| |
| 1) |
Definitions : |
|
When used in
this Policy or Endorsement to this Policy |
|
| 1.1 |
"Company" means the Company issuing this Policy. |
| 1.2 |
"Insured" means the Person named as insured in the Schedule. |
| 1.3 |
"schedule" means the schedule of this Policy. |
| 1.4 |
"Insured
Premises" means the business building
or dwelling buildings stated in Schedule
which is the location or the place
where the property insured is kept
but excluding the exterior portion
of such building unless specified
in the Schedule. |
| 1.5 |
"Theft"
means dishonest appropriation of property
belonging the another or property
which is the joint owner. |
| 1.6 |
"Robbery"
means theft by doing act of violence
or threatening to do any act of violence
immediately in order to :
| a) |
facilitate the theft or taking away of the property or |
| b) |
obtain delivery of the property; or |
| c) |
take hold of the property; or |
| d) |
conceal the commission of such offense; or |
| e) |
escape from arrest. |
|
| 1.7 |
"Gang-Robbery"
means robbery as defined under 1.6
committed by three or more persons. |
|
| |
| 2) |
Stock Inventory : |
|
The
Insured shall make and keep records of insured
stock in order that the Company can determine
in case if the happening of loss or damage. |
| |
| 3) |
Settlement Option
and Limits of Liability of the Company : |
|
The
Company at its option will indemnity the
Insured by one of the following methods: |
|
| 3.1 |
repairing the property
according to the accrual damage ; or |
| 3.2 |
replacing the property
with similar property; or |
| 3.3 |
paying
in cash according to the actual value
(excluding profit) of such property
at the time of loss or damage. |
|
|
The
liability of the Company during the period
of insurance for loss or damage of the Property
Insured and the building in which the Property
Insured is contained shall not exceed the
Amount Insured State in Schedule. |
| |
| 4) |
Duties of the Insured
regarding claim for compensation : |
|
on the happening
of any loss or damage the Insured shall: |
|
| 4.1 |
give
notice to the police immediately and
give notice thereof to the Company
without delay. |
| 4.2 |
deliver
to the Company a claim in writing
within 15 days after having knowledge
of such loss or damage. The Insured
at its own expenses shall furnish
all particulars and evidence of loss
or damage as required by the Company
and shall render all reasonable assistance
in causing the discovery. |
|
| |
| 5) |
Contribution : |
|
If
at the time of any loss or damage to the
Property Insured there be by any other insurance
effected by or on behalf of the Insured
the Company shall be liable to pay compensation
not more than its reliable proportion.
In any case, the Company shall be liable
to pay more than the amount insured state
in the Schedule |
| |
| 6) |
Average Clause : |
|
If
the Property hereby insured shall at the
time of happening of any loss or damage
be collectively of greater value than the
amount insured thereon then the Insured
shall be considered as being his own insurer
for the difference and shall bear a retable
proportion of the loss or damage accordingly.
Every item, if more than one, of the Property
shall be separately subject to this condition. |
| |
| 7) |
Assignment : |
|
The
interest of the insured under this Policy
shall be assignable only with the written
consent of the Companay except by will or
operation of Law and the Company has been
informed. |
| |
| 8) |
Subrogation : |
|
The
Insured shall do nothing to prejudice subrogation
rights and give assistance to the Company
to secure such rights. |
| |
| 9) |
Arbitrate : |
|
All
difference arising out of Policy shall be
referred to the decision of an Arbitrator
to be appointed in writing by the parties
in difference, or if they can not agree
upon a single Arbitrator, to the decision
of two Arbitrators to be appointed in writing
by each of the parties within 30 days after
having been required so to do in writing
by either of the parties, or in case the
Arbitrators do not agree, of an Umpire appointed
in writing by the Arbitrators in making
an ward. |
| |
| 10) |
Changes : |
|
Insuring
Agreements and condition of this policy
can be changed by endorsement issued to
from a part of this policy, signed by a
duly authorized person and the Company's
stamp to be affixed. |
| |
| 11) |
Cancellation of Policy : |
|
| 11.1 |
The
Company may cancel this policy by
advance notice in writing of not less
than 15 days by registered mail to
the Insured at the last address made
known to the Company. In such event,
the Company shall return to the Insured
the premium after deduction of pro
rata premium for the period the policy
has been in force. |
| 11.2 |
The
Insured may cancel this policy by
giving notice in writing to the Company
and shall be entitled to return premium
after deduction of premium for the
period the Policy has been in force
at the short period rate. |
|
| |
| 12) |
Condition Precedent : |
|
The
Company shall not be liable to pay compensation
under this policy unless the Insured shall
have complied with the conditions of this
policy. |
| |
|
| INSURING AGREEMENT (B.1) |
|
| 1) |
Loss or Damage to the Property Insured |
| |
The Company shall pay compensation for loss or damage to the Property Insured arising from theft by any person, not specifically excluded in the Exclusions, who enters or exits from Insured Premises by actual force and violence resulting visible marks of damage upon the Insured premises made by tools, explosives, electricity, chemical including loss or damage arising from any attempt thereat. |
| |
| 2) |
Damage to the building containing the Property Insured |
| |
The Company shall pay compensation for damage to any part of the building consequent upon the act which is covered under the insuring Agreement Item 1 above. |
| |
| EXCLUSION |
| |
| This insurance does not cover nor include:- |
| |
| 1) |
Deductible to be borne by the Insured as stated in the Schedule. |
|
| 2) |
Loss or damage occasioned by or in consequence of war (whether war be declared or not),
civil war, strike, riot, civil commotion amounting to a popular rising, rebellion, resolution, acquisition of property by order of Government or public authority. |
|
| 3) |
Loss or damage by fire or explosion however caused except loss or damage due to explosion resulting from forcible and violent entry into the premises by using explosive and having intention of theft or robbery or gang-robbery. |
|
| 4) |
Loss or damage to plate class or any decoration or lettering thereon. |
|
| 5) |
Loss or damage occasioned by any person lawfully in the premises or directly or indirectly caused or brought about by or with the connivance of the Insured or partner or director or business staff or employee or servant of the Insured whether acting alone or in collusion with others. |
|
| 6) |
Loss of or damage to silver, gold, jewellery antique, works of art, medals, manuscripts, deeds, plans drawings, paintings, designs, patterns, models or moulds, securities, obligations, important document of any kind, stamp duty, coins, money, credit cards, bank cards, cheques, books of account or other business books unless expressly mentioned as included in this insurance. |
|
| 7) |
Loss or damage happening whilst the Insured Premises are left without inhabitant or without taking care for a continuous period exceeding 7 consecutive days. |
|
| 8) |
Loss or damage discovered at the time inventory. |
| |
| |
 |
IMPORTANT
NOTICE |
| |
| |
The Policy Wording
displayed above is meant for reference
only, and should under no circumstances
be used without the express written
consent of Asia Insurance (Cambodia) Plc. |
| |
|
| «
Go Back |
|
