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| 1) |
Definitions : |
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When used in
this policy or endorsement to this policy |
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| 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 |
"Money"
means Cash, Bank and Currency Notes,
Coins, Certified Cheques, Money Orders,
Postal Cheques, Current Postage Stamps
and Securities as specified in the
Schedule, all belonging to the Insured
or for which the Insured has accepted
responsibility. |
| 1.5 |
"Business
Hours" means the Period during
which the Insured’ s Premises
are actually occupied for business
purposes and during which the Insured
or his employees entrusted with the
Money are in the Premises. |
| 1.6 |
"Insured
Premises means the interior portion
of the building which is occupied
by the Insured as specified in the
Schedule. |
| 1.7 |
"Messenger"
means the Insured, any partner or
any employee who is in the regular
service of or duly authorized by the
insured to have the care and custody
of money outside the premises. |
| 1.8 |
"Custodian"
means the insured, any partner or
any employee who is in the regular
service of or duly authorized by the
insured to have the care and custody
of money within the premises, excluding
any person while acting as a watchman,
porter or janitor. |
| 1.9 |
"Guard"
means any male person not less than
twenty nor more than sixty years of
age who accompanies a messenger by
direction of the insured to protect
money while being conveyed, excluding
any person while acting as a driver. |
| 1.10 |
"Robbery"
means
| 1.10.1 |
theft
by doing any act of violence
or threatening to do any act
of violence immediately in order: |
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a) |
to facilitate the theft or taking
away of the thing; |
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b) |
to obtain delivery of the thing; |
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c) |
to take hold of the thing; |
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d) |
to conceal the commission of
such offence; or |
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e) |
to escape from arrest |
| 1.10.2 |
theft by actual
force breaking a show window to
take |
| 1.10.3 |
taking
the thing from a messenger or
custodian who has been killed
or assaulted or rendered unconscious. |
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| 1.11 |
"Gang-Robbery"
means robbery as defined under 1.10,
committed by three persons upwards. |
| 1.12 |
"Safe
Burglary" means
| a) |
theft
by actual force and violence,
of which force and violence
there are visible marks made
by tools, explosives, electricity
or chemicals upon the exterior
of safe or strong room which
is closed or locked by at least
one combination. |
| b) |
taking a safe from
the insured premises. |
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| 1.13 |
"Loss"
includes damage. |
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| 2) |
Books and Records: |
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The
Insured shall make and keep records of all
the money insured in such manner that the
Company can accurately determine therefrom
the amount of loss. |
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| 3) |
Limits of liability
and Settlement Options: |
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The
Company will pay Compensation not exceeding |
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| 3.1 |
the limit of liability
stated in the Schedule or |
| 3.2 |
the
actual cash value at the close of
business on the business day next
preceding the day on which the loss
was discovere6d as respects securities
; or |
| 3.3 |
Cost to repair or replacement value
of the property with other of like
kind and quality at the time of loss
or actual cash value of such property
at the time of loss as respects other
property. |
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Provided,
however, the actual cash value of such other
property or securities held by the Insured
as a pledge, or as collateral for an advance
or a loan, shall be deemed not to exceed
the value of the property or securities
as determined and recorded by the Insured
when making the advance or loan, nor, in
the absence of such record, the unpaid portion
of the advance or loan plus accrued interest
thereon at legal rates.
The Company’ s limit of liability
stated in the Schedule is the total limit
of the company’ s liability with
respect to all loss caused by the risks
covered under the coverage agreement,
whether committed by one person or over
and is treated to be occurred from one
event.
The Company may pay for the loss in
cash or may repair or replace the property
with other of like kind and quality ;
When the Company pays compensation in
full in accordance with the limit of liability
stated in the Schedule, any property so
paid for or replaced shall become the
property of the Company.
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| 4) |
Insured’s duties
in claiming for Compensation: |
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When loss occurs,
the Insured shall: |
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| 4.1 |
report
to the police immediately and report
such loss to the Company without delay, |
| 4.2 |
deliver
to the Company a claim in writing
in 15 days after having knowledge
of such loss. |
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The Insured shall
furnish all particulars and evidence, as the
Company requires, to the Company at its own
expense and all render all reasonable assistance
in causing the discovery. |
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| 5) |
Premium Adjustment:
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The
premium in respect of coverage for loss
of wages and/or salaries and loss outside
the premises are to be calculated by the
amount of the money conveyed during the
period of insurance, and within one month
from the expiry of the period of insurance,
the Insured shall supply the Company within
a correct statement of all the month in
transit during the said period. If the ascertained
amount shall differ from the estimate amount
stated in the Schedule, the Company will
adjust the premium as follows: |
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| 5.1 |
if the actual amount of money in transit
is greater than the estimated amount,
the Company will charge additional
premium for the difference. |
| 5.2 |
the
actual amount of money in transit
is less than the estimated amount,
the Company will refund premium for
the difference. |
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| 6) |
Other Insurance: |
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If
there is may other insurance effected by
the Insured or by any other person , covering
the identical risk and interest, the Company
shall be liable to pay compensation in excess
of the amount which the Insured gets paid
as compensation from the other insurance,
but not exceeding the limit of liability
stated in the Schedule. |
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| 7) |
Assignment: |
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The
interest of the Insured under this policy
shall not be assignable except with the
written consent of the company. |
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| 8) |
Subrogation: |
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The
Insured shall do nothing to prejudice subrogation
rights and give assistance to the Company
to secure such rights. |
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| 9) |
Arbitration: |
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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. |
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| 10) |
Changes: |
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Insuring
agreements and conditions of this policy
can be changed by endorsement issued to
form a part of this policy, signed by a
duly authorized person and the Company’s
stamp to be affixed. |
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| 11) |
Cancellation of policy: |
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| 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. |
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| 12) |
Condition precedent: |
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The
Company shall not be liable to pay compensation
under this policy unless the Insured shall
have complied with the conditions of this
Policy. |
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IMPORTANT
NOTICE |
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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. |
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