Fire Insurance for Secured Loans

Key Features

• Coverage for buildings used as collateral.
• Protection for buildings used for both residential and business purposes.
• Basic Coverage includes damages caused by fire, lightning, explosion (1), water-related risks (2), collision or impact from vehicles (2), and aircraft-related risks (2).
  • (1) Explosion Risk: For properties used for business purposes, coverage is limited to explosions caused by gas used for residential purposes and lighting only.
  • (2) Water, Vehicle Impact, and Aircraft Risks: Coverage applies only to residential properties.
• Coverage for residential properties such as single houses, townhomes, commercial buildings, and condominiums/apartments.
• Insurance premiums starts at 3.5 THB per day*.

*Based on a calculation of condominium which is located at 1^st–7^th Floors with a sum insured of 1,000,000 THB and a coverage period of 1 year.

Benefits and Coverage

• Category 1: Basic Coverage

- For Single Houses, Townhomes, Commercial Buildings, Condominiums :

o   Coverage includes damages caused by fire, lightning, explosion, water-related risks** (excluding flooding), collision or impact from vehicles, and aircraft-related risks

: Coverage up to the sum insured.

o   Coverage for natural disasters (floods, storms, hail, and earthquakes***) with a maximum limit of up to 20,000 THB per year.

• Category 2: Additional Coverage (Self-paid insurance premium)
  • For Single Houses, Townhomes, and Commercial Buildings:
    • Windstorm, earthquake***, and hail: Coverage up to the sum insured.
    • Flooding: Coverage up to 50,000 THB.
  • For Condominiums/Residential Units:
    • Windstorm: Coverage up to 100,000 THB.
    • Earthquake***: Coverage up to 100,000 THB.

For Properties Used for Business Purposes

• Category 1: Basic Coverage
  Coverage includes damages caused by fire, lightning, and explosion*: Coverage up to the sum insured.
• Category 2: Additional Coverage (Self-paid insurance premium)
  • For Commercial Buildings:
    • Collision or impact from vehicles, aircraft-related risks, water-related risks** (excluding flooding), windstorm, earthquake***, and hail: Coverage up to the sum insured.
    • Flooding: Coverage up to 50,000 THB.

*Explosion Risk: For business properties, coverage is limited to explosions caused by gas used for residential purposes and lighting only.

**Water-Related Risks
Water-related perils occur accidentally due to the discharge, leakage, or overflow of water from pipes, water tanks, air conditioning systems, and also include rainwater entering the building, such as through damage to the roof, windows, doors, door and window frames, ventilation openings, skylights, pipes, or gutters.

*** Hazards from earthquakes or volcanic eruptions or underwater shocks or tsunamis.

Underwriting Conditions

 Insurance is provided only for buildings constructed entirely of concrete or similar structures. This includes buildings made of concrete, concrete blocks, precast concrete panels, plastered brick, or unplastered brick.

Insurance Premium: Dependent on:

• The sum insured.
• The purpose of use of the insured property.
• The floor level of the property (applicable to condominiums, residential units, or offices)
• Coverage period

Exclusions

The exclusions listed below are only a partial summary. Applicants should review the full policy wording for complete details.

• The insured property is left unoccupied or without maintenance for more than 60 consecutive days.
• Any changes to the insured location that increase the risk of loss or damage.
• Any loss or expense, whether directly or indirectly caused by war, rebellion, revolution, coup d'état, martial law, political unrest, strikes, or riots.
• Loss or damage to original or duplicate documents, blueprints, plans, drawings, or printed materials.

Notes

1.     CIMB Thai Fire Insurance Plan is a marketing name for fire insurance related to secured loans.

2.     Fire insurance for secured loans is an insurance product, not a deposit product.

3.     The insured is responsible for paying the premium as specified. CIMB Thai Bank acting as a non-life insurance broker, is responsible for presenting the insurance product, facilitating premium payment collection from the insured, and forwarding the premiums to SOMPO Insurance (Thailand) Public Company Limited, the insurance company underwriting this product. Please refer to the insured’s handbook for more information.

4.     Acceptance of insurance coverage is subject to terms, conditions, and underwriting criteria of SOMPO Insurance (Thailand) Public Company Limited.

5.     Payment methods for new insurance applications and renewals include cash and cheque. For new insurance, the insured may request a loan from CIMB Thai Bank to pay the premium, subject to the bank’s terms and conditions.

6.     The information in this document is for preliminary reference only. Customers should carefully study and fully understand the coverage details, terms, exclusions, and benefits of the policy before making any insurance decisions.

7.     Customers have the right to voluntarily choose to purchase, refuse, or renew insurance based on their own needs and preferences.

8.     The insurer under this insurance policy is SOMPO Insurance (Thailand) Public Company Limited, while CIMB Thai Bank acts solely as a non-life insurance broker with responsibilities limited to brokerage services.

9.     For any problems or inquiries, please contact SOMPO Insurance (Thailand) Public Company Limited
Customer Service Center: 02-119-3000 (Monday - Friday, 08:30 - 17:00 hrs)

10.  Bank contact channels: CIMB Thai Bank, all branches
CIMB Thai Care Center: 02-626-7777
CIMB Thai Website: www.cimbthai.com