Credit Card Purchase Insurance

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					Credit Card Purchase Insurance



The insurance cover outlined below is offered by virtue and on condition of        c. jewellery, watches, precious metals and precious stones, unless the
the existence of a contract of insurance between Ace European Group                   insured had them on his/her person and under constant surveillance
Limited and PaySquare BV. The rights that the Cardholder can exercise under        d. electronic goods such as computers and computer equipment, if they
this contract of insurance are not transferable.                                      are at the place where the insured carries out activities in connection
                                                                                      with his/her occupation.
The submission of a claim under this insurance policy does not exempt the       3. This purchase insurance also does not cover:
Cardholder from his obligation to pay the outstanding balance on the Card,         a. loss, theft or damage to goods resulting from misuse of the goods by
as laid down in the General Terms and Conditions for the use of the Card.             the insured
                                                                                   b. loss, theft or damage to goods that were obtained fraudulently by
The policy is not a replacement for other insurance policies that also insure         the insured
the loss, theft or damage of personal property. The Credit Card Purchase           c. if the insured deliberately submits a false or fraudulent claim
Insurance will – subject to the conditions set out below – compensate the          d. if the insured has not fulfilled one of the obligations set out below to
insured only in so far as other insurance policies have not paid out to               the detriment of the interests of the insurer
compensate for the loss, theft or damage.                                          e. if the insured has not exercised normal care to prevent the loss, theft
                                                                                      or damage to the goods.

DEFINITIONS
                                                                                CLAIMS
Insurer
Ace European Group Limited                                                      Obligations
                                                                                The insured must:
Insured                                                                         1. report any loss or theft to the appropriate authorities within 48 hours
The holder of a valid Credit Card issued by PaySquare which is covered by          and have a report drawn up.
the purchase insurance.                                                         2. report any loss, theft or damage as soon as possible, but always within
                                                                                   45 days, to the insurer:
                                                                                   Purchase Insurance
DESCRIPTION OF THE COVER                                                           Ace European Group Limited
                                                                                   PO Box 8664
Validity                                                                           3009 AR Rotterdam
The cover is effective for purchases made with the Card on or after                The Netherlands
1 June 2003.                                                                       Tel. +31 (0)10 289 35 45
                                                                                   Fax. +31 (0)10 289 35 66
Insured risks                                                                   3. complete the claim form supplied by the insurer and return it to the
The purchase insurance provides cover against the risk of loss, theft and          insurer as soon as possible.
damage to goods purchased with the Card, provided the loss, theft or            4. at the insurer’s request, send the damaged item to the insurer the
damage occurred within 180 days of the purchase of the item and the item           insured has to pay the cost of this.
is intended solely for private use.
                                                                                Subrogation
Compensation                                                                    If the insurer pays out on the claim, at the insurer’s request, the insured will
1. The compensation will not exceed the purchase price as shown on the          transfer ownership rights in respect of the lost, damaged or stolen goods to
   Card statement, or on the receipt for the purchased item if this is less     the insurer and assign to the insurer the right to claim compensation for the
   than the amount on the Card statement.                                       loss, theft or damage to the item from the party responsible up to the
2. Compensation may be paid in money or may consist of the repair or            amount that the insurer has paid out under this insurance policy.
   replacement of the damaged item, at the option of the insurer.
3. For goods which were only part paid for by the Credit Card, the maximum      Extinction of rights
   compensation will be based on the percentage of this part payment in         All entitlement to payment under this insurance policy becomes extinct if
   relation to the full purchase price.                                         no claim has been submitted or legal action brought within 1 year of the
4. Claims for items which are one of a pair or part of a set will be paid to    insurer’s final decision.
   the full purchase price of the pair or set, on condition that the items
   cannot be used separately and cannot be replaced separately.                 Disputes
5. Compensation is limited to 750 per item, 7,500 per claim and                 Disputes and/or complaints arising from this insurance agreement may be
      15,000 per Card in a 12 month period.                                     submitted to:
6. There is an excess of 50 per claim that will be deducted from the            - the insurer’s Board of Management
   amount paid in compensation.                                                 - The Ombudsman Schadeverzekering (Damage Insurance Ombudsman)
                                                                                   PO Box 30, 2501 CA The Hague, the Netherlands
Restrictions and exclusions                                                     - the Raad van Toezicht op het schadeverzekeringsbedrijf (Insurance Sector
1. No payment will be made if the loss, theft or damage is caused by or            Supervisory Board), PO Box 990, 2501 CZ The Hague, the Netherlands
   connected with:                                                              - the competent court in the Netherlands.
   a. war, invasion, hostilities, insurrection, riot, confiscation by any       This insurance policy is governed by Dutch law. Any disputes in connection
      government body, smuggling or illegal activities or acts                  with this insurance will be brought before the competent court in
   b. normal wear and tear                                                      The Netherlands, unless the parties have made other provisions.
                                                                                                                                                                 7.0034 04.06




   c. damage caused by intrinsic defect in a product
   d. theft from a motor vehicle                                                The authentic version of these terms and conditions is in Dutch.
   e. theft of a motor vehicle or a part or accessory thereof                   In case of differences or discrepancies between the Dutch version
   f. leaving an item unattended in a public place                              and a version in any other language, the Dutch version
   g. mysterious disappearance.                                                 will prevail. The Dutch text will be supplied upon
2. No payment will be made under the purchase insurance for loss, theft or      request.
   damage to:
   a. cash or cash equivalents, traveller’s cheques, tickets or other
      marketable documents
   b. animals and plants                                                        Policy Conditions IAV 200505