In order to reduce the risk of a potential loss, insurance is a type of risk management. It is described as the fair assignment of loss risk from one organization to another in return for a premium. Insurance comes in a variety of forms, including life, health, disability, casualty, and property. and the insurer of the insured property is discussed in this article.
As the country’s rate of home ownership grows, homeowners insurance and property insurance are becoming more and more popular among property owners in Cambodia.
Whether it’s your home or your business, you have probably invested a considerable amount of time, effort, and money in your property. Your property and investments will be protected against loss or damage if you have fire insurance. Property owners should have insurance in case unforeseen accident damage or destroy their property partially or completely. Compared to the high cost of replacing the property, an annual premium is far less financially burdensome.
Did you know that Cambodian residential apartments require fire insurance?
Some Cambodian residential apartments, but not all, demand the purchase of fire insurance for shared property. There is always a chance of fire damaging the apartment’s belongings. Renters will have peace of mind knowing that their valuables are protected by fire insurance coverage. In the event of a fire, the insurance company will cover the costs. Such a situation is guarded against by fire insurance.
Fire insurance is the foundation of homeowners insurance in Cambodia. It is a good place to start. In the event that the insured wishes to cover additional risks or perils, endorsements to the policy are added and the premium is increased. Any accidental loss or damage to the property, or contents if included, will be covered by the insurer for the perils covered.