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DETERIORATION OF STOCK
Deterioration of stock insurance is a policy that covers damage to goods stored in specified cold storage spaces, which occurs as a result of a change in temperature caused by a breakdown of the refrigeration equipment or accidental damage to it.
As the title suggests, the cover is for deterioration of stored goods following breakdown in the refrigeration machinery. It is normally treated as a “back-up” to the Machinery Breakdown Policy.
Who can buy this policy?
This cover is appropriate businesses that stock chilled or frozen products that require careful monitoring, temperature controls or handling.
These include:
- Owners of cold-storage houses
- Users/tenants of cold-storage houses
- Processors of agricultural products
- Meat and fish processing industries
- Food preservation industry
- Chemical industries (finished and semi-finished products).
- Pharmaceutical companies (finished and semi-finished products).
- Food Truck Owner
- Supermarkets that store perishable foods in refrigerated conditions
- Butchers
- Processors of other meat and related products
Underwriting Considerations
Underwriting Considerations
- The occupation of the proposer’s trade
- The storage temperatures and specification
- Type of goods stored therein
- Quality of goods stored
- The movement of goods
- The inspection and maintenance of the refrigeration machinery.
- Life of the goods in normal circumstances
For assistance, contact our Customer Care teams on 0711-030140 and/or 0711-030105, email customercare@directline.co.ke or visit us at our various branches.