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(Please read this Product Disclosure Sheet before you decide to take up the Contractors’ All Risks Insurance. Be sure to also read the general terms and conditions.)

What is this product about?

This policy is designed to meet the insurance obligations placed upon Contractors under the contract conditions. The policy covers all the works to be performed under the contract whether they are preparatory, provisional or final together with all the materials and equipments constituting them.

With additional premium, the cover may include Construction Plant and Equipment, Construction Machinery, Removal of Debris, Professional Fees and Surrounding Property.

What are the covers / benefits provided?

Section 1 – Material Damage

It covers almost any sudden and unforeseen physical loss or damage occurring (except as specifically excluded
in the policy) to the contract works/property/items insured, during the period of insurance.

Section 2 – Third Party Liability

This section in respect of third party liability of which we shall become legally liable to pay as damages
consequent upon:

i) accidental bodily injury to or illness of third party
ii) accidental loss or damage to property belonging to third party.

Duration of cover corresponds with the contract period which is stipulated in the Letter of Award.

How much premium do I have to pay?

The total premium that you have to pay may vary depending on the risk exposure and our underwriting requirements.

The minimum premium per policy is USD250.

What is the payment mode and how do I pay the premium?

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 sum insured stated in the Schedule shall not be less than:-

(a) the full value of the contract works at the completion of the contract
(b) the replacement value of construction, plant and machinery (if any)

If the sum insured stated in the Schedule less than the amount required to be insured at the time of loss (i.e. underinsurance), you are deemed to be self-insuring the difference. The average condition will apply in the event of claim.

• Contribution condition

If at the time any claim arises under the Policy there is any other insurance covering the same loss, damage or liability, we shall not be liable to pay or contribute more than its rateable proportion of any claim for such loss, damage or liability.

• Claims

You must notify us with full details of the incident/accident immediately. Early notification is required to avoid any prejudice to your claim. Lodge a police report immediately if involving theft, accident and/or injury to third party

• 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 certain losses such as:
• War, Civil War and any act of terrorism
• Radioactive and nuclear energy risks
• Wilful acts or wilful negligence
• Wear and tear
• Faulty design
• The cost of replacement, repair or rectification of defective material and/or workmanship
• Mechanical and/or electrical breakdown or derangement of construction plant and machinery
• Consequential loss of any kind
• Seepage, Pollution and Contamination

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?

Submission of the following documents/information for our assessment of risk:-

  • Letter or Award
  • Summary of the Scope of Works with Breakdown in Values
  • Location map with details of surrounding Third Party properties
  • Site layout plan
  • General Plan and Elevation Views of the buildings and other major structures to be constructed
  • The Construction Programme (Bar chart)
  • Method of construction employed
  • Your company profile

Can I cancel my policy?

As the policy is for covering the project works for the entire duration of the contract period stated in the Letter of Award and there are many interested parties involved, there is no cancellation condition under this policy.

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