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Insuring Agrement

Wheres the Insued by a popsal and declanaian which shall be the basis

of this contact and is deemed∞be incoponted herein has applied to

Paofoong Imsrance Compuny (Hong Kong) Lumited fereinater alled he

Cornpany) for the insurance hereinater contained and has paid or agreced t0

pay the poemnium ass considcrnsion for such insurance in respect of cvents

occuring during the period of insunnce now this Palicy winesseth that the

Company will indemnify the Insured sbjeet to the terms, exceptions and

conditions contained herein or endorsed hereon Chercinater olletively

feferred t0 8 the Trms of his Poliey)

Section I- Insurance o Motor Vebicle

1. Less or Damape to the Motor Wehicle

The Company will indemmify the Insured against lass of or damage to the

Motor Vehicle and its acsses and spare parts whils thrron.

A their oun option the Company mey pay in ceash the amount of the loss or

demage可miy ropir, rcinsate or raplice the Moor Wehicle or ay purt

thereof or its acssres or spare part.

The libiily of the Companry shall not exeed the value of the parts kost or

demuged and the resomable Cs of fiting soch parts it being understood

hat the Company's liblilyy shl be limitad t0 the reasonable rmarbket vale

of the Motor Vehicke at the time of the losss or damago bat nol cceding the

Insured's estimate of value stated im te Scheduake.