INSURANCE SERVICE
Malaysia Insurance Coverage
Making sure you have good insurance coverage is common sense. Employees of major companies will be given some insurance coverage, but it is worth finding out exactly what is covered. If you already have insurance in your home country, make sure it covers you while you're an expat in Malaysia (and also be sure to keep your payments up to date). We set out below the types of coverage you may want to consider.
The insurance industry is highly regulated in Malaysia so often the rates are fixed. This is the case with car insurance, although the speed at which companies settle claims can vary greatly. However, some inclusions and exclusions are worth noting. As in many other countries, insurance sales people are less likely to explain the various exclusions, so it's best to do your research before deciding on a policy and to ask plenty of questions.
If you have shipped your personal effects to Malaysia, make sure you report any damage immediately, as you may find it harder to claim once the removal men have left your premises. It makes good sense to take a detailed inventory prior to shipping as well as photographs of any valuable items, along side any other documentation that will support a claim. It is also prudent to take photographs of any damaged items as you unpack. The majority of shipping agencies will include insurance in the shipping costs, but be sure to read the policy carefully and opt for alternative cover if necessary.
THE FOLLOWING INSURANCE IS WORTH CONSIDERING:
Car Insurance
Covers damage to your vehicle and other vehicles. Fully comprehensive insurance is not mandatory in Malaysia, but is strongly recommended. There is usually a relatively small excess.
Life Insurance
Covers death and or/dismemberment. It’s an unpleasant thought, but your family will need protection to provide a reliable income to replace your earnings if you die before you reach retirement age. Fortunately life insurance is generally low cost and you can easily buy cover providing up to 20 times your annual salary for a low monthly premium. Again, remember that any domestic life insurance plans you have taken out at home may not pay out in Malaysia, so look for an international plan designed with the expat in mind.
Medical Insurance
Covers medical treatment, hospitalization, surgery, etc. Malaysia 's medical services are among the best in the region, however if you need medical treatment you’ll need to visit one of the many private hospitals or clinics and pay for your treatment. Private medical insurance is designed to cover these costs – but make sure that the policy you buy is an international policy geared to expatriate needs as a traditional domestic policy from your home country or country of residence is unlikely to provide the level of cover you need in Malaysia and other countries you visit.
Check the policy provides full emergency medical evacuation cover in case you are taken ill in a remote area where medical facilities are scarcer and local 24/7 emergency assistance is limited. Different international medical insurance policies are designed either to cover essential healthcare needs if you’re on a budget or higher levels of protection if you want to cover a wider range of conditions such as maternity care or cover for the treatment of chronic illnesses. If you are living with your partner and children buy a family policy which covers you together as these are generally available at a lower premium than buying individual policies.
Medical emergencies are not the only financial risk you will face. If you suffer an illness or accident that leaves you unable to work, you’ll need an income wherever you recuperate as once an expatriate, you may not be entitled to full state-funded benefits – which are minimal in most countries to start with. Income protection policies are designed to provide you with a replacement income while you are unable to work. Again it is prudent to buy a plan designed specifically for expats as you are likely to find restrictions in domestic policies which will make it difficult to claim if you are working overseas. Plans can replace up to 75 per cent of your salary with payments made continuously until you are either fit to return to work, or right up to retirement age if necessary.
Household Insurance
Covers household contents and personal effects. High-rise apartment living and the fact that most apartment complexes, low and high, have security guards and CCTV cameras, means that home burglaries are uncommon. Petty crimes and crimes against your person are quite rare for international residents in Malaysia. Rainstorms or leaking plumbing from the upstairs apartment are more likely to cause damage to your property. This is what you need to have clarified in your insurance policy. It is also important to clarify with your landlord who is responsible for insuring the policy, and to establish what that insurance covers and whether you will need additional cover.
Motor
Motor
Private/Commerce
Auto Assistance
Fire
House Owner
Householder
Loss of profits
Engineering
Contractors’ All Risks
Erection All Risks
Bond Insurance
Machinery Breakdown
Equipment All Risks
Machinery All Risk
Workmen’s Compensation
Liability
Public Liability
Employers’ Liability
Product Liability
Professional Indemnity
ACPG Life Insurance Services
ACPG Life Insurance Services
Keyman Protection Plan
Partnership Protection Plan
Business Obligation Plan
Employee Benefit Plan
Investment Linked Plan
Retirement Income Plan
Disability Income Plan
Income Replacement Plan
Dread Disease Plan
Cash Less Payment Health & Medical Card Plan
Mortgage Liquidation Plan
Motor Vehicle Hire Purchase Liquidation Plan
Children Education Plan
Lady special Illness Protection Plan
Definition of Life Insurance
Life insurance combines protection with a regular savings programme, setting aside your money, which is then managed by professionals to ensure that a particular need or goal is met, while still providing financial security against unexpected events.
It is also an excellent financial planning tool, helping your savings to grow so that you can plan for the future - whether for retirement or your children's education - with confidence.
Malaysia Senior Gold Life Insurance Protection Plan
Underwritten By Zurich Insurance Malaysia Berhad
You’ve worked hard all your life to create a comfortable life for your loved ones. Now, it’s your turn to sit back and enjoy the fruits of your labour. Let SeniorGold make your retirement years a lot more comfortable and peaceful. For only RM50 per month, you can enjoy great benefits from a product that caters for your specific needs; super benefits at an unbeatable price you can enjoy at any time, anywhere in the world! So, for a worry-free life, get SeniorGold. After all, you’ve earned the right to enjoy the best life has to offer!
Insurance protection that the elderly need the most...
• No Worries. GUARANTEED ACCEPTANCE
• Coverage Renewable up to 100 years old.
• Hassle Free. NO MEDICAL CHECK UP
• Guaranteed Cash Payment
• Affordable premium as low as RM 50 per month.
• 24-Hour Protection, Worldwide
• Repatriation Benefits up to RM3,000
• Premium does not increase with age
• High Entry Age
• Best Coverage - Natural & Accidental Death Benefits.
All Classes of Malaysia Insurance Policy
Marine
Marine Cargo
Goods In Transit
Miscellaneous
Burglary
Money
All Risks
Mobile Plane & Equipment
Plate Glass
Fidelity Guarantee
Office Equipment All Risk
Personal Accident
Golfer’s Insurance
Group PA
Foreign Workers
Traveler’s Insurance
Motor Passenger PA
Hospital & Surgical
Group Hospital Benefits
Hassle Free Admission Hospital & Surgical Plan
Other Package Insurance
Frequently asked questions (FAQ)
1. Who is eligible to apply for Malaysia Senior Gold Life Insurance Protection Plan?
A person whose age is 18 and above is eligible to apply. Minimum and maximum age limits for the life assured are set from 50 to 80 years old (last birthday) respectively.
2. How is the Basic Sum Assured of my policy obtained?
Your policy’s Basic Sum Assured is subject to your entry age, gender and the number of units of insurance coverage you have purchased. For example, a female aged 50 years old who has purchased 5 units of insurance coverage under SeniorGold Plan, her Basic Sum Assured will be 5 times of the amount stipulated in the Sum Assured Schedule, i.e. RM17,397 x 5 = RM86,985.
3. Will the premiums increase with my age?
No. You can rest assured that Senior Gold premium is guaranteed throughout the term of the policy.
4. Does the Basic Sum Assured change when my age increases?
Do not worry. Your Basic Sum Assured of your policy will remain unchanged regardless of your age.
5. Will I get some money back should I surrender my policy before it matures?
Yes, you will get your cash value of your policy after three (3) years your policy has been in force.
6. Are there any exclusions?
Yes, but the exclusions are only applicable to Accidental Death Benefit (please refer to policy contract) These are:- War, Civil War, Terrorism; AIDS and Diseases including Dengue Fever and Japanese Encephalitis; Childbirth and Miscarriage; Provoked Murder or Assault; Travelling as an Aircraft Crew; Aerial Activities; Martial Arts and Racing; Radiation, Nuclear Weapons Materials, Intoxication by Alcohol and Drugs.
Small Medium Enterprise (SME) Insurance Malaysia / Affinity
The Business & Personal Insurance Solutions team of ACPG in Malaysia is focused on delivering tailored general insurance solutions that are individually designed to meet the coverage and risk management needs of a wide variety of small to medium sized businesses or groups of self-employed individuals.
Our wide range of packaged solutions are delivered through targeted distribution channels and are leveraged by our state-of-the-art web-based delivery and support platforms.
The team is committed to providing practical alternative risk protection options and building customized products for individual targeted segments.
The ACPG Business & Personal Insurance Solutions range of products include:
Office Insurance
This offering targets professionally occupied individual office risks which are per-underwritten. This product is typically available to businesses such as lawyers, dentists, accountants and some 50 other "white collar" occupations.
This packaged solution encompasses protection of property, consequential loss, public and product liability.
Leisure Industry Insurance
Focusing on clubs, restaurants, bars, cafes, bistros as well as hotels and motels, this package covers multiple lines, including machinery breakdown and is tailored to suit these occupations.
Industrail Insurance
Focused on small-to-medium enterprise, this product has been tailored to meet the specific needs of industrial businesses which require broader or business coverage. It caters to businesses with multiple locations and can also be per-underwritten.
Business Insurance
Focused on small-to-medium enterprises, this product has been tailored to meet the specific needs of businesses which require broader business coverage. It caters to businesses with multiple locations and can also be per-underwritten.
Retail Insurance
A comprehensive package designed for both multi and single site Retail businesses. The package includes multiple lines of cover including property cover, contents and stock, business interruption, public and employers liability and money.
Personal Liability
Covers accidental bodily injury to third parties or damage to their property.
Domestic Help
Covers death, injury and medical expenses for domestic helpers under your employ. If you hired a maid through an agency, the agency will often cover this cost for the first two years. As the employer you are responsible for her health care costs whether she has the flu or falls off a ladder - you must either insure your maid yourself or ensure that the agency has done so. Expenses on visits to GPs are borne by the employer. If you plan on extending the services of one particular maid for more than two years, take out comprehensive insurance that covers her medical care including any injuries she incurs during work.
Golfing Insurance
Covers golf-related accidents, damage to golfing equipment, and even a hole-in-one bar tab.
If you are looking for a highly-recommended and reliable insurance broker, we (ACPG) can put you in touch with someone who has nearly 23-years experience and several expatriate clients.
Office Insurance
Leisure Industry Insurance
Industrial Insurance
Business Insurance
Retail Insurance
Property Owner's Insurance
Residential Strata
Residential Landlords
Marine/ General Property
Financial Lines
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 Allianz Protect - SME Directors and Officers Insurance?
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.
Eligible Industries are :-
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
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. Defense Cost for liability under Clause 46 of the Employee Provident Fund Act 1991 up to full policy limit
7. Defense Cost in respect of Involuntary Manslaughter up to policy limit
8. Defense Cost for Pollution Claims
9. Defense Costs for Pollution Derivative Action Claim up to full policy limit
10. Defense Costs of Professional Services Derivative Action Claims up to full policy limit
11. Full Severability
12. Non Rescindable
Policy Form:
D & O policy covers "Directors and Officers (insured persons)” for "claims” made against them alleging a "wrongful act” first made and notified during the policy period. i.e. This is a claims made policy.
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.
Commercial Insurance
Motor
• Motor
• Private / Commerce
• Auto Assistance
Fire
• House owner
• Householder
• Loss of Profits
Engineering
• Contractors’ All Risks
• Erection All Risks
• Bond Insurance / Insurance Guarantee
• Machinery Breakdown
• Equipment All Risks
• Machinery All Risk
Workmen’s Compensation
Liability
• Public Liability
• Employers’ Liability
• Product Liability
• Professional Indemnity
• Management Liability
• Errors & Omissions Insurance
Special Risk Solution for Ultimate Range
Office
Services
Retail
Food & Beverage
Value Hotels
Light Manufacturing
Condominium & Apartment
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
No proposal form is required. What we need is just the following information:
Name of the Insured
Industry
Annual Revenue
Privately owned or listed on Bursa Malaysia
Marine
• Marine Cargo
• Goods In Transit
Group Accidental & Health Insurance
• Foreign Worker PA (FWCS)
• Foreign Worker Hospitalisation and Surgical Insurance (SKHPPA)
• Insurance Guarantee (IG) for Foreign Worker
• Business Travel Insurance
Miscellaneous
• Burglary
• Money
• All Risks
• Mobile Plant & Equipment
• Plate Glass
• Fidelity Guarantee
• Office Equipment All Risk
Personal (Individual) Insurance
Your personal and family protection is our first priority.
ACPG, providing a comprehensive range of quality insurance products is only the beginning. We go the extra mile to provide the responsive service and information you require to make the best choice for yourself and your family.
Personal Accident/ Liability
• Golfer’s Insurance
• Group PA
• Traveller’s Insurance
• Motor Passenger PA
• Personal Liability
Hospital & Surgical
• Group Hospital Benefits
• Hassle Free Admission Hospital & Surgical Plan (Medical Card)Medical, Income, Retirement and Education
• Disability Income Plan
• Income Replacement Plan
• Dread Disease Plan
• Cash Less Payment Health & Medical Card Plan
• Mortgage Liquidation Plan
• Motor Vehicle Hire Purchase Liquidation Plan
• Children Education Plan
• Retirement Income Plan
• Lady special Illness Protection Plan
Business Insurance Services
Keyman Protection Plan
Partnership Protection Plan
Business Obligation Plan
Employee Benefit Plan
Investment Linked Plan
Medical & Health Insurance Policy
Slogan of ACPG Medical & Health Insurance Plan (Individual / Group) :- .....not just a health plan, but a plan for good health
Despite efforts to stay healthy, illnesses can strike suddenly, No matter how careful you are, ...
accidents can happen any time. When they do, you would want immediate access to the best medical care you can get. However, you know that hospitalization is expensive. Medical costs are high, and getting higher every year. How do you ensure that you get the medical care you want for yourself and your family?
ACPG Medical & Health Insurance Plan can help put your mind a rest. Helping you deal effectively with all serious health problems, from the need for prompt diagnosis to prearranged care at an approved panel hospital of your choice. In the event of serious medical emergencies, you can be covered for immediate admission to the nearest approved panel hospital.
With ACPG Medical & Health Insurance Plan, you need not worry about funding for your healthcare costs or it being a burden on yourself and your loved ones. All you have to do is to select from a choice of Medical Insurance Plans that suits your needs.
Furthermore, the annual premium you pay will qualify for the RM 3,000.00 medical tax relief subject to the final approval by the inland Revenue Board.
ACPG Medical & Health Insurance Plan
List of Product Range
Medical Card (Individual & Family)
Senior Age Medical Card Plan (Entry Age up to 65, Renewal till Age 80)
Baby & Children Medical Card
Maternity/ Pregnancy Benefit
Lady Medical Card
Critical Illness Care
List of Special Extended or Unique Coverage
Guarantee Renewal
High Lifetime Limit
Second Surgical Opinion
AIDs Coverage
Pregnancy Complications
Maternity Death
Outpatient Specialist Care
Outpatient GP Care
Home Nursing
Accidental Facial
Female Cancer
Ambulance Fees
Daily Cash Allowance at Government Hospital
Pregnancy / Maternity Benefits
Accidental Death / Permanent Total Disablement
Medical Card Insurance Malaysia
Underwritten By Zurich Insurance Malaysia Berhad
Arranged By ACPG Management Sdn Bhd
MedicaLife 210
Your life is always precious, especially to your loved ones. It's a sad reality but life can be changed forever through a freak accident, a sudden heart attack or a dread disease. Its effects can be devastating, especially on your family! So, don't let yourself be caught unprepared for these sudden mishaps.
Protect yourself against the rising cost of medical treatment with MedicaLife 210.
Benefits
This is a guaranteed renewal policy up to age 80. MedicaLife 210 is a standalone Hospitalisation & Surgical policy with 4 plans available for the Insured. It prepares policyholders for costly medical expenses with high lifetime limit - as high as RM 1,200,000.
The Insured will be provided with a MedicaLife 210 Medical Card to facilitate hospital admission. The Medical Card is accepted by a panel of quality hospitals nationwide.
The Insured will also get to enjoy international assistance programs with MedicaLife 210. The services offered are International Medical Assistance, Travel Assistance, Car Assistance and Home Assistance.
Who is Eligible?
You can be insured with MedicaLife 210 if you are between 0 (30 days) and 59 years old (age last birthday).
Critical Illness Insurance Malaysia
Benefits
Type of Critical Illness/Dread Disease Covered:
Alzheimer's Disease/Irreversible Organic Degenerative Brain Disorders
Aplastic Anaemia
Bacterial Meningitis
Balloon Angioplasty
Benign Brain Tumor
Blindness
Brain Surgery
Cancer
Cardiomyopathy
Chronic Liver Disease
Chronic Lung Disease
Coma
Coronary Artery Bypass Surgery
Encephalitis
Full Blown Aids
Fulminant Viral Hepatitis
Heart Attack (Myocardial Infraction)
Heart Valve Replacement
HIV Due to Blood Transfusion
Kidney Failure
ProLife 36 Super Basic
Now You Can Ease The Financial Suffering Caused By Critical Illnesses
Life is beautiful. It is no secret that everyone would love to keep it that way - forever!
No one likes to think of the possibility of rain on a sunny day. Similarly, we always take it for granted that we will always be as fit and healthy as we are today. It's a sad thing but it's a fact - critical illness can strike anyone at anytime - and at any age.
Today, the odds of surviving a critical illness/dread disease are great, thanks to the advances in medical science. The question is will your finances survive too? Think about the trauma and stress that you and your loved ones would have to go through. Think about having to battle cancer and yet having to go back to work, work, work - just to pay off the extra expenses like medical bills. The trauma and stress can be debilitating!
ProLife 36 Super Basic is a new way of protecting yourself against the high cost of rebuilding your lifestyle following critical illness/dread disease. Think about what a difference this money will make towards helping with recovery, for adapting to a new lifestyle, helping to support the family financially, or perhaps saving your business. How you spend the money is completely up to you. But one thing is for sure: everyone - single, married, parent or business owner - has a real need for this coverage. Thankfully it is available to everyone, from age 1 month to 55 years. You can obtain it if you are still eligible. Act now!
Laser Treatment or any other Invasive Treatment for Coronary Artery Disease
Loss of Hearing/Deafness
Loss of Speech
Major Burns
Major Organ Transplant
Motor Neurone Disease
Multiple Sclerosis
Muscular Dystrophy
Occupationally Acquired HIV Infection
Paralysis/Paraplegia
Parkinson's Disease
Poliomyelitis
Primary Pulmonary Arterial Hypertension
Stroke
Surgery to Aorta
Terminal Illness
School Children Personal Accident Kuala Lumpur Malaysia
This insurance scheme is exclusively designed to provide our school children 24 hours coverage within Malaysia, Singapore & Brunei with the most comprehensive and beneficial coverage at a very minimum cost. It provides high capital sum insured for accidental death and permanent disablement coupled with extended coverage without any additional cost. It is definitely something that a concerned parent should obtain for your precious ones.
Benefits
Accidental Death
Pays the full principal death sum assured in the event of Death due to an accident.Accidental Permanent Disability
Pays the full principal permanent disability sum assured in the event of Permanent Disability as listed in the Table of Benefits and Premium (benefit 2: a - g) resulting from an accident.
Pays up to 75% of the principal permanent disability sum assured in the event of other permanent disabilities as listed in the Table of Indemnity resulting from an accident.
Medical Expenses
Reimburse medical expenses up to the amount stated inclusive of hospital room and board, clinical, outpatient and surgical treatment. Should there is any claim been made under benefit 1 and 2, Medical Expenses benefit will not be payable.Traveling Expenses
Pays RM 10 per day for a payment of traveling expenses to and from the hospital which is incurred by parents up to a maximum of RM 500 per accident should the insured/pupil is hospitalized as a result of an accident.Funeral Expenses
Pays additional of RM 2,000 in the event of Accidental Death.Hospital Cash Allowance
Pays RM 50 per day up to a maximum of 60 days per accident should the insured hospitalized due to an accident.
Underwriting
Mode of Payment
Annual Only
Entry Age
Insured : 4 to 18 years old
Policyholder : 16 years old and above
Strata Title Insurance Malaysia, Strata Title Risk Insurance Kuala Lumpur Malaysia
To : Joint Management Body (JMB) / Management Corporation (MC)
Strata Title Risk, Liability and Responsible
The Building & Common Property (Maintenance & Management) Act 2007 (Act 663) was enacted by the Malaysian government recently for the proper maintenance and management of buildings and the common property, after delivery of vacant possession of the premises to the purchasers but before the Management Corporation is formed. This new law came into force on April 12, 2007. It applies to Peninsular Malaysia and the Federal Territory of Labuan.
The JMB must be formed after 12 months delivery of vacant possession.
One of the most important duties of JMB is Insurance.
The powers and duties of the JMB are enumerated by Section 8 of the Act which stated
1. to insure and keep insured the building to the replacement value of the building against fire and such other risks as may be determined by the Body;
2. to apply insurance moneys received by the Body in respect of damage to the building for the rebuilding and reinstatement of that building;
3. The Body shall be deemed—
(a) for the purposes of effecting any insurance under paragraph (1)(c), to have an insurable interest in the building equal to its replacement value or any value as determined by the Body; and
(b) for the purposes of effecting any insurance under paragraph (1)(d), to have an insurable interest in the subject matter of the insurance.
Interpretation:
The Joint Management Body (JMB) must insured the following insurance:
1. Fire & All perils Insurance (Min perils Subsidence & Landslip, RSMD & BOW)
Building – For all the units that is individually own including all the common property.
In this case when the purchaser have a Loan with the Bank, the purchaser need not buy an additional insurance and can use the individual "Certificate of Insurance” issued from the Master policy.
It should include the following clauses:-
Reinstatement Value (valuation report by an accredited quantity surveyor at least once in 5 years)
Removal of Debris
Architect & surveyor Fee
Others (To be advice)
2. Public Liability Insurance
Legal liability to pay compensation for accidental bodily injury or accidental damage to the property to the Visitors for using the common property of the Building.
Under Section 4 Establishment of a Joint Management Body (JMB) / Management Corporation (MC)
(2) The Body established by subsection (1) shall be a body corporate having perpetual succession and a common seal.
(3) The Body may sue and be sued in its name.
(4) The Body shall comprise the developer and the purchasers.
Interpretation:
As the JMB is a body corporate the volunteered committee members can now be sued by the purchasers for Breach of Duty. An E&O or a PL policy to protected the personal liability of the individual committee.
3. Error & Omission or Professional Liability Insurance
The Insurer will pay on behalf of any Insured all Damages resulting from any Claim for any Breach of Duty of the Insured.
The policy should be placed immediately after the formation of the JMB.
Writing and Servicing insurance policies for condominiums, apartments and flats requites impeccable skills and knowhow. Insurer with over 100 years history and ACPG had more than 22 years of field experience, we have designed a comprehensive product that would meet your association’s unique needs.
ACPG offer Strata Title Risks Solution: ACPG Beyond Standard (ABS) Package
Fire Insurance
All Risk Insurance
Crime Insurance ( Burglary & Money)
Fidelity Guarantee
Plate Glass Insurance
Machinery Breakdown Insurance
Public Liability Insurance
Professional Indemnity / Management Liability / Error & Omission (E&O) for Joint Management Body (JMB) or Management Corporation (MC).
Strata Title Liability Insurance Malaysia and Strata Title Risk Insurance Kuala Lumpur Malaysia
For JMB Management Committee Strata Title
Errors & Omissions Insurance Malaysia
Scope of Coverage : To indemnify your council or its member against all claims and legal expenses which may be made against your council members during the period of insurance (claims made basis) for breach of trust, neglect, error & omissions, misleading statement, breach of warranty or authority or other act done wrongfully attempted by council or its members under MCST Act (318) only.
Optional Extension Cover : Security Liability Extension
Scope of Coverage : Extended to include the insured's Legal Liability in respect of any accidental loss or damage to property arising out of and/ or in connection with the security services provided. Provided always that the security personnel / guards shall act as though they were uninsured, observe, fulfill and carry out the duties based on Agreed Standard Operating Procedures and be subjected to the terms of this policy so far as they can apply.
Property Insurance Kuala Lumpur Malaysia
Insurance for Residential Property
There are three main types of policies to protect your property and household goods:-
Fire - this policy covers loss / damage to your property building and contents caused by fire, lightning and explosion of gas used for domestic purposes only.
Houseowner - this policy covers your building, including its fixtures and fittings, garages, walls, gates and fences, against several specified risks.
Householder - this policy covers your household goods only, i.e. the moveable possessions in your property, against specified risks.
If you wish to have comprehensive cover for your property and its contents, you should buy both house owner and householder policies.
Coverage for each type of policy
The table below shows the main perils covered as well as exclusions under the three insurance policies:
Responsibility for Purchase of Insurance
If you are buying a property from a developer, which is under construction, the insurance of the property is the responsibility of the developer. You only need to insure the property upon vacant possession from the developer.
For properties with strata titles such as flats, apartments and condominiums, it is mandatory for the Management Corporation (MC) to purchase fire insurance for the whole building. The individual unit owner is required to pay to the MC his/her respective premium portion. At the same time, if the unit is purchased through a loan, the financier would normally require the unit owner (borrower) to obtain an insurance policy for the unit, leading to a situation of double insurance.
But if you have obtained the loan from a financial institution under bank Negara Malaysia's supervision, borrowers will not have to buy another insurance policy for their units. Instead, these financial institutions will accept the insurance policy already purchased by the MC subject to terms and conditions. In this instance, you need to obtain the individual certificate of the master policy from the MC and present it to your financial institution as evidence of insurance. If your loan is not from a financial institution under the supervision of Bank Negara, you can negotiate with the institution concerned.
What you should know when buying insurance cover for your property Insured value / sum assured?
Ensure your property is adequately insured at all times, and take into account the renovations and enhancements made to your property.
You should also decide on the basis of compensation for loss/damage to your property, whether it is on indemnity or reinstatement basis, and the sum insured shall reflect the choice. When purchasing a householder policy, you must ensure that the sum insured reflects the coverage needed to replace all the contents in your property. You must also declare items that you want to insure specifically to ensure that you get the full compensation in the event of their loss/ damage. You may also take additional coverage for valuable items such as artwork, jewellery, antiques or collectibles - total value of jewellery shall not exceed one third of The Total Sum Insured on Contents.
It is also important to keep documents that show the proof of ownership and the value of items insured. Photographs of your valuable items, if available, may also be very helpful in the event of a claim.
What you should know when making a claim
If your property suffers damage / loss
You must notify your insurance company in writing with full details as soon as possible
You must take the necessary measures to mitigate further loss/worsening of the situation.
If temporary repairs are required to stop further damage, you should ensure that these are carried out immediately and the bills of work done should be kept as part of your claim. An example of temporary repair is to use a waterproof polyethylene/ plastic sheet to cover damaged area to avoid further damage by rain water.
If the repairs required are of a permanent nature, you should obtain estimates and send them to your insurance company for approval.
Settlement of Claims
The compensation amount depends on the basis of the cover:
Indemnity basis will pay the cost of repairing the damaged building less the amount for wear, tear and depreciation; or
Reinstatement value basis will pay the full cost of repairing the damaged building without any deductions for wear, tear or depreciation, provided that the sum covered is adequate to cover the total cost of reinstatement.
In the absence of any special provision, the cover will be on indemnity basis. If you want to be covered on reinstatement basis, your policy should have the relevant clause attached to it.
Excesses, being the amount you have to bear before your insurance company indemnifies you, are applicable for certain perils, such as overflowing of domestic water tanks, windstorm, earthquake and flood claims.
Making a Claim
You must submit your claim with all supporting information and documents to your insurance company. The more information you have on the damaged items, the easier it will be for your insurance company to assess your claim.
You should cooperate fully with the adjusters/ investigators appointed by your insurance company to assess your claim.
Fire Insurance Kuala Lumpur Malaysia
The fire insurance policy has Basic Cover as Standard Fire and Special Perils Policy.
BASIC COVER
The basic fire policy covers loss of or damage to residential building, furniture, fixtures and fittings caused by or arising from:
Damage by fire & lightning
Damage by explosions of domestic boiler or domestic gas cylinder not forming part of a gas work
Damage by water or other extinguishing agents used to put out the fire
Damage resulting from gaining access to a fire
Smoke damages caused by fire
INTEREST / PROPERTY INSURED
Items that can be insured are:
Building, renovation
Furniture, fixtures and fittings
Personal Effects & Household goods
Dwellings, Offices, Shops, Hospitals (Located outside the compounds of industrial/manufacturing risks)
Industrial / Manufacturing Risks
Utilities located outside industrial/manufacturing risks
Machinery and Accessories
Storage Risks outside the compound of industrial risks
Tank farms / Gas holders located outside the compound of industrial risks
PREMIUM & EXTENSIONS
The basic premium is calculated based on a standard fire tariff rate prescribed by Persatuan Insurans Am Malaysia (PIAM) and is affected by the class of construction of the building and the sum insured.
The basic policy can be extended to cover loss of or damage to property caused by the following peril at an additional premium:
Riot, strike and malicious damage
Explosion
Impact damage by own vehicles and third party vehicles
Aircraft Impact Damage
Bursting and / or overflowing of water tanks apparatus and pipes (excluding sprinkler system)
Bush / Lalang Fire
Spontaneous combustion
Storm and Tempest
Flood
Earthquake and volcanic eruption
Damage by falling trees or branches and object there from
Exclusions
The following are excluded from insurance coverage:
Loss or damage caused by war, civil war and kindered perils
Loss or damage caused by nuclear activity
Loss or damage to the stocks in cold storage caused by change in temperature
Loss or damage due to over-running of electric and/ or electronic machines
Claims
Claims In the event of a fire loss covered under the fire insurance policy, the Insured shall immediately give notice there of to the insurance company. Within 15 days of the occurrence of such loss the Insured should submit a claim in writing giving the details of damages and their estimated values. Details of other insurances on the same property should also be declared.
Fire Consequential Loss Insurance Kuala Lumpur Malaysia
The fire policy only covers physical loss or damage to the property insured but does not cover loss of profit arising from such physical damage. As a result of the loss or damage to the physical assets, the Insured is unable to carry out its planned level of business, thus leading to a fall in gross profits.
The policy is designed to cover during the period of interruption:
CONTINUING OVERHEAD EXPENSES
which have to be met out of reduced earnings such as rent, taxes, interest on debentures, mortgages and loans
INCREASE IN COST OF WORKING
necessarily incurred to overcome or to minimize the effects of damage upon the business such as renting of temporary premises, hiring of machinery or extra labour costs
LOSS OF NETT PROFIT
WAGES of employees not gainfully employed during the interruption period and payments to employees whose services are no longer required
Apart from the policy period, there is also the indemnity period which is the maximum length of time likely to elapse before the loss or damage can be reinstated and the earnings of the business restored to their pre-loss situation.
The sum insured should represent the estimated annual gross profit and correspondingly be increased if the indemnity period is more than twelve months giving due consideration for variations and trends.
To encourage adequate cover at all times, up to 50% rebate of premium is allowed if the estimated profit levels are not achieved.
House Owner and Home Contents Insurance Kuala Lumpur Malaysia
ACPG House Insurance Plan (Building & Home Content) - .....not just a Homeowner or Householder plan, but a plan for Better Extension Coverage..........
The place you called 'Home' is your pride and joy. This ...
'Home' houses all things you hold dear to your heart and that includes your loved ones and their belongings. Naturally, you would do anything to keep this 'Home' safe from harm.
Today, ACPG offers you............
Home Guard Insurance - Fire on Building, Household Goods and Personal Effects.
1) Fire, Lightning, Riot strike and malicious damages only on Content :
Fire, Lightning, Thunderbolt and subterranean fire.
Explosion
Aircraft, other aerial devices and /or articles dropped.
Impact Damages (By third party's vehicle or animals not belonging to the insured.
Bursting or Overflowing of domestic water tanks, apparatus or pipes.
Hurricane, cyclone, typhoon, windstorm.
Earthquake, volcanic eruption.
Flood (including overflowing of the sea)
Riot strike and malicious damages.
2) Included With Full Theft Coverage
(Theft Without Forcible Entry/Exit, Armed Robbery & Burglary) and as below coverage:
3) Extra Features
Loss of Cash - reimbursement up to RM 500.
Replacement of damaged locks and keys - reimbursement up to RM 500.
Coins, medals and stamps collection - reimbursement up to RM 500.
Fire Brigade Charges - reimbursement up to RM 500.
Damage to Freezer Food - reimbursement up to RM 500.
Breakage of mirrors - reimbursement up to RM 500.
Temporary removal of contents - up to 5% of sum insured.
Loss or damage to clothing & personal effects of maid - reimbursement up to RM 250.
Jewellery & Personal Valuables - reimbursement up to 1/3 of sum insured.
* However, for a smoother claim assessment, copy of receipt, if available, should be furnished.
4) Public Liability up to RM 300,000.
5) Worldwide Personal Accident cover up to RM 25,000.
Malaysia Money Insurance Risk Management Services
The policy is intended to protect any business establishment against loss of money
as a result of burglary or robbery.
Definition
Money - Cash, Bank Notes, Currency Notes, Uncrossed cheques other than pre-signed blank cheques, Traveller's Cheques, Uncrossed Giro Cheques, Postal Orders and Money Orders, unused postage and revenue stamps.
Premises - Shall mean the premises specified in the schedule.
Scope of Cover
Money In Transit
Monies in the personal custody of the Insured's authorised employees whilst in direct transit between the premises and bank or post office including money drawn as wages and salaries from the time of receipt until paid out.
Money In Premises
Money in the Insured's premises during and outside normal business hours. However, money in premises outside normal business hours must be secured in locked drawers or locked safes.
Money in Insured's premises contained in locked safes or strongrooms.
Money in locked drawers or cabinets or cash registers.
Damage to Safes or Strongroom
Cost of repair or replacement to the damaged locked safe or strongroom resulting from theft of money or any attempt thereat.
Additional Cover
Subject to payment of an additional premium, the policy can be extended to cover the following :-
Personal accident benefit to unnamed carriers at RM20 per person for a cover of RM10,000 for death and permanent disablement only.
Malaysia Public Liability Insurance Risk Management Services
What You Need to Know
Public Liability Insurance protects an individual and their business in case they are found legally accountable to a third party. In general, it is a medium that guarantees set ...
elements to injured parties under law.
Normally, such policies pay for any legal expenses, penalties resulting from claims and even medical expenses if needed. It only covers third party claims and not claims made by employees, as these come under employees liability insurance.
Should Your Business Have Public Liability Insurance?
Public liability insurance is an umbrella under which a large variety of risks and situations are covered, and any business that deals with the general public takes it out to protect themselves against lawsuits. In today’s litigious society, people are quick to file lawsuits when suffering any loss, damage to their property, or injury due to the negligence of a business. With a greater number of cases going to court, liability insurance has become broader in what it encompasses. The need for businesses to hold public liability insurance has increased over the last few years.
The insurance is essentially voluntary, with the exception of some public events and facilities where the licensing authority makes it mandatory. Additionally, organizations that operate voluntarily with the support of the local council are also required to carry public liability insurance.
Most businesses and organizations are becoming increasingly aware of the potential to be sued and so consider public liability insurance an essential requirement. While it is now included in most business insurance packages like home, shop, restaurant and other insurance packages, it is also sold separately.
Who Needs Public Liability Insurance?
Professionals and business owners are generally the ones at the most risk of being sued, as they deal with a large client base on a regular basis. However, some professionals get greater benefit from taking out a public liability insurance policy than others. Any business, large or small, that interacts with customers at their place of business is at risk of being sued and so should make use of this protection. Also, note that the greater the number of people visiting the venue, the higher the risk.
Considering that just a single claim has the potential to bankrupt a business or a professional, it is best to be protected.
Amount of Coverage & Other Facts
It is common for business owners to take public liability insurance for the amount of RM 1 million, but RM 5 million packages are becoming increasingly popular. With more people willing to take businesses to court for the smallest mistakes, public liability insurance is no longer considered optional. In fact, some sites do not even allow tradesmen or sub-contractors on location unless they carry a Public Liability Insurance Certificate of Currency.
Within Malaysia, public liability insurance is fully portable, meaning it covers an individual from site to site, as long as one continues to work in the same trade. In case of a change of trade, it becomes necessary to inform the insurer or the policy may become void.
Additionally, every tradesman should have their own policy as the head contractor’s policy many not be sufficient. At times, the head contractor’s insurer will make the pay-out on a claim, but then sue the sub-contractor to recover its money. Needless to say, different occupations and situations have different risks, and the insurer must take those into consideration when writing a policy or note them accordingly to ensure that full coverage is provided to the policy holder.
Cost and Coverage of Public Liability Insurance
Public Liability insurance premiums are determined based on a number of different factors, including：
The nature of the business or contract value or sum insured cover amount.
The number of employees and contractors a business has.
At times, they even depend on the business turnover.
The larger the physical premises of a business and the more employees there are, the higher the premiums are likely to be. The insurance rates depending on the insuring company.
Summary
Public liability focuses on civil wrong. The wronged person sues the owner on the basis of incidents of neglect. If the occupier or owner of an establishment is found to be responsible for the harm, damage or injury, the claimant wins and is awarded compensation.
Public liability insurance is without a doubt the most justifiable cost for a business, as in its daily course of public interactions it is under a continuous threat of being sued. A single law suit has the potential to financially ruin a business; public liability insurance offers protection.
Employers' Liability Insurance
Employer's Liability Insurance Policy is designed to provide indemnity to the Insured against his liability at law and claimants' cost for bodily injuries or diseases to Insured's Employees arising out of and in the course of their employment.
Scope of Cover
The Employer's Liability Insurance Policy indemnifies the Insured against liability at law to pay compensation and claimant's costs and expenses in respect of the bodily injury by accident or disease to the Insured's Employees for which he is liable and will in addition to pay all costs and expenses with the Company's written consent.
Contractors' All Risks Insurance (CAR) / Erection All Risks Insurance (EAR)
ACPG offers two types of engineering insurances for construction and erection works. Contractors' All Risks policy (CAR) is used to cover civil works whilst Erection All Risks (EAR) policy is used to cover mechanical and electrical works.
Scope of Cover
Both policies provide the most comprehensive insurance protection on an 'all-risks' basis that generally cover loss or damage due to fire, lightning, water damage, flood, storm/tempest, subsidence, landslide, cyclone, hurricane, earthquake, volcanic eruption, burglary and theft, explosion, spontaneous combustion, heating, fermentation, impact and aircraft damage.
In general, it is possible to extend the standard policy to cover strike, riot and civil commotion, inland transit, overtime, nightwork and express freight expenses, air-freight, cross liability, maintenance
visits /extended maintenance among others.
General policy exclusions are the deductibles stated in the schedule, consequential losses and liquidated damages, wilful act or wilful negligence of any official of the Insured, corrosion, non-observance of trade rules, war and terrorism risks, faulty design amongst others.
Comprehensive General Liability Insurance Malaysia
Introduction :
The Comprehensive General Liability Insurance (CGL) coverage is usually purchased by contractors who undertake contract of works or services for mainly Oil and gas related industry and other industries such as Telecommunication, Power plants, Engineering, IT related etc. per the requirement in the respective contract if and when they are awarded with the contract.
Contractor must produce a CGL Policy to the principal before commencement of works.
Scope of Cover:
The CGL insurance Policy indemnifies the insured against his legal liability for property damage or bodily injury to a third party caused by an accident while carrying out the works which takes place in the coverage territory during the policy period.
CGL coverage is a very broad form and extensions can be granted under the coverage.
In addition, the policy will indemnify the insured for defense costs and expenses incurred in respect of a claim to which the policy applies.
The limit of indemnity is inclusive of defense cost and expenses incurred in respect of a claim to which the policy applies
Policy Form:
CGL Policy form is an occurrence policy form
Automatic Extensions:
Contractual Liability
Sudden and Accidental Pollution
Damage to Principal’s Existing Property
Excess Automobile Liability
Cross Liability
Waiver of subrogation
Additional Extensions as and when required for a Sublimit & for an additional Premium:
Personal Injury Liability
Product and Completed Operation
The information provided above is intended as a summary only. For full details of cover, conditions and exclusions please refer to ACPG Insurer Comprehensive General liability Insurance policy wording.
Professional Liability Insurance
Malaysia (PLI)
also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the Malaysia, 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.
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.
Director & Officer Liability Insurance Malaysia
Directors' & Officers' Liability Insurance is very often referred to as D&O Insurance. It is in essence a Professional Indemnity Policy meant for the Management Team of a company. Succinctly put it is a Management Liability Policy. Directors and Officers of companies have various duties and obligations. These duties comprise of Fiduciary Duties, Statutory Duties and also Common Law Duties.
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.