Common use of PERILS EXCLUDED Clause in Contracts

PERILS EXCLUDED. This Coverage Form does not insure against loss or damage resulting from, contributed to or caused directly or indirectly by: i. mechanical or electrical breakdown, wear and tear, rust or corrosion, gradual deterioration, hidden or latent defect or any quality in the insured property that causes it to destroy itself, unless the loss or damage is caused directly by a resultant peril not otherwise excluded in this form; ii. electrical currents, other than lightning, to electrical appliances of any kind including wiring, unless fire ensues and then for loss by fire only; iii. work being done on the insured tool or equipment unless fire or explosion ensues and then only for loss or damage caused by such ensuing fire or explosion; iv. misappropriation, secretion, conversion, infidelity or any dishonest act on the part of the Insured of other party of interest, his or their employees or agents or any person or persons to whom the property may be entrusted (bailees for hire excepted); v. subsidence or breaking through ice, or by sinking in muskeg, swamp, sand or other soft ground;