All Risk Physical Damage
Direct, sudden, and accidental loss to the insured property caused by an external source except as excluded by the Master Policy.
Indemnifies the lender against any impairment of interest by reason of having in good faith and in the usual course of business extended credit upon a legally executed and enforceable instrument as security for a loan.
Confiscation and Skip
If the collateral is confiscated by any legal authority and they will not return the collateral, we will pay the loss per the claim settlement options in the Master Policy.
The property and/or the customer must be located within 60 days after the complete claim is submitted to the insurance company. If either is located within the 60-day period, the company shall have no further liability.
Any insured property has coverage for 60 days after repossession.