate option chosen. Claims for Earthquake, Hail, Windstorm, Hurricane or Flood shall be subject to a deductible of $100,000 each and every occurrence.

Full Value Reporting

the total value at risk in any one location exceeds the limit of liability provided by this insurance, the Assured shall nevertheless, as soon as known, report the full amount at risk to Underwriters and shall pay full premium thereon, in consideration of which the principle of co-insurance is waived by Underwriters.

Acceptance of such reports and premium shall not alter or increase the limit of liability of Underwriters but Underwriters shall be liable for the amount of covered damage up to but not exceeding the applicable limit of liability.

Perils Excluded

Underwriters shall not be liable for, nor shall this insurance cover any claims for damage, or destruction of property caused by or resulting from:

a.    wear and tear, gradual deterioration, dampness of atmosphere, extremes of temperature, insects, vermin, defect, corrosion, rust, inherent vice;
b.    theft, fraud, wrongful conversion, infidelity, or dishonest act, on the part of the Assured or the Assured’s employees.
c.    mysterious disappearance, unexplained shortage or loss or shortage discovered when taking inventory at fulfillment centers owned, leased, or controlled by the Assured;
d.    delay, loss of market, loss of use;
e.    mechanical derangement or breakdown caused by operation, demonstration or repairs;
f.    short circuit or other electrical injury or disturbance, exclusive of lighting to electrical appliances, devices or wiring unless fire ensues and then for the loss or damage by fire only.
g. processing, renovating, repairing or working upon, other than packing, wrapping, crating, screening, and other work usual to warehouse storage risks;
h. theft and/or exposure to weather conditions where any property is left outside or not contained in buildings.

Other Exclusions

a.    Loss, damage, shortage, or non-arrival of any parcel and its contents when it is obtained by trick, false pretense, or other fraudulent schemes.
b.    Loss, damage, shortage arising out of loss of market, delay, loss of use, clean up costs, decay, inherent vise, or other deterioration, any remote or consequential loss, whether or not arising out of a peril insured against.
c.    War Exclusion / Atomic and Nuclear Exclusion: In no case shall this insurance cover loss damage or expense caused by (i)War, civil war, revolution, rebellion, insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power. (ii) Capture, seizure, arrest, restraint or detainment (piracy excepted), and the consequences thereof or any attempt thereat. (iii) Derelict mines, torpedoes, bombs, or other derelict weapons of war. In no case shall this insurance cover loss damage or expense arising from the use of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter.
d.    Mechanical and Electrical Derangement – Loss of or damage due to mechanical, electrical, or electronic derangement unless there is evidence of external damage to the insured item. Data files and installed computer programs are not covered for erasure, corruption, or loss.
e.    AIMU Extended Radioactive Contamination Exclusion clause.
f.    AIMU Chemical, Biological, Bio-Chemical, Electromagnetic, and Cyber Weapons Exclusion clause.

Claims

a.    All packaging material and damaged goods must be kept in the original form as received. Packaging and damaged goods should not be disposed of.
b.    The Insured will complete a SHIPSURANCE claim form and provide all required documents to SHIPSURANCE within sixty (60) calendar days from the date of shipment. Failure to complete the claim form and follow all claim instructions could lead to non settlement of claim.
c.    All damaged property that was not repaired must be made available (given) to SHIPSURANCE or INS if requested.
d.    Once claim has been accepted and approved by the underwriters, prompt payment will be made to the Insured.

Other Provisions

a.    If any term or condition of this Certificate is found to be invalid or unenforceable by any court of competent jurisdiction, the invalidity or unenforceability of any such term or condition shall not affect the validity and enforceability of the remaining terms and conditions of this Certificate.
b.    This Certificate constitutes the entire agreement between the parties with respect to the specific rights, duties, and obligations identified herein.
c.    Every user of SHIPSURANCE Insurance through this coverage will be monitored for adverse claims experience. SHIPSURANCE reserves the right to disallow any user to purchase SHIPSURANCE insurance at any time with 10 days written, certified notice.