Asia Insurance (Cambodia)

FIRE INSURANCE POLICY

This Policy of Insurance witnessed that in consideration of the Insured named in the Schedule hereto paying to Asia Insurance (Cambodia) Plc. hereinafter called the "Company", the premium mentioned in the said Schedule, for insurance against destruction or damage by fire or lightning of Property described in the said Schedule.

COVERAGE AGREEMENT

The Company hereby agrees with the Insured, subject to terms conditions and exclusions endorsed or otherwise expressed hereon or attached hereto that, if the said Property Insured, or any part thereof at the Situation described in the Policy Schedule be destroyed or damaged by fire or lightning or explosion of gas used for illumination or domestic purpose only at any time during the Period of Insurance stated in the said Schedule, the Company will be liable to make good or replace or pay to the Insured the actual value of loss or damage sustained by the said Property at the time of the happening of loss or damage but not exceeding the amount insured in respect of each item the sum set opposite thereto and not exceeding the whole the Sum Insured under this Policy specified in the said Schedule.

EXCLUSIONS

Property not covered under this insurance

Unless otherwise expressly agreed and stated in the Policy, this insurance does not cover the following property:

1.1	goods held in trust or on commission;
1.2	bullion or precious stones;
1.3	any antique or work of art for an amount exceeding US Dollars 250;
1.4	manuscripts, plans, drawings, designs, patterns models or moulds;
1.5	securities, obligations, important documents of any kind, stamps, coins, paper money, cheques, computer systems records, books of account or other business books;
1.6	explosives;
1.7	electrical machines, apparatus, or any portion of the electrical installation insured under this Policy of which loss or damage arising from or occasioned by its own overrunning excessive pressure, short circuiting arcing, selfheating, leakage of electricity or short circuiting resulting from lightning or whatever cause to the particular electrical machines apparatus or any portion of electrical installation so affected only;
1.8	property damaged, collapsed or dented by pressure or vibration of explosion,

Cause of loss or damage not covered under this insurance

Unless expressly agreed and stated in the Policy, this insurance does not cover any loss or damage occasioned by or through or in consequence of directly or indirectly, any of the following occurrences, namely:

2.1	earthquake or other convulsion of nature;
2.2	typhoon, hurricane, tornado, cyclone or other atmospheric disturbance;
2.3	war, invasion, act of foreign enemy, hostilities or warlike operations (whether war be declared or not), civil war;
2.4	mutiny, riot, strike, military or popular rising, insurrection, rebellion, act of terrorist movements, act of communist terrorism, revolution, military or usurped power, martial law or any of the events or causes which determine the proclamation or maintenance of martial law;
2.5	explosion of all kinds including explosion of gas in gas factory, or explosion of gas for trade or manufacture purposes (except explosion of gas used for illuminating or domestic purposes);
2.6	the burning of forests, bush or jungle, and clearing of lands by fire;
2.7	the burning of Property by order of public authority;
2.8	theft during or after the occurrence of a fire;
2.9	own fermentation, natural heating, spontaneous combustion of Property Insured or by its undergoing any heating or drying process;
2.10	nuclear weapon;
2.11	Ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel or any self-sustaining process of nuclear fission;
2.12	aircraft and aerial devices and/or therefrom.

CONDITIONS UPON WHICH THIS POLICY IS GRANTED

Misdescription

If there be any material misdescription of the Property Insured, or of any building or place in which such Property is contained, or any misrepresentation as to any fact material to be known for estimating the risk, or any omission to state such fact, the Company shall not be liable upon this Policy so far as it related to Property Insured affected by any such misdescription, misrepresentation or omission.

Insurance with other companies

The Insured shall give notice to the Company of any insurance or insurances already effected, or which may subsequently be effected with other Insurer, and unless such notice be given and the particulars of such insurance or insurances be stated in or endorsed on this Policy by the Company before the occurrence of any loss or damage, the Company shall not be liable for any claim arising under this Policy.

Marine Clause

If the Property Insured under this Policy at the time of the happening of such loss or damage is insured by any Marine Policy or Policies, the Company shall not be liable for any loss or damage which would have been payable under Marine Policy or Policies.

Reasonable Precautions

The Insured shall maintain the Property Insured in a proper state of repair and take all reasonable precautions to prevent Damage thereto.

Cessation of the Policy

Unless the Insured give notice to the Company and the Company agrees to continue the insurance of this Policy by endorsement otherwise expressed hereon or attached hereto, the coverage on all items under this insurance will cease immediately if:

5.1	the trade or manufacture carried on in the building or place in which the Property Insured is contained be changed from that specified in the Schedule in such a way as to increase the risk of loss or damage by fire.
5.2	the Building insured or place containing the Property Insured becomes unoccupied or without maintenance and so remains for a period of more than 60 consecutive days.
5.3	the Property Insured be removed to any building or place other than that in which it is herein stated to be insured.
5.4	the interest in the Property Insured pass from the Insured otherwise than by will or operation of law.
5.5	building described in the Schedule of this Policy or any part of such building fall or be displaced provided that such fall or displacement is of the whole or a substantial or important part of such building or impair the usefulness of such building, or any part thereof or leaves such building or any part thereof of any Property Insured contained therein subject to increased risk of fire (provided that such fall or displacement is not caused by fire, loss or damage which is covered by this Policy.)

Inventory and Iron Safe Clause

If the goods are insured, the Insured shall, at least once a year, take on inventory of the goods insured under this Policy and shall keep proper books of accounts showing a complete record of all purchases and sales of goods. Such inventory and books of account shall be kept in a fire proof safe, or in some place not exposed to fire. The Company may refuse to consider any claim for compensation of the goods if this condition is not complied with.

Duties of the Insured regarding claim for compensation

On the happening of any loss or damage:

7.1

The Insured shall give immediate notice thereof to the Company, and shall within 15 days after the loss or damage or such further time as the Company may in writing allow in that behalf, deliver to the company the following evidence at the Insured's own expense:

7.1.1	a claim in writing for the loss and/or damage containing, in particular, an account of the Property Insured damaged or destroyed, and the value of the said damaged Property at the time of the loss or damage but not including profit;
7.1.2	particulars of all other insurance, if any

7.2

The Insured at his own expense must produce, procure advise and give to the Company all such further particulars, plans, specifications, books, vouchers, invoices, duplicates or copies thereof, proof and information with respect to the claim and the origin or cause of the fire and the circumstances under which the loss or damage occurred as may be reasonably required by the Company. The Company will not consider the payment of compensation unless the terms of this Condition have been complied with by the Insured.

Right of Company to maintain damaged property on happening of loss or damage

On the happening of any loss or damage to any of the Property Insured of this Policy, the Company may:

8.1	require the Property Insured to be delivered to the Company;
8.2	enter and take possession of the Property Insured and examine, sort, arrange, remove or otherwise deal with the same;
8.3	sell any such Property or dispose of the same for account of whom it may concern.

The rights conferred by this Condition may be exercised by the Company at any time from the happening of loss or damage until such claim is finally determined or until notice in writing is given by the Insured that he abandons such right to claim under the Policy.
The Company shall not by any act, done in the exercise or purported exercise of its right hereunder, incur any loss or damage or liability to the Insured or diminish the Insured's right to rely upon any of the Conditions of this Policy in answer to any claim. If the Insured shall not comply with the requirements of the Company or shall hinder or obstruct the Company in the exercise of its rights hereunder, the Insured shall be considered to have surrendered such right to claim under this Policy.
The Insured shall not in any case be entitled to abandon any Property Insured to the Company whether taken possession of by the Company or not.

Reinstatement

The Company may, at its own option, reinstate or replace the Property Insured damaged or destroyed, or any part thereof, instead of paying the amount of the loss or damage, or may join with any other company or insurers in so doing but the Company shall not be bound to reinstate exactly or completely, but only as circumstances permit and in reasonably sufficient manner, and in no case shall the Company be bound to expend more in reinstatement than it would have cost to reinstate such property as it was at the time of the occurrence of such loss or damage, nor more than the Sum Insured by the Company thereon.
If the Company so elects to reinstate or replace any property, the Insured shall, at his own expense, furnish the Company with such plans, specifications, measurements, quantities, and such other particulars as the Company may require, and no acts done, or caused to be done by the Company with a view to reinstate or replace shall be deemed an election by the Company to reinstate or replace,
If in any case the Company shall be unable to reinstate or repair the Property Insured, because of any municipal or other regulations in force, affecting the alignment of streets, or the construction of buildings, or otherwise, the Company shall in every such case, only be liable to pay such sum as would be required to reinstate or replace such Property if the same could lawfully be reinstated to its former condition.

10.

Contribution

If at the time of any loss or damage happening to any Property Insured, there be any other subsisting insurance or insurances whether effected by the Insured or by any other person or persons, covering the same property, the Company shall not be liable to pay or contribute more than its ratable proportion of such loss or damage.
In any case, the Company shall not be liable to pay more than the amount insured under this Policy.

11.

Average Clause

If the Property Insured shall, on the happening of any loss or damage, be collectively of greater value than the Sum Insured thereon, then the Insured shall be considered to be responsible for the difference and shall bear a ratable proportion of the loss accordingly. Every item, if more than one item exists, of the Policy shall be separately subject to the Condition.

12.

Compensation, Tax and Stamp Duty

12.1	Compensation - it is hereby declared and agreed that notwithstanding anything to the contrary in the Civil and Commercial Code, the amount insured specified under this Policy be the maximum of the compensation which the Company be liable for and it is not necessary to consider the amount insured to be the actual value of the Property Insured.
12.2	Tax and Stamp Duty Tax and Stamp Duty under this Policy is payable by the Insured.

13.

Subrogation of Rights

The Insured shall at the expense of the Company, do, and concur in doing and permit to be done all such acts and things as may be necessary or reasonably required by the Company for the purpose of enforcing any rights of claims for obtaining relief or indemnity from other parties, to which the Company shall be or would become entitled or subrogated, whether such acts and things shall be or become necessary or required before or after his indemnification by the Company.

14.

Arbitration

If any difference arise as to the amount of any loss or damage, such difference shall, independent of all other questions, be referred to the decision of an Arbitrator, to be appointed in writing by the parties in difference. If the parties in difference cannot agree upon a single Arbitrator, two Arbitrators shall be appointed, of whom one shall be appointed in writing by each of the parties in difference within two calendar months after having been required so to do in writing by the other party in case either party shall refuse or fail to appoint an Arbitrator within the two calendar months as requested by the other party, the sole Arbitrator appointed by the other party shall have the right to pass judgement and render final decision.

15.

Fraudulent

The liability of the Company to the Insured for loss or damage shall be forfeited:

15.1	if such loss or damage be occasioned by the wilful act or with the connivance of the Insured;
15.2	if any fraudulent means or device or false declaration are used or made by the Insured or any one acting on his behalf to obtain any benefit under this Policy.

16.

Time Limit for Company's Liability

In no case whatever shall the Company be liable for any loss or damage after the expiration of two years from the happening of the loss or damage unless the claim is the subject of pending action in the court or arbitration.

17.

Notice

Every notice and other communication between the Insured and the Company effecting this Policy shall be enforceable and must be made in writing.

18.

Cancellation of Policy

18.1	The Company may terminate this Policy by giving notice in writing, and sending by registered post to the last known address of the Insured at least 15 days prior to such termination, in which case the Company shall repay the premium to the Insured by deducting a ratable proportion of the premium for the time the Policy has been in force.
18.2	The Insured may terminate this Policy by giving notice to the Company in writing and has the right to a refund of premium after deducting the customary short period premium for the time the Policy has been in force.

	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