Insurance
VACHI CLIENT CONTENTS INSURANCE POLICY
This document sets out the terms and conditions of the Vachi Client Contents Insurance Policy for goods stored at Vachi Warehousing & Storage Management & Operation, located at Warehouse No. 2, Complex 76,72 6b, Al Quoz Industrial Area 3, Dubai, United Arab Emirates. The policy is issued under the jurisdiction of the United Arab Emirates and is valid for a period of one month from the date of acceptance and ongoing by subscription, subject to full payment of the premium.
This policy is available to individual clients of Vachi who have rented storage space and have opted to purchase contents coverage for their stored goods. The insured goods are those personal or commercial belongings declared by the client at the time of policy purchase. The term “occurrence” means any single loss event or series of events arising from the same originating cause.
The policy provides two coverage options. Under the first option, the maximum payout is limited to AED twelve thousand per occurrence. Under the second option, the maximum payout is limited to AED fifty thousand per occurrence. These amounts represent the total maximum liability of the insurer for any one occurrence, regardless of the number of items lost or damaged.
This policy covers accidental physical loss, destruction, or damage to insured goods arising from theft involving forcible and violent entry or exit from locked premises, malicious damage or vandalism by third parties, water damage resulting from the accidental bursting or overflowing of water pipes or apparatus not caused by structural defects, impact damage caused by vehicles, aircraft, or falling objects, and riot, strike, or civil commotion up to a limit of AED fifty thousand per occurrence.
This policy specifically excludes loss, damage, or expense caused directly or indirectly by fire, smoke, explosion, or combustion of any kind. It also excludes electrical or mechanical breakdown of goods, gradual deterioration, wear and tear, rust, or corrosion, and loss due to vermin, insects, mildew, mould, fungus, or contamination. Losses arising from design or structural defects of the premises are not covered. This policy does not cover seepage, pollution, or contamination, nor does it cover loss arising from war, terrorism, or sabotage, nuclear, radioactive, biological, or chemical contamination, cyber risk, electronic data corruption, or confiscation or seizure by any government authority.
The policy is subject to certain conditions and warranties. Vachi shall maintain a valid Dubai Civil Defence certificate for the premises at all times and shall ensure that the premises, electrical systems, and fire protection equipment are regularly maintained in good working order. The client must ensure that goods are properly packaged and protected against normal risks of storage and must provide accurate and complete information about the nature and value of the goods stored.
Each claim made under this policy is subject to a deductible equal to ten percent of the total loss amount, with a minimum deductible of AED five hundred per claim.
In the event of a claim, the client must provide written notice of loss within fourteen calendar days of discovery and must submit an inventory of the affected goods together with proof of value, such as purchase invoices, and photographic evidence. The insurer reserves the right to inspect the storage unit and the goods before approving any payout. Approved claims will be settled within thirty working days from the date all required documentation has been received.
The premium is payable in advance and is non-refundable once the policy becomes active. Non-payment of the premium will render the policy null and void.
The maximum liability of the insurer shall not exceed the coverage limit selected by the client, regardless of the number of claims made during the policy period. Compensation will be calculated on a replacement value basis, subject to reasonable depreciation where applicable.
This policy is governed by Federal Law No. 6 of 2007 concerning the establishment of the Insurance Authority and the regulation of insurance operations, the UAE Civil Transactions Law (Federal Law No. 5 of 1985), and all relevant regulations issued by the Central Bank of the UAE – Insurance Division. Disputes shall be subject to the exclusive jurisdiction of the courts of Dubai unless otherwise resolved by arbitration in accordance with Federal Law No. 6 of 2018 concerning arbitration in civil and commercial disputes.
This is a limited coverage policy and does not insure against fire or fire-related damage. Clients who wish to be insured against fire must arrange a separate fire insurance policy at their own cost.
This policy becomes effective upon written acceptance and signature by the client, full payment of the premium, and confirmation of cover by the insurer.