Bank Audi Cards

$1500 PURCHASE PROTECTION INSURANCE

AS A HOLDER OF AN ELIGIBLE CARD*, YOU BENEFIT FROM A PURCHASE PROTECTION INSURANCE POLICY UP TO $1500. ANY ITEM BOUGHT WITH YOUR ELIGIBLE CARD* WILL BE AUTOMATICALLY PROTECTED AGAINST DAMAGE, THEFT OR THE LOSS FOR A 90-DAY PERIOD FROM THE DATE OF PURCHASE.
THIS INSURANCE POLICY IS UNDERWRITTEN BY LIA INSURANCE COMPANY. TERMS, EXCLUSIONS, PROVISIONS AND OTHER TERMS OF THE POLICY ARE DESCRIBED HEREIN

How to get coverage?
Simply purchase the desired item** with your eligible card* and keep the receipt (sales slip) with you.

Period of coverage
90 days inclusive of the date of purchase.

Territorial limits
Worldwide (including cardholder's country of domicile).

What is covered?
In the event of loss, or damage of any item** you bought entirely with your card, the insurance company will pay up to $1,500 to cover:
a) the cost of the covered article; or
b) the actual cost to repair or replace the covered article with an article of a similar type and quality.

Scope of Coverage
Per any one covered article    $750
Per occurrence                      $1,500
Per year & per card               $10,000

Deductibles
Deductible for each and every occurrence or loss: $75

Covered article
Any article purchased by an Insured Person, for himself or as a gift and entirely paid for the means of a Covered Account, excluding:
1. Motorized conveyances of any nature including engines and equipment and any accessory intended solely for use in the conveyance.
2. Land or building (including but not limited to homes & dwellings )
3. Travellers cheques, tickets of any kind, negotiable instruments, bullion, rare or precious coins, cash or its equivalent.
4. Plants or animals.
5. Consumables and perishables: consumables are defined as food and drink i.e. if the client bought a very expensive bottle of champagne and then dropped it, breaking the bottle breaking and loosing all its content, no cover would be available. Perishables are defined as something that has a natural expiry date and is expected to cease to be of any natural use within a short space of time i.e. if the client purchased an Ice Sculpture that would automatically melt.
6. Services (including but not limited to the performance or rendering of labor or maintenance, repair or installation of products, goods, property or professional advise of any kind).

Insuring Clause
In the event of the direct physical loss or damage to a Covered Article within the Covered Period stated in the Schedule the Underwriters will pay, subject to the conditions and exclusions of this insurer, either:
1. The cost of the Covered Article, or
2. The actual cost to repair or replace the Covered Article with an article of a similar type and quality.

Theft
Any unauthorized removal of a Covered Article from the possession of the Insured Person or the person to whom it has been given as a gift with intent to permanently deprive him of it.
Common Carrier: the individual or commercial concern which undertakes transportation of goods or passengers for hire or reward.

EXCLUSIONS
1. The first amount of each and every loss shown in the schedule as "Deductible".
2. More than the Limit of Indemnity stated in the schedule.
3. For loss or damage which is covered under any other insurance or which would be so covered but for the existence of this insurance.
4. Any amount by way of contribution: Should a claim be valid and agreed by the insurers, they will only pay for the full amount that falls within the agreed claims limit as opposed to making any contribution for the claim.
5. Jewellery, cameras or video recording equipment contained in baggage which is neither carried by the insured person by hand nor under the personal supervision of the insured person. This says that all claims for precious/personal items such as Jewellery/Cameras etc will only be covered for theft if the item (or bag the item is in) is stolen directly from the insured person. Should they be left unattended out of sight of the insured then no claim would be payable as insurers would deem this to be willful neglect or lack of due care and attention.
6. Claims for articles which the insured person damages through alteration (including cutting , sawing or shaping) or abuse:
7. Claims for loss by Theft where Theft cannot be substantiated. On the claims report, the insured cannot just say that he thinks he lost it on Saturday as this is too vague. It has to be substantiated with hard facts and backed up by a police report that is lodged within 24 hours of the reported incident
8. Claims for loss of or damage to property whilst in the care, custody or control of any common carrier.
9. For loss or damage arising from the illegal act of the Insured Person. No claim will be agreed or paid by insurers if the insured person was using the credit card to purchase something via an illegal route.
10. The loss from unattended vehicles.
11. For loss damage cost, claim or expense, whether preventative or otherwise, directly or indirectly arising out of or relating to the failure or the fear of failure or the inability of any computer equipment or any computer program to recognize, interpret correctly or process any date as its true calendar date or to continue to function correctly beyond that date whether the property of the Insured Person or not. This was a clause inserted by insurers directly relating to the Millennium when all computers/dates/clocks changed to the year 2000 thus potentially causing digital items to fail as a result of not recognizing such a date change.
Exclusion 11 applies regardless of any other cause or event that contributes concurrently or in any sequence to the loss, damage, cost, claim or expense.
12. Wear and tear, gradual deterioration, moth, vermin and inherent product defect
13. Actual or threatened war, invasion, act of foreign enemies, hostilities, insurrection (whether war be declared or not), terrorism civil war, rebellion, revolution, military or usurped power, confiscation, nationalization, requisition or destruction of or damage to property by or under the order of any government or public or local authority .
14.a) ionizing radiations or contamination by radioactivity from any nuclear waste from the combustion of nuclear fuel.
b) the radioactive, toxic explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof.
15. Confiscation by any government , public authority or customs official.
16. Fraud or deception (refer to exclusion 9)

CONDITIONS
Coverage is provided under the below conditions:
1.Exercise of due care: the insured person must take all necessary action to avoid or diminish loss or damage to covered articles.
2. Notification of claims: if any loss occurs, notice of claim must be provided to the underwriters within 31 days following the date of loss.
3. Claims forms: the underwriters or their authorized agent, upon receipt of a notice of claim, will furnish to the insured person the necessary forms for filing proof of loss .
4. Proof of loss: Written proof of claim, which shall include the purchase invoice and the covered account sales voucher or statement as evidence of payment by means of the covered account, together with any other information or documentation necessary to support a claim must be furnished to the underwriters or their authorized agents within 90 days following the date of loss.
5. Reporting requirements: Claims for theft or loss of covered articles will not be considered unless theft or loss is reported to the police, immediately upon discovery or an appropriate authority where the incident took place, and a written report obtained.

TO FILE FOR A CLAIM:
You must notify us within 31 days after the occurrence or the commencement of any loss or event covered by this insurance.
1. Call on: 00 961 1 21 21 20
                00 961 1 21 99 41
2. Request a claim form
3. Send the completed form together with all relevant documented evidence in support of your claim :
- Written Proof of Claim
- Purchase Invoice and Sales Slip
- Police report

THIS INSURANCE POLICY IS UNDERWRITTEN BY LIA INSURANCE COMPANY. TERMS, EXCLUSIONS, PROVISIONS AND OTHER TERMS OF THE POLICY ARE DESCRIBED HEREIN. THIS CERTIFICATE REPLACES ANY PRIOR CERTIFICATE THAT MAY HAVE BEEN FURNISHED IN CONNECTION WITH YOUR CARD. IT SHOULD BE READ CAREFULLY, KEPT IN A SAFE PLACE AND CARRIED WITH YOU WHEN YOU TRAVEL.