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What is No Claim Discount (NCD)?
The No Claim Discount (NCD) is a reward scheme received by motor policy holders for not making a claim during the preceding 12 months.
How much of No Claim Discount (NCD) am I entitled to?
Consumers are eligible for NCD ranging from 0% to 55% of the premium payable depending on the type of vehicle, coverage and number of years claim not intimated. For a private car, the scale of NCD ranges from 0% to 55% as provided in the policy/certificate whereas for motorcycles and commercial vehicles, it ranges from 0% to 25%.
Find out the current insurer for your vehicle, type of coverage, policy period and policy number by entering your details
Malaysia Management Liability Insurance, SME Directors and Officers Insurance, Professional Liability Insurance, Malaysia Company and Director Liability Insurance, Malaysia Legal Liability
As a professional, if you make an error or omission you are exposed to being sued in negligence or for breach of contract. The professional nature of your work usually means your advice, service or product is worth millions of dollars to your clients or may have significant impact or effect to third parties. Your exposure is likewise
Professional Indemnity ("PI”) Insurance covers professionals for certain types of claims made against them by third parties under civil law.
Who needs it?
Quite simply, any person, company or partnership providing advice, designs, specifications or other professionals services – where fees are not necessarily involved – can be described as a "professional”.
Examples of professionals requiting Professional Indemnity Insurance:
- Accountant
- Financial Advisor
- Engineer
- Architect
- Lawyer/ Legal Profession/ Solicitors
- Surveyors
- Property Manager
- IT Consultants
- Employment Agency
- Travel Agents
- Security Guard
Examples of coverage:
- Breach of duty by reason of any wrongful professional act
- Defamation – libel and slander
- Loss of documents
- Dishonesty of employees
- Defense costs
Directors & Officers Management Liability
Protection from financial losses as a consequence of acts, errors or omissions, including securities and employment practices claims, suffered in the course of their business activities.
Professional Liability Insurance
Provide financial protection against costs of defending legal actions and any damages that may become payable. Suitable for professions such as accountants, management consultants, IT consultants, software developers, IT outsourcing specialists, telecommunications companies, publishers, printers, public relations companies, etc.
Public Liability / Comprehensive General Liability Insurance
Provide indemnity to Insured for his legal liabilities, as well as legal representatives and employees, arising from the Insured's business or from the specific place of business. Liabilities for bodily injury and damage to property are covered, subject to specified maximum limits arising out of one occurrence.
Employers Liability Insurance Malaysia
Protect businesses against costs of compensating employees who are injured or have fallen ill in the course of their work. It also covers associated costs such as claimants' legal fees and the costs of defending the action.
EMPLOYER’S LIABILITY
(Please read this Product Disclosure Sheet before you decide to take out a Employer’s Liability Insurance Policy. Be sure to also read the general terms and conditions stated in the policy).
This policy covers you as an employer against liability at law for damages if any of your employees shall sustain bodily injury by accident or disease caused during the period of insurance and arising out of and in the course of their employment with you in the business within the Territorial Limit specified.
· personal negligence
· failure to provide a safe place and a safe system of work
· failure to exercise reasonable care in recruitment of competent staff
· failure to provide proper machinery and maintain them in good working order
This policy indemnifies you against liability at law to pay compensation to your employees in respect of :
· accidental bodily injury or disease arising out of or in the course of employment.
· all costs and expenses incurred with the written consent of the company
Duration of cover is One year. You need to renew your insurance policy annually.
The total premium that you have to pay may vary depending on the Estimated Annual payroll declared, the Common Law Limit required and the underwriting requirements of the company.
Estimated Annual Payroll
Rate Applicable _____________% on Estimated Annual Payroll
The estimated total premium that you have to pay is: RM___________
Some of the key terms and conditions that you should be aware of are:
· Duty of disclosure - you must give all the facts in your application form fully and faithfully otherwise your policy may be void.
· Change in Risk - you must inform the company or your agent in writing on any material changes during the policy period so that the necessary amendments are endorsed into your policy.
· Duty of Assured - you shall take reasonable precautions to prevent accidents and diseases and shall comply with all statutory obligations.
· You must maintain proper records of each employee and declare to the company their wages and salaries truthfully, otherwise in the event of a claim, the average condition in the policy shall apply.
· You shall not incur any expense or make any payment, settlement, arrangement or admission of liability in respect of any claim under this policy without the written authority/confirmation of the company.
This policy does not cover :
· your liability to employees of Contractors
· any injury by accident or disease sustained outside the Territorial Limit
· any injury by accident or disease attributable to war, nuclear weapons material, ionizing, radiations or contamination by radioactivity from any nuclear fuel
· any liability of whatsoever nature attributable directly or indirectly to HIV (Human Immunodeficiency Virus) and/or any HIV related illness including AIDS and/or any mutant derivatives or variations thereat.
(Note : This list is non-exhaustive. Please refer to the policy contract for the full list of exclusions under this policy.)
You may cancel your policy at anytime by giving written notice to our company in which case we shall retain the customary short period rate for the time the policy has been in force. Upon cancellation, you are entitled to a
refund premium subject to the minimum premium to be retained by the company. No refund of premium will be allowed if there is a claim under the policy.
It is important that you inform us of any changes to your contact details. This is to ensure that all the correspondence will reach you in a timely manner.
Should you require additional information about our Employer’s Liability insurance or any other types of insurance products, you may contact us directly at your convenience. Alternatively, you may visit our website at www.acpgconsultant.com.
Product Liability Insurance
Provide indemnity to Insured for legal expenses incurred in defending claims and/or compensating the insured for payments made to claimants in connection with the defective products manufactured by and/or distributed by the insured.
Workmen Compensation Insurance
Provide indemnity to Insured against all sums for which the Insured shall be liable to pay compensation to any employee for personal injury sustained by accident or disease arising out of and in the course of his employment, under Workmen Compensation Act.
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The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are potential causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability coverage sometimes also provides for the defence costs, including when legal action turns out to be groundless.
Coverage does not include criminal prosecution, nor a wide range of potential liabilities under civil law that are not enumerate in the policy, but which may be subject to other forms of insurance.
Professional liability insurance is required by law in some areas for certain kinds of professional practice (especially medical and legal), and is also sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
Furthermore, certain provisions in the Companies Act prohibit the Company from indemnifying the Directors unless they are innocent.
Hence, they are susceptible to suits in their personal capacity for various types of possible allegations of wrongful acts. Possible litigants are Shareholders, Creditors, Competitors, Fellow Directors, Public Interest Groups, Employees, Clients and Regulators. The D&O policy is meant to protect directors and officers personal assets in the event of such a claim.
Scope of Cover
The D&O policy usually has two Insuring contracts. The first contract is known as "The Directors & Officers Contract" which provides indemnity to the Director or Officer.
The second contract is known as the Corporate Reimbursement Contract. This cover will trigger when a Director or Officer who has incurred a loss seeks reimbursement from the Company. The Company then can call for the policy to reimburse the amount that it has compensated the Director or Officer.
In addition to these two contracts, D&O policies can also be extended to cover the entity. The two most commonly Entity Extensions found in D&O policies are Entity Employment Practices Liability extension and Entity Securities Claims extension. However, both these extensions are usually offered as sub-limits to the D&O policy.
Why the need for D&O Liability Insurance?
There are many duties that are associated to being a director or officer of the company. The common law requires directors to carry out their duties with care and skill. Directors and officers are considered fiduciaries of companies and thus are responsible for managing the affairs of their organizations. Furthermore, there
are also statutory duties imposed upon the directors. A breach of any of these duties may result in them facing lawsuit brought by the company, its shareholders or in those doing business with the company or worse criminal prosecution including imprisonment and fines.
Under the Company Act, Section 140 (1) prohibits indemnification of a director or officer by a company in respect of negligence, default, breach of duty or breach of trust of which he may be guilty in relation to the company.
As such, the best protection is to insure against these potential liabilities.
What is covered?
D&O policy provides financial protection to the individual directors and officers of a company for wrongful acts. It protects these individuals from personal liability in the event of a claim or lawsuit against them claiming wrongdoing in connection with the company’s business. It also provides for the cost of defence, investigating, monitoring of any claim or proceedings and appeals incurred with the written consent of the insurer.
Who sues Directors or Officers?
Shareholders
Employees
Creditors
Regulators, Authorities
Competitors
What to do in the event of a claim?
The insured shall give notice in writing to the insurance company immediately of any claim made against the Insured or the discovery by the Insured of any loss, or any circumstances of which the Insured becomes aware which are likely to give rise to such a claim or loss.
The insured shall not admit liability for or settle any claim or incur any costs or expenses in connection therewith without consent of the insurer.
Malaysia SME Directors and & Officers Liability insurance
SME Directors and & Officers Liability insurance is designed to help protect a wide range of small to medium size companies.
Directors and Officers of Small Medium Enterprises (SMEs) may not be aware of the potential threat they are exposed to. Directors and Officers Liability Insurance is just as relevant to the SMEs, as to the large national or multi-national organizations.
This policy is designed to protect the personal assets of the Directors and Officers by providing indemnity for loss arising from a claim as a result of a ‘wrongful act’ like breach of duty, neglect, error or misstatement committed by them in the course of performing their duties in their capacity as Directors and Officers of their company.
Who is eligible for SME Directors and Officers Insurance?
Malaysia SME Directors and Officers Insurance is available for the profitable companies who have been in business for more than two years with annual turnover of up to RM100million.
Both privately owned companies (Sendirian Berhad) and companies listed on Bursa Malaysia Berhad are eligible to apply for this insurance.
1. Advertisement, promotions, event organizers, TV/Film producers
2. Agricultural production and fishing
3. apparels, finished products, furniture
4. Building contractors
5. chemical manufacturers/distributor
6. Construction (heavy and building construction)
7. Departmental Store, emporiums, supermarkets, mini markets & shopping complexes
8. Educational Institutions (school, universities, colleges)
9. Electronic components manufacturing
10. Entertainment centers including cinemas
11. Freight and shipping
12. Golf and country club, amusement park operator
13. Gyms and yoga centers
14. Hospital, medical centers and dialysis centers
15. Hotels
16. Industrial plants
17. Interior designers
18. Manufacturing
19. Non-profit organization
20. Plantations
21. Power Plants
22. Property development
23. Radio, tv station/broadcasting, studio and wireless page
24. Restaurants, bars and pubs
25. Retailers, boutiques, showrooms
26. Stone, clay, glass, metal and concrete products
27. Tour operator
28. Tuition centers, music and dance school, education training centers, driving schools
29. Utilities companies
30. Wholesale trade (durable and non-durable goods
- Name of the Insured
- Industry
- Annual Revenue
- Privately owned or listed on Bursa Malaysia
Malaysia SME Directors and Officers Liability Insurance Coverage:
1. Worldwide coverage
2. Full Retroactive cover
3. Legal Representation Costs (worldwide) not tied to "wrongful act”
4. Automatic New Subsidiary cover
5. Broad definition of Insured (include Employee, Trustee of trust fund or pension scheme), Heirs, Legal Representatives, Estates, Lawful Spouse
6. Defence Cost for liability under Clause 46 of the Employee Provident Fund Act 1991 up to full policy limit
7. Defence Cost in respect of Involuntary Manslaughter up to policy limit
8. Defence Cost for Pollution Claims
9. Defence Costs for Pollution Derivative Action Claim up to full policy limit
10. Defence Costs of Professional Services Derivative Action Claims up to full policy limit
11. Full Severability
12. Non Rescindable
The information provided above is intended as a summary only. For full details of cover, extensions, conditions and exclusions please refer to Malaysia insurer SME Directors and Officers Insurance policy wording.
Management Liability Insurance
Management Liability insurance policy is specifically designed for privately owned companies.
Directors, officers and employees of independently owned companies are exposed to the legal consequences of unintended errors arising from their daily actions. Private companies also face exposure to the impact of financial loss caused by employee dishonesty and other negligent conduct.
Coverage
Insuring Clauses:
- Directors and Officers Liability and Company Reimbursement
Cover for claims against the directors, officers or employees (insured persons) of the company (insured organisation) for any actual or alleged act, error, omission, breach of duty, breach of trust, breach of authority, misstatement or misleading statement by them. - Employment Liability – Insured Organisation
Cover for claims against the company by any person who was, now is or becomes an employee during the policy period, for an actual or alleged employment-related breach. - Superannuation Trustee Liability
Cover for claims against a trustee of a superannuation fund for any actual or alleged act, error, omission, breach of duty, breach of trust, breach of authority, misstatement or misleading statement by the trustee in that capacity. - Insured Organisation Liability
Cover for claims against the company for any actual or alleged act, error, omission, breach of duty, breach of trust, breach of authority, misstatement or misleading statement by the company. - Employee Crime
Cover for direct financial loss to the company resulting from a single act, or series of related, continuous or repeated acts, of fraud, dishonesty or theft committed by an employee, acting alone or in collusion with others.
Professional Indemnity Insurance
In the event that a service provider causes a loss, he or she is liable in law to compensate the person/s who have suffered a loss.
Normally the victim would have to establish negligence on the part of the service provider in order to succeed in a claim.
Professional Indemnity Insurance is a solution for service providers to transfer the risk of being sued for a mistake that they might make.
Traditionally professionals like Architects, Engineers, Accountants, Doctors, Lawyers, Surveyors and Valuers often purchase Professional Indemnity policies.
Professional Indemnity policies like most other liability policies is written on a ‘Claims-Made Basis’.
Scope of Cover
Unlike other general liability policies, Professional Indemnity policy normally provides indemnity to the Insured against financial losses only arising from the provision of professional services. Indemnity for defence costs and expenses is also provided.
However, in certain circumstances the policy will cover losses arising from Bodily Injury and Property Damage. For instance the Engineers' Professional Indemnity Policy will only respond to claims arising from Bodily Injury or Property Damage as a result of negligence on the Engineers part in discharging their Professional Services.
Who need Product Liability Insurance?
If you are a manufacturer, vendor, supplier, retailer or an exporter, you are exposed to the risk of product liability claims. Product Liability Insurance will protect you against claims resulting from a personal injury or damage to property caused by your product or services to another person or business.
Product Liability Insurance provides cover for:-
indemnifies the Insured against all sums which the Insured shall legally liable to pay as damages in respect of accidental bodily injury or loss of or damage to property caused by the insured products or goods
legal costs and expenses incurred in the defence and / or settlement of claim brought against the Insured, with the written consent of the insurer.
What to do in the event of a claim?
The insured shall give notice in writing to the insurance company immediately of any claim made against the Insured or the discovery by the Insured of any loss, or any circumstances of which the Insured becomes aware which are likely to give rise to such a claim or loss.
The insured shall not admit liability for or settle any claim or incur any costs or expenses in connection therewith without consent of the insurer.
Generally, product liability claims arise from the following three core causes :
Design Defect
Manufacturing Defect
Marketing Misrepresentation
Scope of Cover
Product Liability Insurance is commonly written in a ‘Claims-Made Basis’ form.
It is a liability policy, which will indemnify the Insured against all losses arising from the consumption or use of the product giving rise to the following:
accidental bodily injury
accidental damage to property
any legal expenses incurred by the Insured in defending legal proceedings with the Company's written consent.
Product liability insurance of ACPG General Insurance is made for manufactures, distributers, wholesalers and retailers by helping them to get third party responsibility which comes from sale of products by manufactures. The liabilities use when the product has a defect when used by consumers. In case packaging is not done considering safety of the product when the labels are missing on the product giving usage precautions then also liability arises and last but not the least if label does not have correct information the liability becomes matter of concern. This Product liability insurance of ACPG General Insurance is made for people who belong to chain of people who produces goods or are retailers or wholesalers and even people who are marketing the same. Even the people involved in advertizing are also part of this.
There are many advantages in having product liability insurance. ACPG gives us the option to choose from different things. We can select duty to defend and reimbursement type of wordings. There is flexibility in giving appearance all over the world with the help of base wording or claims which are in traditional structure. There is an exposure for imports all over the world with rules and regulations.
There are ways by which one can add the person who is buying the product. There is option of having people buying the same under this type of policy. Where there are names given we find that over all this is a product that provides coverage on an item by which all are beneficial from manufacturers till consumers and also marketing related people.
When setting out to find insurance for your small business, understanding what kind of coverage you need can be confusing. Customers and employees can sue for any number of things, and you need to be sure that you do not fall prey to a damaging lawsuit.
1. Being Sued for Negligence
Most commonly businesses are sued by a third party for negligence, usually resulting in injury. The insurance company will then be able to pay the customer some sort of compensation, so you don’t have to shell out for an unintentional injury.
2. Public Spaces and Liability
Public liability often pertains to public spaces and the involvement of a third party.
3. Product Liability
Product liability insurance is in place to your company from a third party based on the product it produces or distributes, in the event that the product causes injury to the consumer.
It is essential for your company to obtain liability insurance right away, especially if you are responsible for creating and selling a product that has the potential to be harmful.
This policy covers you as an employer in respect of your statutory liability under the Workmen’s Compensation Law(s) as well as at Common Law to your employees who are generally not covered by SOCSO.
This policy indemnifies you against all sums for which you shall be liable to pay compensation to any employee for personal injury sustained by accidents or occupational diseases arising out of and in the course of his employment under:
The Workmen’s Compensation Act 1952 and the subsequent amendments to the Act or
The Common Law. The standard Common Law limit is RM1,000,000 any one accident and in the aggregate
Corporate Insurance
A comprehensive coverage that protects your business from the beginning. The following are some common coverages:
Event Liability insurance Malaysia
Arranged By
ACPG Management Sdn Bhd
+603-92863323
Event liability insurance
For special events, you can't plan for everything.
Markel's event liability insurance provides coverage for damages for which you are responsible if there is an accident at your event that causes injury or property damage.
Event liability insurance provides the following primary coverage:
Bodily injury and property damage liability.
Additional insured? Never an additional charge. Many venues now require event liability insurance. Generally, the venue will be named as "additional insured” on the certificate of insurance.
Business and corporate event insurance
ACPG insurers also offers liability coverage for your business and corporate events*. Examples of some of the business events we cover include:
Business dinner
Business meeting
Corporate private party
Fundraiser dinner
Non-profit function
What is Public Liability insurance?
Covers your legal liability to third party as a result of an accident happening during the period of cover in connection with your business operations and occurring within the territorial scope.
Key coverage
Here is an overview of your coverage
Public Liability Insurance
Public Liability Insurance
You are covered for
All sums which you shall become legally liable to pay compensation in respect of
Bodily injury (including illness) to any person(s)
Loss of or damage to property
All cost and expenses of legal action
Recovered by any claimant against you
Incurred with our written consent
How much is my premium?
Your premium may vary, depending on
Indemnity limit
Any extensions to the basic cover
Our insurers underwriting requirements
Public Liability insurance is considered essential in businesses which involve regular interactions between the members of the public and the company such as retail businesses, restaurants, clinics and many more.
The Public Liability insurance covers your legal liability to a third (3rd) party as a result of an accident happening in connection with your business operations. The insurance indemnifies you against all sums which you become legally liable for damages and claimant’s costs and expenses in respect of:
Bodily injuries including illnesses to any person
Losses or damages to property
Legal expenses incurred in your legal proceeding defence
Special Events Insurance.
Multimedia Risk provides cost effective insurance solutions for your Special Event in Malaysia.
Contact us early in the event organizing stage for your event. We will then work with you and advise you on insurance arrangements and also make suggestions regarding certain considerations that could reduce risk therefore lower your premium.
As event organizers, there are numerous things that could compromise or even cause the cancellation of the project you have injected so much time and energy into. These ‘occurrences’ could be anything from the venue you had booked being shut down to your key speaker being stuck at an airport in another city.
Special Event Insurance provides short-term liability coverage for organizations or individuals hosting events such as:
Art Exhibits
Bazaars
Carnivals
Concerts
Country Events
Cultural Events
Fairs
Festivals
Fireworks Display
Parades
Street Fairs
Trade Shows/Conferences
Legal Liability Exposures for Special Events
As an occupier of premises, you and your organization are responsible for the safety of those attending the event. Occupiers must protect patrons from all foreseeable harm.
Some instances where extra precautions should be considered:
Alcohol is served.
Children/minors are in attendance.
Dangerous/hazardous activities are undertaken such as fireworks, boating, and some sports.
Gambling is involved.
Large crowds are in attendance.
Applicable permits should always be obtained from your municipal/provincial government to reduce liability relating to violations involving permits. Health requirements should also be followed.
Contact your principal, building management or related state government department for more information regarding your responsibilities regarding special events.
The types of liability often covered for Special Events include:
General Liability
Automobile Liability and Physical Damage
Third Party Property Damage
Rented Equipment, Props, Sets and Wardrobe
Participants & Spectators Medical
Malaysia Liability Insurance
Liability insurance also known as Commercial insurance protects you in the event you are sued for claims that come within the coverage of your liability insurance policy.
Types of Liability Insurance:
PUBLIC LIABILITY INSURANCE
This type of insurance would cover a business if a customer or member of the public was to suffer a loss or injury as a result of its business activities, and if that person made a claim for compensation. The insurance would cover the compensation payment plus any legal expenses.
PRODUCT LIABILITY INSURANCE
Product liability insurance covers the cost of compensating anyone who is injured by a faulty product that your business designs, manufactures or supplies.
PROFESSIONAL INDEMNITY INSURANCE
This policy is a form of liability insurance that helps protect professional advice and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.
DIRECTORS AND OFFICERS LIABILITY INSURANCE
This policy is a liability insurance payable to the directors and officers of a company, or to the organization(s) itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. Such coverage can extend to defense costs arising out of criminal and regulatory investigations/trials as well; in fact, often civil and criminal actions are brought against directors/officers simultaneously.
WORKMEN’S COMPENSATION INSURANCE
This policy cover the employer in respect of the statutory liability under the Workmen’s Compensation Law(s) as well as at Common Law to the employees who are generally not covered under SOCSO.
This policy indemnifies the employer against all sums for which the employer shall be liable to pay compensation to any employee for personal injury sustained by accidents or occupational diseases arising out of and in the course of this employment under the Acts.
FOREIGN WORKERS’ COMPENSATION SCHEME
Employers who are employing foreign workers must comply with the statutory requirement under Section 26(2) of the Amended Act 1996 of Workmen’s Compensation Act 1952 to purchase this insurance to protect their foreign workers
This policy indemnifies the employer under the Act in respect of compensation for employment injury as well as non-employment injury sustained by your foreign workers.
FOREIGN WORKERS HOSPITALIZATION AND SURGICAL INSURANCE SCHEME
The Foreign Workers Hospitalization and Surgical Insurance Scheme (FWHS) or better known as SKHPPA is specially designed in view of increasing Hospital and Surgical charges and to reduce financial burden of the Employers of foreign workers in the event of hospital admission of their foreign workers due to accident or illness. Coverage is required before work permit is issued by Immigration Department for both new and renewal applications.
EMPLOYERS’ LIABILITY INSURANCE
This policy covers the employer because the employer may be at risk of being sued by those employees who are not protected by Workmen’s Compensation Acts or SOCSO.
This policy indemnifies the employer against liability at law to pay compensation and cost and expenses to your employees in respect of accidental bodily injury or disease arising out of or in the course of employment. The standard Common Law limit is RM1,000,000 any one accident and in the aggregate.
ACPG Management Sdn Bhd
Head Office
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri, Cheras,
55100 Kuala Lumpur, Malaysia.
enquiry@acpgconsultant.com
+603-92863323, +6011-12239838
Your Experienced and Trusted Malaysia Largest Insurance Solution Service Provider