What is this product about?

This policy indemnifies you against accidental damage, fire and theft to your mobile equipment.

What are the covers / benefits provided?

This policy covers loss or damage to your mobile equipment (such as forklift, excavator, dump truck, etc.) due to:

• accidental collision or overturning,
• collision or overturning resulting from mechanical breakdown or wear and tear,
• fire, external explosion, self-ignition, lightning,
• theft.

If the Equipment is immobilized due to insured loss or damage under this Policy, We will pay You up to a maximum sum of US$500.00 for its protection, removal to or repair at the nearest repairers.

What is the insured property?

The interest insured under this Policy such as excavators, bulldozers, cranes, forklift, dump truck 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 the sum insured, the age of the equipment, the type of equipment, extension required, past loss history and our underwriting requirements.

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 equipment is insured at the appropriate amount. For new equipment, the sum insured is the purchase price of the equipment. For used/second-hand equipment, the sum insured is its market value of equipment at the time when policy is bought after taking into account of depreciation for wear and tear.
• Under-insurance
  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. 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.
• Claims 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?

The policy does not cover:

1. any loss or damage to the Equipment:
   1. occurring outside the Location of Risk stated in the Schedule
   2. which is licensed for road use pursuant to the Cambodian Land Traffic Law and requires Motor Insurance
   3. whilst operated by an Authorised Operator who is under the influence of intoxicating substances or drugs
   4. whilst operated on board any waterborne vessel
   5. whilst in transit, including the process of loading and unloading
   6. whilst used to tow or haul any trailer or vehicle
2. any consequential loss or legal liability.
3. loss or damage caused by:
   1. any latent or mechanical defect, mechanical derangement, mechanical or electrical failures, breakages, depreciation, atmospheric conditions or any other gradually operating cause
   2. mechanical or electrical breakdown or wear and tear
   3. overloading or strain.
4. the Excess amount stated in the Schedule.
5. loss or damage due to wilful or dishonest act(s) of Your operator(s), acting alone or with Your connivance, or of any person entrusted with the Equipment.
6. loss of accessories and parts unless the Equipment is stolen at the same time.
7. loss of or damage to:
   1. tyres, wheels or tracks unless the Equipment is also lost or damaged at the same time
   2. the canopy unless caused by the overturning of the Equipment.
8. loss or damage due to earthquake, volcanic eruption, flood, typhoon, hurricane or other convulsion of nature.
9. loss or damage due to:
   1. war, invasion, acts of foreign enemies, hostilities or warlike operations (whether war be declared or not) or civil war
   2. Mutiny; strike, riot & civil commotion; military or popular rising; insurrection; rebellion; revolution; military or usurped power; martial law or state of siege or any of the events or causes which determine the proclamation or maintenance of martial law or state of siege
   3. any act or activity directed towards the overthrow of the Government by force
   4. confiscation, nationalization, requisition or destruction of or damage to property, by or under the order of any Government or Public or Local Authority
10. loss or damage
    1. directly or indirectly due to or in consequence of, ionising radiations, or contamination by radioactivity from any nuclear fuel or any nuclear waste from the combustion of nuclear fuel including any self-sustaining process of nuclear fission.
    2. directly or indirectly due to nuclear weapons material.
11. loss or damage caused by or attributed to the act of criminal breach of trust by any person
12. loss or damage caused by or attributed to the act of fraud by any person
13. loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any act of terrorism.

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?

• Equipment not more than 15 years old.
• 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 ten (10) working 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.