BUILDING INSURANCE

Many condominiums and office owners are advised by us in this area, including the appropriate level of insuranc, claims services, liability covers as well as negotiation of claims. Importantly, we employ preventive measures to highlight certain condo risks before the event actually takes place. We also guide building owners in reporting incidences and submission of insurance claims.




TYPES OF POLICIES


FIRE INSURANCE

This policy is to insure your property against the loss and damages caused by fire. Insured properties may include buildings, machinery and equipment, stocks in trade, goods in process, household fictures, appliances and other fixed properties.

In Malaysia, our Fire insurance is subject to the Revised Fire Tariff (RFT). The RFT stipulates that property can be covered by fire, lightning and domestic gas explosion. If additional premium is paid, additional perils such as riot, strike, and malicious damage, impact damage, storm, tempest, earthquake, volcanic eruption, bursting and overflowing of water tanks, apparatus and pipes and flood can be covered.

In general, fire & perils policies are tailor made to suite your own business needs, so depending on your requirements, different coverage may be included or excluded. We recommend that you call us today to evaluate your specific needs.

The market is moving towards liberalization in 2016 and we will guide you along the way.

FIRE CONSEQUENTIAL LOSS (FCL) INSURANCE

The business interruption aspect following a fire (loss of profit or increase in cost of working) can be covered by a FCL policy. The rationale for a claim is that, following a fire, there is down time or reduction in a business's turnover. This loss can be covered under such a policy.

Apart from the loss of rental, loss of profit, temporary accomodation can also be covered. If you are thinking of this cover we would advise that you ponder on the indemnity period which is the maximum length of down time your turnover will suffer before your building is repaired and put into a running condition again.

PUBLIC LIABILITY (PL) INSURANCE

The PL provides cover to your legal liability to third parties as a result of an accident in connection with your business operations.

Circumstances covered by the policy are third party bodily injury, and loss or damage to property. Litigation cost, court damages, or out of court settlement are also covered.

PLATE GLASS INSURANCE

As the name suggests, the Plate Glass policy covers glass that is normally excluded by other policies. This would include glass used in showroom, windows, doors, building facade and indeed any large glass items. We would include the cost of installation and engraving etc.

"ALL RISKS"

The "All Risks" insurance covering loss arising from any fortuitous cause except those that are specifically excluded. Basic coverage include risks such as fire, theft, vandalism, damage due to wind, certain types of water damage, falling objects, and a vehicle hitting your house.

BULGLARY INSURANCE

This covers against theft to property. Normally the property must be contained in the premises. Some policies require you to prove the act of forcible entry, someone hiding in the premises, forcible exit, armed robbery, or attempt to rob.

You can often choose to insure value per loss basis.

First Loss Basis - we let you determine an amount out of the full value, most likely to be stolen or damaged at any one time, should there be a theft or attempted theft.

MACHINERY BREAKDOWN (MB) INSURANCE

This policy covers sudden and unforeseen physical damage or loss to machinery at work or at rest during inspecting, resting, overhauling or removal to another position within the premises.

FIDELITY GUARANTEE

The FG policy indemnifies you as an employer against any direct loss of pecuniary that you may sustain through act(s) of dishonesty by your employees such as act(s) of forgery, embezzlement, larceny or fraudulant conversion. The coverage is not limited to loss of money but also covers loss of real property and stock-in trade belonging to you.

MONEY INSURANCE

Money insurance policy provides cover for loss of money in transit between the insured's premises and bank or post office, or other specified places occasioned by robbery, theft or any other fortuitous case.

ERRORS & OMISSIONS / MANAGERIAL LIABILITY

This policy was introduced after The Building and Common Property (Maintenance and Management) (Act 663) (BCPMM Act) that was gazette on April 12, 2007.

Company will pay on behalf of the Insured Loss arising from Claims for any Wrongful Act committed within the coverage territory after the Retroactive date. "Loss" means such amounts,
in respect of settlements, awards for damages or costs, and legal costs and expenses.

Wrongful Act means any actual or alleged misrepresentation, misstatement, misleading statement, error omission, libel, slander, defamation, negligence, breach of warranty of authority, breach of fiduciary duty or any other act by an Insured acting in their capacity as such.