PRODUCT DISCLOSURE SHEET
(Please read this Product Disclosure Sheet before you decide to take up the Fire Insurance. Be sure to also read the general terms and conditions.)
What is this product about ?
This policy provides coverage for property insured against damage to property insured caused by fire, lighting or by explosion of gas used for illuminating or domestic purposes. Policy may be extended to cover against risks below
What are the covers / benefits provided ?
Besides the basic policy cover, this product gives you the freedom to select the additional Perils you want to cover according to your budget and protection needs.
| Basic Policy Cover | Fire and Lightning | Indemnifies the Inured against any loss or damage to property insured caused by fire, lighting or by explosion of gas used for illuminating or domestic purposes. |
| Optional Cover | Aircraft Damage | Indemnifies the insured against loss or damage to the property insured caused by aircraft. |
| Earthquake & Volcanic Eruption | Indemnifies the Insured against any loss or damage to the property insured caused by earthquake & volcanic eruption. | |
| Explosion | Indemnifies the Insured against any loss or damage to the property insured caused by explosion. | |
| Flood | Indemnifies the Insured against any loss or damage to the property insured caused by flood. | |
| Hail | Indemnifies the Insured against any loss or damage to the property insured caused by hail. | |
| Hurricane, Cyclone, Typhoon, Windstorm | Indemnifies the Insured against any loss or damage to the property insured caused by windstorm. | |
| Impact Damage | Indemnifies the Insured against any loss or damage to the property insured caused by vehicle impact damage. | |
| Riot & Strike | Indemnifies the Insured against any loss or damage to the property insured caused by riot and strike damage. | |
| Smoke Damage | Indemnifies the Insured against any loss or damage to the property insured caused by smoke. | |
| Spontaneous Combustion | Indemnifies the Insured against any loss or damage to the property insured caused by spontaneous combustion. | |
| Subsidence and landslip | Indemnifies the Insured against any loss or damage to the property insured caused by subsidence and landslip. | |
| Vandalism & Malicious Damage | Indemnifies the Insured against any loss or damage to the property insured caused by malicious damage and vandalism. | |
| Water Damage | Indemnifies the Insured against any loss or damage to the property Insured caused by bursting or overflowing of water tanks, water apparatus or water pipes, and accidentally discharged or leakage of sprinkler installation or drencher or fire extinguishing installation/apparatus. | |
How much premium do I have to pay?
The premium you have to pay may vary depending on your business and building construction, the sum insured, the optional cover selected for Insurance and our underwriting requirements.
The minimum premium per policy is USD70.
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 your property is insured at the appropriate amount. You may choose to insure your property on Market Value or Reinstatement Value basis:
a. Market value basis – We will pay the cost of repairing the damaged property less the amount for wear, tear and depreciation.
b. Reinstatement value basis – We will pay the full cost of repairing the damaged property without any deductions being made for wear, tear or depreciation, provided that the sum covered is adequate to cover the total cost of reinstating the property.
If the sum insured in your policy is less than the actual value 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 notify us immediately and within 15 days after the loss or damage, deliver a claim in writing to us.
• 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 insurance does not cover certain losses, such as:
- Burning by order of any public authority
- Subterranean Fire, pollution or Contamination
- War, Civil War
- Act of Terrorism
- Radioactive and nuclear energy risks
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 : 023 901 353
E-mail : enquiries@darainsurance.com.kh
Website : www.darainsurance.com.kh