1) I understand the following are excluded from the Inland Marine Equipment Insurance policy coverages: Autos or Vehicles (the actual vehicle damage or liability is excluded because it should be covered by auto insurance), Watercraft, Replacement Cost of Buildings, Fine Arts, Jewelry, Furs, Cash, Money, and Securities, Cost to reproduce films, Extra Expense, Negative Film and Faulty Stock, War and Military Action including undeclared or civil war, Intentional or Fraudulent activity by the Insured, Trickery, Deceit, Conversion (unless Voluntary Parting coverage is purchased on an annual policy), Damages caused by Dampness, Dryness, or Extreme Temperatures, Dishonest acts, Fraud, Territories where the US has imposed Sanctions prohibiting trade unless approved by the US Government (the written approval/document must be submitted to Athos Insurance, approved by the insurance carrier, and may result in an increase in premium and deductible, in order to validate this coverage), equipment that goes underwater (unless there is protective gear for the underwater activity and this coverage has been added to the policy by Athos), equipment attached to drones.
2) I understand that Drones or Aircraft (including motorized devices such as Remote Control Helicopters) are NOT covered by this equipment policy. Drones or Aircraft require separate aviation policies for proper coverage. (Please feel free to contact Insurious for an Aviation quote if desired)
3) I understand that Equipment Insurance DOES NOT cover internal causes of loss such as mechanical breakdown, wear and tear, unknown causes of malfunction, hidden or latent defect, rust, oxidation, corrosion, or discoloration. I also understand this insurance is NOT an Extended Warranty or Service Plan on my equipment.
4) I understand that my policy limits drop to a maximum total sub-limit of $25,000 if equipment is in the country of Mexico. (If I have disclosed higher limits in Mexico above $25,000 and received approval, and endorsed my policy with Athos for additional premium, then this sub-limit will not apply).
5) Unless I have purchased Voluntary Parting or False Pretense Coverage, I understand that Fraudulent Renters, trickery, deceit, or conversion is EXCLUDED. Furthermore, there is no coverage when a renter does not return the my equipment, unless I purchase the Voluntary Parting or False Pretense coverage option.
6) I confirm and understand that all owned equipment with a replacement cost of $5,001 and more has to be scheduled with Athos Insurance Services, LLC to be covered. I also understand all scheduled items have their own designated values under the “Scheduled Equipment” limit. All remaining items $5,000 or less are grouped into a separate total limit called “Unscheduled Equipment.” The Scheduled and Unscheduled Equipment limits are separate limits.
7) I confirm that the values listed on this application is based on replacement cost. I understand Replacement Cost is the cost to replace my equipment with new or like-kind equipment today (currently), including sales tax.
8) I acknowledge that anytime I purchase or sell equipment, it is my responsibility to immediately notify Athos Insurance Services to properly endorse my policy for adequate coverage for additional premium (if any). The endorsements are not effective until endorsement premiums have been received by Athos Insurance Services, LLC.
9) I understand that this policy is not covering Workers Compensation, Medical Coverage, Professional Liability, or any other line of insurance that is not Inland Marine Equipment Coverage.
10) If I am purchasing insurance for my owned equipment, I confirm that I can demonstrate proof of ownership of my equipment (receipts or credit card statements) if the insurance company asks for this information.
11) If I am purchasing insurance for Rented Equipment From Others, I confirm that I can show proof of a valid written rental agreement between myself and the rental house or individual I am renting from. I also understand the name on this Rental agreement must match the policyholder name on this policy for proper coverage.
12) I acknowledge that the annual minimum earned premium and administrative fees are fully earned and non-refundable upon purchase, no exceptions.
