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Parties
to the insurance contract include:
1. Insurers
2. Insured persons
- The insurers refer to insurance
companies, agents and brokers.
- The insured refers to a person who
enter into an insurance contract
with an insurer.
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The insured has the following obligations:
1. Paying the insurance premium in
full amount to the insurance company
as agreed;
2. Upon an occurrence of any claim,
the insured shall immediately give
notice to the insurance company;
3. Cooperating to provide the information
and documents relating to the claim
at the insurance company's requirements.
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The insurance
company has obligations:
1- to indemnify for any loss or damage
upon the claim occurrence, which is
accidentally caused by coincidence,
natural disasters, and any reasons which
are not willful act of the insured;
2- to timely pay the claim according
to the degree of damage and the sum
insured.0
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To enter
into an insurance contract, the insured
shall submit to the insurance company
a proposal for insurance or directly
come to make declaration at the insurance
company or through the insurance agent.
Based on this proposal and declaration,
the insurance company shall issue an
insurance policy which requires the
insurance company to bear a liability
to indemnify for any loss or damage
which may eventually occur.
The insurance policy is a document reflecting
the form of a specific insurance contract
and creating the evidence of the contract.
Such document shall be signed by the
insurance company or agent. When entering
into the insurance contract, the insured
may make a discussion with the insurance
company to opt to enter into a short-term
or long-term contract as agreed. |
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In case
of necessity and urgency that the contract
cannot be made and the insurance policy
cannot be issued, the insurance may
be made by temporarily using a "cover
not".
The cover not is a document issued
by the insurance company or agent.
This document substitutes for the
insurance policy or is an additional
contract pending the issuance of the
final insurance policy. When issuing
the cover not, both parties shall
sign therein, and the insured shall
pay the same insurance premium as
agreed in the insurance policy.
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The insurance policy is a proof of
the insurance contract made in writing
and filled out with the insured's
purposes subject to mutual agreement
between both parties of the contract.
Conditions of the insurance contract
shall be divided into two main sections:
general conditions and specific conditions.
1- General conditions are documents
determining two key principles regarding:
(a) types of risks to be secured
(b) types of risks not to be insured
2- Specific conditions referred
to as "Insurance Certificate"
are documents containing the insured's
particular purposes as declared in
his/her insurance proposal and requiring
the signature of the insurance company.
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Payment of the insurance premium
is the first obligation of the insured.
The insurance premium shall be paid
according to the insurance period
and the sum insured based on the insurance
premium table of each company.
For the payment of the insurance premium,
the insured may negotiate with the
insurance company to decide whether
to pay totally or in installment.
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A 10-day
notice shall be given to the insurance
company in the advance if the insured
wishes to cancel the insurance before
the expiry date. Based on reasonable
grounds, The insurance company will
refund the insured ninety (90) percent
of the remaining premium.
In case of requesting to terminate
the insurance after the risk occurred
and the company has already paid the
claim, the insurance company shall
not refund the insurance premium for
the remaining period.
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In case
of moratorium for major repair, a notice
shall be given by the insured to the
insurance company within at least ten
(10) days in advance. The insurance
company shall refund the ninety (90)
percent of the insurance premium for
a period of such postponement following
the resumption. |
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In case that the insured is bankrupt
before the due date specified in the
insurance contract, a notice of such
event shall be delivered to the insurance
company within ten (10) days at the
latest prior to the declaration of
such bankruptcy by a registered letter
or a letter with a duly acceptance.
The insurance company shall refund
ninety (90) percent of the remaining
premium.
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Only the
endorsement for the insurance renewal
that the insurance premium shall be
paid suitable to such additional insurance
term. For other endorsement, the insured
shall pay the insurance company only
the defined policy cost. |
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: In case that the insured or persons
who suffer the loss and damage of
property, or sustain physical injury,
disability or death, shall have certain
necessary and relevant documents certified
as true by a competent authority so
that the insurance company uses it
as a foundation of claim settlement
based on the real facts.
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Procedure of claim settlement shall
be firstly based on a compromise basis
between the insurance company and
the insured or suffered third party.
If such
negotiation fails, the case shall
be forwarded to arbitrators for settlement.
In the case that both parties are
still different, the disagreed party
may sue the competent court in the
Kingdom of Cambodia.
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To inspect,
verify and assess the damage upon an
occurrence of a claim, the insurance
company may assign its claim officer
to do such work and directly settle
the claim or hire an independent Loss
adjuster to carry out such work on its
behalf.
All relevant claim supporting documents
developed by such loss adjuster is served
as the basis for indemnification against
damage based on the real facts. |
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Loss adjuster
is a legal entity independent of the
insurance company and has duties to
inspect, verify and assess the damage
upon an occurrence of the claim, and
finally issue documents regarding the
damage assessment on which the insurance
company based to settle the claim. Loss
adjuster conducts its operation by inspection
fees paid by the insurance company according
to mutual agreement. |
