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

What is this product about?

This is a combined policy and basically incorporates fire, fire consequential loss, theft and accidental damage perils.

What are the covers / benefits provided?

The policy covers accidental physical loss destruction or damage to property insured such as buildings, plant & machinery, contents and stock in trade in your premises by any contingency other than those specifically excluded. The policy also covers business interruption resulting from interruption of the business in consequent of such loss destruction or damage.

This policy consists of 2 sections:

Section I: Material Damage

Provides you with coverage for loss and/or damage of insured property caused by accidental physical loss destruction or damage to property insured by any contingency other than those specifically excluded.

Section II: Business Interruption

Provides you with coverage for loss of profits/ revenue/ rental and increase in cost of working due to business interruption as a result of accidental physical loss destruction or damage to property insured under Section I – Material Damage of the Policy.

How much premium do I have to pay?

The premium you have to pay may vary depending on occupation and construction of your building, the sum insured, the length of indemnity period for business interruption and our underwriting requirements.

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 Sum insured

  • 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

Material Damage

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.
Business Interruption

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.

• 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:

  • Collapse or cracking of buildings
  • Burning by order of any public authority
  • Subterranean Fire, pollution or Contamination
  • War, Civil War
  • Act of Terrorism
  • Radioactive and nuclear energy risks
    – Damage caused by or arising from

(a) any wilful act or willful negligence on the part of the Insured or any person acting on his behalf
(b) cessation of work
(c) delay or loss of market
(d) consequential losses of any description other than those insured under Section II

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?

• Property where the combined sum insured on material damage and business interruption at one location exceed USD10 million
• 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