What is this product about?

This policy provides coverage for physical loss or damage to the property insured caused by the perils as mentioned hereunder:-

• Fire
• Lightning
• Explosion, in a building in which gas is not generated and which does not form part of any gasworks, of gas used therein for illuminating or domestic purposes
• Earthquake and Volcanic Eruption
• Hail
• Impact by any road vehicle or animal
• Smoke originating from a fire occurring in the risk location or immediate vicinity of the risk premises
• Aircraft or other aerial devices and/or articles dropped therefrom
• Landslip, landslide, subsidence

What are the covers / benefits provided?

Besides the above basic cover, you may wish to purchase additional perils by paying additional premium to cover against loss or damage to the property insured caused by:-

• Explosion
• Flood
• Hurricane, Cyclone, Typhoon, Windstorm
• Riot, Strike, Vandalism & Malicious Damage (RSVM)
• Spontaneous Combustion
• Water Damage

What is the insured property?

The interest insured under this Policy such as the building, contents, stocks in trade and merchandise, equipment, plant and machinery etc. as described in the Policy Schedule and situated in the location of risk named in the Schedule of the Policy.

Period of Insurance

Duration of cover is for one year. You need to renew your insurance Policy annually.

How much premium do I have to pay?

The premium you have to pay may vary depending on:

• Sum Insured
• Occupation/use of the building
• Construction of the building
• Additional perils selected
• Fire extinguisher appliances available in insured premises
• The type of security protection installed in insured premises to prevent loss
• Past loss history
• Our underwriting requirements (if any)

What is the payment mode and how do I pay the premium?

This is an annual policy and you may pay your premium in full either by cash or cheque or bank transfer.

What are some of the key terms and conditions that I should be aware of?

• Duty of disclosure
  - 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
  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:
  1. Market value basis – We will pay the cost of repairing the damaged property less the amount for wear, tear and depreciation.
  2. 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.
• Under-insurance
  If the property hereby insured shall, at the breaking out of any fire, be collectively of greater value than the sum insured thereon, then You shall be considered as being Your own Insurer for the difference, and shall bear a rateable proportion of the loss accordingly.
• Contribution Condition
  If at the time of any loss destruction or damage happening to any subject matter insured there be any other subsisting insurances whether by You or by any other person or persons covering the same subject matter, We shall not be liable to pay or contribute more than their rateable proportion of such loss destruction or damage.
• Claim Notification
  - In the event of a claim, you must notify us as soon as reasonably possible, but no later than 14 days from the date of the accident.
  - You must submit the claim documents to us within 30 days from the date of the loss or such further time as we may in writing allow.
• Deductible/Excess
  This is the amount you have bear before we indemnify you of a loss.
• Premium Warranty
  Premium must be paid in full 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:

1. Loss or damage:
   • By theft during or after the occurrence of a fire
   • Consequential loss of any kind
   • To property occasioned by its own fermentation, natural heating or spontaneous combustion or by its undergoing any heating or drying process
2. Occasioned by or through or in consequence of:
   1. The burning of property by order of any public authority
   2. Subterranean fire
3. Loss or damage directly or indirectly caused by or arising from or in consequence of or contributed to by nuclear weapons material
4. Directly or indirectly caused by or arising from or in consequence of or contributed to by ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel
5. Occasioned by or through or in consequence, directly or indirectly, of any of the following occurrences, namely:
   1. Windstorm, typhoon, hurricane, tornado, cyclone or other atmospheric disturbance
   2. Explosion except loss or damage by explosion of domestic boilers and gas used for illuminating or domestic purposes
   3. Flood
   4. Bursting or overflowing of water tanks, water apparatus or water pipes
   5. Vandalism and Malicious Damage
   6. War, invasion, act of foreign enemy, hostilities or warlike operations or civil war
   7. Any act of terrorism
   8. Any loss or damage happening during the existence of abnormal conditions

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?

• 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 by giving Us fourteen (14) days’ notice in writing. Upon cancellation, you are entitled to a refund of the premium based on the unexpired period of insurance less 10% administration charge provided no claims have been made during the current policy period.

No refund of premium for any cancellation of policy if premium is charged on minimum premium.