PRODUCT DISCLOSURE SHEET
(Please read this Product Disclosure Sheet before you decide to take up the Burglary Insurance. Be sure to also read the general terms and conditions.)
What is this product about ?
This policy will provide compensation if your property suffers loss or damage caused by theft accompanied by actual forcible and violent breaking into or out of your premises.
What are the covers / benefits provided ?
This policy covers you against :-
a) loss of any part of your property whilst within the premises :-
i) as a result of theft involving entry into or exit from the premises by forcible and violent means
ii) following assault or violence or threat to you or your employee.
b) any damage to your property insured or to the premises resulting from theft or any attempt thereat up to 5% of the sum insured.
How much premium do I have to pay?
The premium you have to pay may vary depending on the business you are in, the types of goods insured, the sum insured (full value or First Loss basis), the type of security devices or measures installed in your premises and our underwriting requirements.
The minimum premium per policy is USD52.50.
What is the payment mode and how do I pay the premium?
This is an annual policy and you may pay your premium either by cash, or cheque.
What are some of the key terms and conditions that I should be aware of ?
Duty of disclosure
- You must give all the facts which you know or ought to know.
- You must ensure that the proposal form is completed accurately as it forms the basis of the insurance contract.
• Sum Insured – You must ensure that the your property is insured at an appropriate amount. You may choose to insure your property on Full Value or First Loss basis.
a. Full Value – This basis is adopted when there exists a possibility for your entire property being stolen at the same time. The sum insured for insurance represents the full value of the your property insured.
b. First Loss – This basis is adopted when it is not possible for your entire property being stolen at the same time. You have to select an amount which in your opinion would represent the maximum potential loss that can occur any one event.
• Impact of insufficient sum insured – If the sum insured of your policy is less than the actual value of the property (for Full Value basis) or the declared value of your property (for First Loss basis) at risk at the time of loss, you are deemed to have underinsured and have self-insured the difference. This average condition will apply in the event of a claim
• Claims
Upon the happening of an incident which gives rise to a claim, you must :-
a) report the incident to the Police immediately and render all reasonable assistance in causing the discovery and punishment of any guilty person.
b) notify us in writing with full details as soon as possible. You must submit your claim with all the supporting information and documents to us and give full cooperation to the adjusters/investigators appointed by us in assessing your claim.
• Deductible/Excess
This is the amount you have bear before we indemnify you of a loss.
• Premium Warranty
Premium must be paid and received by us within 30 days from the inception date of the cover, otherwise the cover is automatically cancelled and you will still be responsible to pay the proportion of premium for the period we have been on risk.
What are the major exclusions under this policy?
This policy does not cover:-
• depreciation, consequential loss, loss of market and losses discovered at stock checks
• loss or damage occasioned by fire or explosion
• loss or damage expedited or brought about by or in collusion with the insured, insured’s family, business staff, domestic servants or any person lawfully on the premises
• War, Civil War
• any act of terrorism
Note: This list is not exhaustive. Please refer to the policy contract for the full list of terms and conditions under this policy.
What are the pre-acceptance conditions for this product?
• No claims for the past 3 years.
• Insured has never been declined, cancelled or refused coverage previously.
Can I cancel my policy?
You may cancel the policy at any time by giving written notice to us. Upon cancellation, you are entitled to a refund of the premium based on the unexpired period of insurance less 10% administration charge.
Where can I obtain further information?
If you have any enquiries, please contact us at:
Customer Service
Dara Insurance Plc
Canadia Tower, 3rd Floor
No. 315, Corner of Ang Duong St.and Preah Monivong Blvd.,
Sangkat Wat Phnom, Khan Daun Penh, Phnom Penh, Cambodia.
Tel : 023 901353
E-mail : enquiries@darainsurance.com.kh
Website: www.darainsurance.com.kh