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Non life/ General Insurance Poducts

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There are a few types of Non life / General Insurance Products :

 

1. Motor Insurance

 

Motor insurance is compulsory under the Law Of Malaysia. This class of insurance is governed by the Motor Tariff and can only be transacted on a Cash Before Cover basis. The main classes of vehicle can be broadly divided into 3 categories namely:-

 

a. Private Use 
b. Commercial Vehicle including Special Type vehicles and
c. Motor cycle

 

 The two main type of cover is as follows:-

a. Comprehensive policy - This is the broadest insurance available the motor tariff and it covers the Insured against any loss or damage to the vehicle as a result of theft, fire, explosion, lightning, malicious act, impact damage due to accidental collision and any liability claim frm third party for property damage and/or bodily injury arising out of the use of the vehicle. Additional benefits are also available subject to additional premium such as legal liability to passenger, windscreen damage, radio/ CD players/ flood, windstorm, rainstorm or landslip & strike riot and civil commotion

b. Third party policy - The coverage provided under this policy is very limited as it only protects the insured or the authorised driver against any liability claims from the third party for property damage and/or bodily injury out of the use of the vehicle

NCD Entitlement table - You are entitled to a No Claim Discount on your policy only if you have completed a minimum 12 month period without any incident of claim reported to the insurer.

A. Private Use Category

Year 1 - Nil/ Year 2 - 25%/ Year 3 - 30%/ Year 4 - 38.33%/ Year 5 - 45%/ Year 6 - 55% (Max)

B. Commercial Use and Motor cycle category

Year 1 - Nil/ Year 2 - 15%/ Year 3 - 20%/ Year 4 - 25% (Max)

Note: When requesting for our advise, please provide information pertaining to the vehicle - Model (Brand, type, manufacturing year), Value

  2. Fire Insurance

 

The basic Fire Insurance Policy covers loss or damage to the Property insured caused by Fire, Lightning, explosion of domestic gas. Type of property covered can be from residential buildings, shophouses, shopping complexes, light industries, heavy industries to integrated industrial complex.

The policy may be extended to cover loss or damage caused by other named perils as the like of Earthquake and Volcanic eruption, Storm tempest, Flood, Explosion (other than domestic gas), Impact damage, Bursting of water tanks apparatus or pipe, Bush or lallang fire, Subsidence and Landslip, Riot Strike and Malicious damage, Damage by falling tree or branches and objects, spontaneous combustion and Leakage of sprinkler system.

However, subject to the type of premise, there will be different application of rate and extensions to be provided. Nonetheless, this class of Fire is governed by a Fire Tariff and is subject a premium warranty of 60 days.

Note: When requesting for our advise, you are to briefly describe the occupation or usage of the property and the construction of the walls.

   

3. Houseowner & Householder Insurance

 

This policy is designed to cover any loss or damage to the Residential properties - Building and contents caused by Fire and/or named perils. A Standard houseowner/ householder policy covers fire, lightning, thunderbolt, subterranean fire, explosion, aircraft and aerial devices and/or articles dropped therefrom, impact by any road vehicle, bursting or overflowing of domestic water tank, apparatus or pipes, theft but only if accompanied by actual forcible and violent breaking into or out of a building or any attempt thereof, hurricane, cyclone, typhoon, windstorm, earthquake and volcanic eruption and flood excluding loss or damage caused by subsidence and landslip.

Other coverage extended under a Houseowner and Householder policy include Liability to Public, mirrors and rental. Additional benefits are also available subject to additional premium such as for increase of limit for liability, Riot strike and malicious damage, subsidence and landslip, plate glass damage and extended theft cover.

Note: When requesting for our advise, you are to briefly describe the location and the construction of the walls.

   4. Travel Insurance

 

An imminent companion for every traveller while doing their travelling either on business or vacation locally or going abroad.

 

This policy covers accidental death, medical expenses, loss of baggages, personal effects, emergency evacuation, flight delays, curtailments, loss of deposit, break-in to home while away. Products may varies from different insurer. Please consult us.

Note: When requesting for our advise, you are to briefly advise your destination and duration of stay away from home.

5. Personal Accident Policy

Personal accident is one of the common personal line of insurance due to its relatively low premium. Unlike a life policy, personal accident insurance is an annual policy. It covers an insured person against death or disability caused solely by violent, accidental, external and visible means. The covers is on 24 hours basis and worldwide; covering accidents happening during the course of employment as well as accidents at home, in the course of travelling to and home to the place of work and during social or sports activities not specifically excluded by the policy. Personal accident insurance can be broadly categorised into Individual Policy, Group Policy and Drivers and Passengers Policy.

Note: When requesting for our advise, you are to briefly describe your age and occupation

6. Medical And Health Care Policy

This policy covers Hospitalisation and Surgery cost. With the rising cost of such medical treatment locally or abroad, this policy have become a very imminent policy for many. However, it is often too late for many people who wants to have such policy, so it is recommended that this policy is bought when you are younger and while you are much healthier as underwriting is very strict and concern on the health of the person to be insured. Medical Insurance can be broadly categorised into Individual Plan, Family Plan, Group Plan and Deductible Plan.

The Deductible Medical Policy is also a Medical Hospitalisation and Surgery policy except that its payout to any claim is only after the first agreed amount or excess.

Note: When requesting for our advise, you are to briefly describe your age and occupation

7. Burglary Insurance

This policy is designed to indemnify the insured against the risk of loss or damage to the insured's property as a result of Theft. Most commonly covered are the retail store, warehouse, light industry and offices. However , this class of policy is also common for heavy industry owner and premise with goods and goods held in trust stored therein.

Note: When requesting for our advise, you are to briefly describe the location, type of business and the construction of the walls.

8. Professional Indemnity Insurance

We all know that all professional are required to perform their duties to a reasonable standard of care and skill expected in that particular field. Liability may arise, in common law, statute law or contract law, in the event of failure to exercise the level of care and skill required from them. This insurance is therefore designed to protect professionals for liabilities arising out of their professional duties. It protects professionals if they negligently cause loss to third parties or resulting in injuries when carrying out their professional duties.

Note: When requesting for our advise, you are to briefly describe your occupation

9. Money Insurance

This policy is designed to indemnify the insured in the event of money being stolen or robbed either from the insured's business premise or whilst it is being carried to or from the bank.

Note: When requesting for our advise, you are to briefly describe the location and type of business.

10. Machinery and Equipment Insurance - Mobile and Immobile

This policy is designed to cover loss or damage to the insured's property caused by any unforseen sudden and accidental cause like Fire and/or lightning, Accidental Damage and Theft. Extension of cover can also be requested with additional premium for perils like Strike Riot and Civil Commotion, Subsidence and Landslip, Sinking, Working on Water borne vehicle, Loss of parts and Working off-shore.

Note: When requesting for our advise, you are to briefly describe the machine or equipment and type of business.

11. Marine Policy

This policy indemnifies the Assured against the loss of Cargo whilst in transit from Warehouse to Warehouse basis caused by perils insured. The Marine Policy is suited for shipment of goods by Air, Sea and Inland and the policy must be arranged before the commencement of the shipment of the insured cargo.

Note: When requesting for our advise, you are to briefly describe the type of goods to be carried and its destination to or from.

12. Public Liability Policy

This policy is designed to protect the insured in respect of his legal liability to pay compensation for accidental bodily injury to or accidental damage to property of the other person caused by or through the negligence of the insured or his employees or by any defect in the premises owned or any defects in the ways, work of the insured. The policy also pays for the litigation costs and expenses for defense that are incurred with the written consent of the company insuring. It is important to select an adequate sum insured to protect their interest. Many businesses and enterprises have a need for this cover like Restaurant, Car Park, Complexes, Construction Sites, Jetty, Hotel, Signboard, Oil & Gas Industry, Condominium & Apartments and a lot more.

Note: When requesting for our advise, you are to briefly describe the location and type of business.

13. Contractor All Risk Policy

This is a specially designed policy to cover the insured against loss or damage in respect of contract works, construction plant and machineries as well as against third party claims in respect of property damage or bodily injury arising in connection with the execution of a project. The policy may be concluded by the principal or by the contractor engaged. Since this is an All Risk cover, every hazard is covered which is not specifically excluded in the policy. This also mean any sudden and unforseen loss or damage occurring during the period of insurance will be indemnified.

Note: When requesting for our advise, you are to briefly describe the location and type of work.

14. Immigration Bond and Foreign Workers Compensation Scheme

This is an Insurance Guarantee required by The Immigration Department from Employers as a Security Deposit for the employment of Foreign Workers in various sectors under Regulation 21 of the Immigration Regulation.

Under Section 26 of the Workmen's Compensation (Amendment) Act 1996, it is also mandatory for Employers to insured all the Foreign Workers employed by them under the Foreign Workers Compensation Scheme with Panel Of Insurer approved by The Labour Department.

Note: When requesting for our advise, you are to briefly describe the foreign worker's nationality and type of work.

15. Product Liability Insurance

This policy is designed to protect Insured (Manufacturer, Distributor, Importer, Exporter, etc) against their legal liabilities arising from injury or damage sustained by purchasers or users of the products. The policy cover anywhere within the Territorial Limit stated in the policy. Cost and expenses in the defense or settlement of any claim with the insurer's consent will be covered provided that the aggregate for all claims under the policy is not more than the limit of Indemnity of the Policy.

Note: When requesting for our advise, you are to briefly describe the type of goods and its territorial limit required.

16. Trade Credit Insurance

This policy is designed to protect Insured (Manufacturer, Distributor, Importer, Exporter, etc) against debtors that may arise from their daily business transaction. Any potential claim that arises will be covered provided that the aggregate for all claims under the policy is not more than the limit of Indemnity written in the Policy.

Note: When requesting for our advise, you are to briefly describe the type of goods and its territorial limit required.