What is this product about?

This policy will indemnify you if your property in your premises suffers loss or damage caused by theft involving entry to or exit from the insured premises by forcible and violent means.

What are the covers / benefits provided?

This policy covers you against:

• Loss of any part of your property in the insured premises:
1. By theft involving actual forcible or violent breaking into or out of the premises by one person (other than employees).
2. As a result of armed robbery or robbery with violence.
• Any damage to the premises resulting from theft or any attempt thereat up to 5% of the sum insured or US$1,000, whichever is lower.

What is the insured property?

The interest insured under this Policy such as stock-in-trade, raw materials and finished goods, office equipment, machinery and tools 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:

• Insured business/occupation
• The type of goods insured
• Sum Insured (Full value or First Loss Basis)
• The construction of premises
• The type of security devices or measures installed in insured premises
• The past claims experience
• 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 the​ your property is insured at an appropriate amount. You may choose to insure your property on Full Value or First Loss basis.
  • Full Value – This basis is adopted when there exists a possibility for your entire property being stolen at the same time. The sum insured for insurance represents the full value of your property insured.
  • First Loss – This basis is adopted when it is not possible for your entire property being stolen at the same time. You have to select an amount which in your opinion would represent the maximum potential loss that can occur in any one event.
• Impact of insufficient sum insured (Under-insurance)- If the sum insured of your policy is less than the actual value of the property (for Full Value basis) or the declared value of your property (for First Loss basis) at risk at the time of loss, you are deemed to have underinsured and will have to bear the proportionate part of loss yourself for the underinsurance portion. This average condition will apply in the event of a claim.
• 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?

This policy does not cover:

1. Loss or damage expedited or brought about by or in collusion with the insured, insured’s family, business staff, domestic servants. or any person lawfully on the premises.
2. Loss or damage arising whilst the Premises is unoccupied for a period exceeding fourteen (14) consecutive days or is occupied otherwise than as stated in the Schedule.
3. Loss or damage to medals, coins, curiosities, sculptures, works of art, manuscripts, rare books, plans, patterns, models, moulds, designs, deeds, bonds, bills of exchange, promissory notes, money, securities for money, stamps, documents of title or business books, unless specifically included in the Schedule.
4. Loss or damage occasioned by strikes or riot or malicious damage.
5. Loss or damage occasioned by fire or explosion however caused.
6. Loss due to deception.
7. Loss due to criminal breach of trust.
8. Loss or damage not notified to us within 30 days from the date of loss.
9. War, Civil War and any act of terrorism.
10. Radioactive and nuclear energy risks.

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?

• The Property Insurance is placed with us.
• No loss/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.