Fire Insurance

Fire Insurance Policy insures property against loss or damage caused by Fire and Certain perils:

  • Most basic standard perils
    • Fire
    • Lighting (whether accompanied by fire or not)
    • Domestic explosion
  • Additional Perils proposed by the insured.
    • A basic fire insurance policy provides indemnity to the insured in the event of any damage to the property caused by certain perils, with the primary peril being Fire.
    • The type of property owned by businesses that are subject to fire risk, and so need to be insured, can be generalized under the following categories:
      • Buildings
      • Machinery and equipment
      • Stack-in-trade
      • Furniture, fitting and "all other contents"
    • NB: Loss or damage by explosion of gas used as lightning or for domestic purposes in a building in which gas is not generated and which does not form part of any gas works will be deemed to be loss by fire within the meaning of this policy.
    • Ohter common circumstances that are proximately caused by fire are also covered, such as:
      • Property damaged by water or other extinguishing agents used for extinguishing the fire.
      • Property damaged by the fire brigade in the execution of its duties, like damaging a window to gain access to a fire to put in out.
      • Property blown up to prevent a fire from spreading.
      • Damage caused by falling walls or parts of a building where there is a fire.
Underwriting Information
  • Construction of the building, trade processes, storage arrangements.
  • Geographical location of the property.
  • Description and occupation of property to be insured.
  • Type of special perils extension required for the property to be insured.
  • Other Information may be required.
  • The insured must:
    • Notify the CAMINCO immediately.
    • Notify the police immediately in case of damage by malicious means.
    • Carry out and permit any reasonable practical actions necessary to prevent further damages.
  • Deliver to the insurers at insured's expense (within a stipulated time or such further time as allowed by the CAMINCO):
    • Full information in writing of damage and amount.
    • Detail of other insurance covering the same property.
    • All evidence and information as reasonably be required.
    • If demanded, a statutory declaration of the truth of the claim or any connected matters.

The minimum rates for the additional perils are as follows:

Peril Minimum Rate
   Aircraft    0.001%
   Earthquake and Volcamic Eruption    0.005%
   Explosion    0.015%
   Flood    0.050%
   Hail    0.001%
   Hurricane, Cyclone, Typhoon, Windstorm    0.010%
   Impact Damage    0.002%
   Riot & Strike    0.030%
   Smoke    0.010%
   Spontaneous Combustion    0.010%
   Subsidence and Landslip    0.050%
   Vandalism & Malicious Damage    0.015%
   Water Damage    0.010%
© 2012 Cambodian National Insurance Company (CAMINCO)