PRODUCT DISCLOSURE SHEET
(Please read this Product Disclosure Sheet before you decide to take up the Fire Consequential Loss Insurance. Be sure to also read the general terms and conditions.)
What is this product about ?
This policy cover against losses resulting from the interruption of or interference with the trading or business activity caused by fire, lightning, explosion of gas used for domestic purposes, and any other peril insured under the Fire Policy.
What are the covers / benefits provided ?
You may insure the following interests under a Fire Consequential Loss Insurance Policy :
- Gross Profit/Gross Revenue/Gross Rental
- Standing Charges
- Additional Increase Cost of Working
- Auditor’s Fees
Upon payment of additional premium, the policy can be extended to cover the following:
- Specified Suppliers extension
- Specified Customers extension
- Prevention of Access extension
- Public Utilities extension
- Infectious or contagious diseases, murder, suicides, pest, food or drink poisoning or defective sanitary arrangement
How much premium do I have to pay?
The total premium that you have to pay may vary depending on the type of trade you are in, the length of indemnity period, the type of perils you choose to insure and our underwriting requirements.
The minimum premium per policy is USD130.
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 may insure on an estimated sum insured in consideration of your Gross Profit / Gross Revenue / Gross Rental for previous year, as per your statement of account plus projected profit for the current year, if any. If the actual amount earned during the period of insurance is less than the estimated sum insured, a pro-rata return premium not exceeding fifty per cent (50%) of the provisional premium paid will be allowed in respect of the difference.
• Impact of insufficient sum insured
You must ensure that the sum insured for Gross Profit/Gross Revenue/Gross Rental in your policy is less than the actual amount 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.
You must 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.
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 canceled and you will still be responsible to pay the proportion of premium for the period we have been on risk.
• This policy shall cease if your company be wound up or carried on by a Liquidator or Receiver or permanently discontinued.
What are the major exclusions under this policy?
This insurance does not cover certain losses, such as:
• Loss by extraordinary events taking place during the interruption.
• Loss by restrictions imposed by the authorities on the reconstruction or operation of the business.
• Loss due to lack of sufficient capital for timely restoration or replacement of property destroyed, damaged or lost.
• Loss in consequence of the burning of property by order of any Public Authority.
• Subterranean Fire.
• War, Civil War and any 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?
• This insurance can only be granted when the Fire Insurance is taken up with us.
• Company accounts properly maintained and audited.
• 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:
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 : firstname.lastname@example.org