AXA Fire Insurance For Strata-Titled Properties

19/05/2022

Manufacturing Insurance and Warehouse Insurance
Enquiry Via ACPG Whatsap +6011-12239838

ACPG Whatsapp Team
http://wasap.my/+601112239838/Manufacturinginsurance
Manufacturing Industry
Insuring your needs while providing services that help control costs and reduce ongoing risk

The manufacturing industry is one of the most diverse, with a myriad of products requiring different production methods, sold to different markets, and facing different opportunities for innovation and economic performance.

From the production line to the export market, the risks they face are almost as broad, forcing manufacturers to work harder and smarter to maintain competitiveness.

ACPG principal insurers offers the widest range of policies for the manufacturing industry in the Malaysia market, backed by the knowledge and expertise of our experienced underwriters, loss prevention engineers and claims staff, giving Malaysia businesses the confidence to expand and grow both at home and internationally.

Commercial & Industrial Fire
This product covers accidental physical loss, destruction or damage to property insured other than by an excluded cause and subsequent income loss resulting from such interruption or interference.

Extended Warranty
Our Service Contract Reimbursement program allows you to extend the manufacturers' warranties up to a maximum of five years from the date of purchase for your electrical appliances, mobile devices and furniture with similar manufacturer's protection against structural (furniture), mechanical or electrical failures.

Trade Credit
Trade Credit Insurance protects open account sales - export and domestic - against non-payment resulting from a customer's legal insolvency or protracted default. Apart from protecting the insured's primary source of cash and the accounts receivable, our coverage can potentially enable the insured to expand sales in new markets and offer more competitive terms of sale.

Product Liability Insurance
A manufacturer may be held liable for bodily injury or damage to property of others caused by defective products.

Marine Cargo Insurance
Comprehensive cover against risks of loss or damage of goods in transit from point A to B by sea, air (including courier) and land.

Foreign Workers Scheme
Foreign Workers Insurance Scheme is designed with the understanding that your employees are your assets and that taking good care of your foreign workers will ensure the smooth running and success of your business operations.

Group Personal Accident
This product provides compensation in the event of injuries or death caused by sudden and unforeseen accident. Coverage is provided 24/7. This product is specially customized according to your needs and can be purchased by a company to cover its employees, provided that all employees are included for coverage.

Group Medical
With rising medical costs, you need a medical program that is cost effective to ensure your most valuable asset, your employees are protected.

Business Travel Insurance
In today’s global environment, it is comforting to know that your employees can travel with peace of mind with our comprehensive

Group Travel Insurance. Whatever your employees’ travel patterns, we have plans that offer an extensive array of coverage that provides travel protection.

Management Liabilities
Provides the most innovative and extensive insurance for your directors and officers.
Commercial Crime
Protection against fraud, dishonesty, third party computer and funds transfer fraud.

Environmental Impairment Liability
Environmental insurance provides customers with the broad coverage they need to adequately protect their business from the continuously changing environmental landscape.

Public Liability
Public Liability provides indemnity to an Insured for his legal liabilities as well as legal liabilities of his representatives and employees arising in connection with the Insured’s business, carried out at and from the specific place of business.

Workmen's Compensation and Employers Liability
An employer may be legally liable to provide compensation to his workers and their dependents for personal injury/death by accident arising out of and during the course of employment. This covers the employer for such liabilities.

Comprehensive General Liability
Businesses have a duty of care to their customers, as well as to the general public. Legal defence and compensation costs that follow an accident or injury caused by your company’s activities can be crippling.

General Liability cover from ACPG principal insurers ensures that the injured party receives fair compensation without putting your business at risk.

Oil and Gas Service Contractors
Oil and Gas Service Contractors in the ASEAN Region (OSCAR) fulfills the insurance contractual requirements of general oil and gas contractors. It provides comprehensive cover for Workmen's Compensation and Employer Liability and General Liability for oil and gas contractors working onshore and/or offshore.

Malaysia Insurance Corporate Agency
ACPG Management Sdn Bhd (Insurance Biz since Year 1989)
Head Office
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri, Cheras,
55100 Kuala Lumpur, Malaysia.
http://www.acpgconsultant.com
+603-92863323, +6011-12239838, +6012-6489838
For more information or quotation enquiry, please contact our ACPG Whatsapp Team
http://wasap.my/+601112239838/ACPGinsuranceenquiry

04/05/2019

Public Liability Insurance Malaysia
WhatsApp +6011-12239838
Arranged By
ACPG Management Sdn Bhd
http://wasap.my/+601112239838/PublicLiabilityinsurance

Alert for Responsible to arrange Public Liability Insurance Policy for all Renovation project, Event project, Exhibition project, Concert project, Construction project and all others public outlets for third party Liability coverage.

Renovation Public Liability Insurance Malaysia
Event Public Liability insurance Malaysia
Contractor All Risk Insurance (CAR) Malaysia
Er****on All Risk Insurance (EAR) Malaysia
Renovation Public Liability Insurance Malaysia
Installation Public Liability Insurance Malaysia
Public Liability Insurance Malaysia
Workmen Compensation Insurance (WC) Malaysia
Foreign Worker Insurance Malaysia
Construction Third Party Liability Insurance Malaysia
Legal Liability Insurance Malaysia
Third Party Liability Insurance Malaysia
Shopping Mall Public Liability Insurance Malaysia
Signboard Public Liability Insurance Malaysia
Road Banting Public Liability Insurance Malaysia
Building Property Public Liability Insurance Malaysia

Expertise in Public Liability Insurance Malaysia
Arranged By
ACPG Management Sdn Bhd
(Insurance Business since year 1989)
Head Office
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri, Cheras,
55100 Kuala Lumpur, Malaysia.
[email protected]
www.acpgconsultant.com
+603-92863323
+6011-12239838



****onAllRiskInsuranceMalaysia

09/04/2019

@ ACPG Celebration 30 Years Anniversary (1989-2019)

Why ACPG is Your Right Choice as Risk Management and Insurance Solution Advisory Service Provider.

We ACPG since Year 1989 in Insurance Industry and more than 30 years wide insurance knowledge experience.

Call Us ACPG Today For Insurance Advice 03-92863323
Our Whatsapp Team 011-12239838

ACPG WhatsApp Team
http://wasap.my/+601112239838/insuranceadvice

Walk in or Visit for Insurance Advice at
ACPG Head Office
ACPG Management Sdn Bhd
(Business since Year 1989)
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri,
55100 Kuala Lumpur, Malaysia.
03-92863323
012-6489838

5 Characteristics of Good Insurance Agents or Broker Agency

When you or your company are thinking of buying an insurance plan, do you struggle with finding the right policy? In that case, the first thing you should do is find a good insurance agent or Broker agency who is capable of guiding you in choosing the best plan that fits your needs, and budget.

Just like finding an accountant or a lawyer, selecting the right insurance agent to take care of you is an important decision.

You or your company need to look for someone that is trustworthy, reliable, knowledgeable, and comfortable for you to work with in building a long-term relationship. Here are the 5 key characteristics you should consider when choosing an insurance agent or broker agency.

1. Takes time to know you & your needs**

A good agent or broker agency always puts your needs first. They will:

a) Listen and empathise with you to understand what you really need before recommending any policy to you.

b) Conduct a thorough risk assessment on your life cycle stage before helping you to tailor a plan that suits you specifically while helping you to maximise protection with minimum cost.

c) Work with you or your company on a long term basis and understand that it all starts with knowing you and your needs.

2. Assist you or your company to make informed decisions

It is the agents’ or Broker agency duty to understand your or your company needs and present you with the most relevant information and suitable options so that you can make the best decision. Good insurance agents or Broker agency are able to explain complicated product information to you in the simplest manner. You can always ask the agents or Broker agency about the rationale behind the recommended plan and coverage. This is important in giving you a complete picture and assisting you to choose the plan that not only delivers the most value for your money but also covers your most relevant risks.

Honest & trustworthy**

Good agents or Broker agency tell the truth up front. They provide you with comprehensive information without holding back so that you or your company have a complete picture of the plan. They always put themselves in your shoes and act in your best interests. This is because they understand that a strong sense of integrity is necessary to win your respect, repeat business and word-of-mouth recommendations over time.

5. Extensive insurance knowledge**

A good agent or Broker agency knows much more than how to sell an insurance plan. They go through years of hard work to equip themselves with in-depth industry and sound product knowledge. They also possess financial management expertise to ensure that the plan they recommend fits into your overall financial situation. There are an increasing number of insurance agents or Broker agency that hold professional qualifications who will be also able to offer you a full-fledged risk management and insurance solution services.

There may be many considerations when choosing an insurance plan. That makes finding a good insurance agent or broker agency the crucial first step in getting the right insurance protection.

ACPG had more than 30 years insurance industry experience and provides our teams with special training so that they are equipped with the right skills, knowledge, values and attitude required in assisting you or your company to choose the right type of coverage.

ACP Group of companies (ACPG) is a locally owned company established in year 1989. The company is co-founded by Anthony Chin and his wife, Anna Sim, and has since grown into a multi-million dollar operation based on perseverance and hard work along with our trusted and loyal employees. Our vision is to be the preferred insurance service provider in Malaysia and to be one of the industry leaders in the region.

As we continue to develop in our knowledge and respect within the industry, we strive to help the community to better manage the risks of daily life by providing insurance products at fair prices, settling claims fairly and promptly, and delivering value-added service to our customers.

Need help in getting the best insurance protection? Contact ACPG Whatsapp Team today!

WhatsApp Team
http://wasap.my/+601112239838/insuranceadvice

Walk in or Visit for Insurance Advice at
ACPG Head Office
ACPG Management Sdn Bhd
(Business since Year 1989)
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri,
55100 Kuala Lumpur, Malaysia.
03-92863323
012-6489838

27/11/2018

26 November 2018 Monday

Workshop Training Program at Tunku Abdul Rahman University College (TAR University College)
Batch 261118A

ACPG Management Sdn Bhd (ACPG)Corporate News.

ACPG CEO and Founder Mr Anthony Chin appointed by Tunku Abdul Rahman University College as Chief Facilitator to Conduct Customise Workshop on Topic
" Malaysia Insurance Industry Overview Shared By ACPG
" for TAR University College students and Trainees from One of The Largest Japan Life Insurance Group, Workshop conducted by ACPG Management Sdn Bhd at the Tunku Abdul Rahman University College Kuala Lumpur Main Campus.

Japan Life Insurance Group send their Senior Division Head and Trainee for their Global Leadership and Development Training Program at Tunku Abdul Rahman University College for 3 weeks oversea training program.

The customise workshop training programme leading by ACPG Founder Mr Anthony Chin.

Mr Anthony Chin personal profile as below

Mr Anthony Chin,CEO, ACPG Management Sdn Bhd.
29 years experience in Malaysia insurance industry n marketing and management training program.

More than 29 years of experience in Financial Management and Business Development.
Former Senior Management in charge Asia Pacific Market from Hong Kong Public Listed Companies and Malaysia Public Listed Companies.

Appointed as Marketing and Corporate Training Consultant by a multitude of financial groups.
More than 1000 experience-sharing talks attended by sell-out audience.
Founder of “Power of Truth” Success Training Programme.
Founder and Principal Consultant of Malaysia Medical Insurance Organization (MMI).
Founder and Principal Consultant of Malaysia JMB Insurance Organization (JMBIM).
Appointed as Professional Insurance Instructor and Facilitator by Tunku Abdul Rahman University College (TARUC)

Workshop Held at
Tunku Abdul Rahman University College DKE Concourse, Block W,Kuala Lumpur Main Campus Jalan Genting Kelang,Kuala Lumpur, Malaysia

Corporate News.

Shared by
ACPG Management Sdn Bhd
Malaysia Experience Risk Managment Insurance Services Provider
158-3-7, Blok 158, Kompleks Maluri,Jalan Jejaka, Taman Maluri,55100 Kuala Lumpur, Malaysia.+603-92863323
[email protected].
www.acpgconsultant.com

01/08/2018

25 July 2018 Wednesday

Workshop Training Program at Tunku Abdul Rahman University College (TAR University College)
Batch 250718B

ACPG Management Sdn Bhd (ACPG)Corporate News.

ACPG CEO and Founder Mr Anthony Chin appointed by Tunku Abdul Rahman University College as Chief Facilitator to Conduct Customise Workshop on Topic "Global Business Person Final Presentation " for TAR University College students and Trainees from One of The Largest Japan High Technology Manufacturing Nabtesco Group of Company Japan, Workshop conducted by ACPG Management Sdn Bhd at the Tunku Abdul Rahman University College Kuala Lumpur Main Campus.

Nabtesco Japan Group send their Senior Division Head and Trainee for their Global Leadership Training Program at Tunku Abdul Rahman University College for 3 weeks oversea training program.

The customise workshop training programme leading by ACPG Founder Mr Anthony Chin.

Mr Anthony Chin personal profile as below

Mr Anthony Chin,CEO, ACPG Management Sdn Bhd.
29 years experience in Malaysia insurance industry n marketing and management training program.

More than 29 years of experience in Financial Management and Business Development.
Former Senior Management in charge Asia Pacific Market from Hong Kong Public Listed Companies and Malaysia Public Listed Companies.

Appointed as Marketing and Corporate Training Consultant by a multitude of financial groups.
More than 1000 experience-sharing talks attended by sell-out audience.
Founder of “Power of Truth” Success Training Programme.
Founder and Principal Consultant of Malaysia Medical Insurance Organization (MMI).
Founder and Principal Consultant of Malaysia JMB Insurance Organization (JMBIM).
Appointed as Professional Insurance Instructor and Facilitator by Tunku Abdul Rahman University College (TARUC)

Workshop Held at
Tunku Abdul Rahman University College DKE Concourse, Block W,Kuala Lumpur Main Campus Jalan Genting Kelang,Kuala Lumpur, Malaysia

Corporate News.

Shared by
ACPG Management Sdn Bhd
Malaysia Experience Risk Managment Insurance Services Provider
158-3-7, Blok 158, Kompleks Maluri,Jalan Jejaka, Taman Maluri,55100 Kuala Lumpur, Malaysia.+603-92863323
[email protected].
www.acpgconsultant.com

07/05/2018

Malaysia Strata Title Building Insurance, Malaysia Strata Title Fire Insurance, Malaysia Strata Title JMB Liability Insurance

Malaysia JMB Insurance Organization (JMBIM)
Your Trusted Malaysia Largest Strata Title and JMB Insurance Risk Management Advisory Organization
Head Office
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri, Cheras,
55100 Kuala Lumour, Malaysia.
(O) +603-9286 3323
(F) +603-9282 3232
(E) [email protected]
(W) www.jmbinsurance.com.my
(FB) www.facebook.com/jmbinsurance

Exclusively Designed for JMB's or MC only
(Joint Management Body or Management Corporation),
Strata Title Property Insurance and Property Management Liability Insurance

Arranged by
Malaysia JMB Insurance Organization (JMBIM)
Your Trusted Malaysia Largest Strata Title Insurance and JMB Liability Insurance Risk Management Advisory Organization

Strata Title Property Insurance and Property Management Liability Insurance

The Building and Common Property (Maintenance and Management) Act 2007(" The Act") coming into force on 12 April 2007 in the Peninsular Malaysia.

The powers and duties of the JMB are enumerated by Section 8 of the Act which stated
8. (1)(c) 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;
8. (1)(d) to apply insurance moneys received by the Body in respect of damage to the building for the rebuilding and reinstatement of that building;
8. (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 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
Rent Clause

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
(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 & Ommission 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.
N/B The policy should be placed immediately after the formation of the JMB.

Strata Title Risks Solution:

Products Offered:
Fire Insurance
Fire Consequential Loss Insurance
All Risk Insurance
Crime Insurance ( Burglary & Money Insurance)
Plate Glass Insurance
Machinery Breakdown Insurance
Public Liability Insurance
Property Terrorism
Error & Omission or Professional Indemnity for Joint Management Body (JMB) or Management Corporation (MC).

Malaysia JMB Insurance Organization (JMBIM)
Your Trusted Malaysia Largest Strata Title and JMB Insurance Risk Management Advisory Organization
Head Office
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri, Cheras,
55100 Kuala Lumour, Malaysia.
(O) +603-9286 3323
(F) +603-9282 3232
(E) [email protected]
(W) www.jmbinsurance.com.my
(FB) www.facebook.com/jmbinsurance

07/05/2018

Malaysia Strata Title Insurance Hotline +6011-12239838

Malaysia Strata Insurance
Shared By
Anthony Chin
Chairman of JMBIM
Malaysia JMB Insurance Organisation (JMBIM)
www.jmbinsurance.com.my
+603-92863323
+6011-12239838 (Whatsapp)

Malaysia Strata Insurance, Malaysia Strata Title Insurance, Malaysia JMB Insurance,
Residential or Commercial strata insurance, also called body corporate insurance, covers common contents and property under the management of a strata title or body corporate entity.

Owners of strata units typically share the premium costs of strata insurance as part of their strata fees and liabilities.

Strata insurance is mandatory and must also provide public liability covering people that may be injured on common property.

Each state and territory has different legislative requirements that deal with insurance for strata title properties.

Check that your insurance meets those legislative requirements. Your Body Corporate has a duty to insure the property and make sure the policy purchased meets the minimum legislative requirements.

What does strata insurance cover?
Strata insurance generally covers the building and common property and contents as defined on the title for the property.

This might include common areas, garden equipment, wiring, lifts, swimming pools, car parks, walls, windows, gardens, ceilings and floors. These policies often have to cover common property that the average home policy does not.

Other common property that you might find is covered under strata insurance may include some of the fixed parts of your unit, such as ducted air conditioning, but it will not cover everything.

If you own or lease a strata property you should read the policy carefully so that you understand what is not covered in your unit.

What does strata insurance typically NOT cover?
Strata insurance covers only common or shared property and may list certain exclusions, such as coverage against landslip or flood damage, or for the property’s fencing.

It is important to remember this type of insurance doesn’t cover the contents and personal items of unit householder residents.

Make sure you have appropriate contents cover for your belongings, and for those other things strata insurance does not protect.

How much excess should we agree to?
Ask your strata manager or body corporate about the level of excess that has been negotiated with the insurer.

It may help to work out how much it would cost to repair and rebuild the property in the event of a natural disaster, look at the limits in the policy, and work out from that how much excess the owners are prepared to pay.

What factors contribute to the premium?
In general, strata insurance costs the same or less for each unit owner than the premium paid by the owner of a stand-alone residence in the same area.

Each strata insurer develops and offers a unique commercial product in accordance with its underwriting appetite. Some common factors contributing to the premium include:

Mandatory requirements of state-based law
Government taxes on insurance (stamp duty and GST)
The age and condition of the building
The replacement cost of the building
The risk profile of the location
The claims history of the strata complex
The vulnerability of the insured property to an insured event (age, building codes, building design and materials)
Commercial activities carried out on the premises, such as holiday letting
Fee and commissions from agents
The level of excess payment selected by the body corporate, payable at the time of a claim
The costs of common property, for example car parks, stairwells, fire protection systems, lifts and pools.

The Joint Management Body (JMB) or Management Corporation (MC) 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
Rent Clause

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

(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 & Ommission 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.

To find an malaysia insurer that offers these types of policies, please contact JMBIM Hotline +6011-12239838

AIA Malaysia Strata Insurance
Underwritten By
AIA Bhd

AIG Malaysia Strata Insurance
Underwritten By
AIG Malaysia Insurance Berhad

AXA Malaysia Strata Insurance
Underwritten By
AXA Affin General Insurance Berhad

Allianz Malaysia Strata Insurance
Underwritten By
Allianz General Insurance Company (Malaysia) Berhad

AmGeneral Malaysia Strata Insurance
Underwritten By
AmGeneral Insurance Berhad

Berjaya Sompo Strata Insurance
Underwritten By
Berjaya Sompo Insurance Berhad

Etiqa Strata Insurance
Underwritten By
Etiqa Insurance Berhad

Chubb Malaysia Strata Insurance
Underwritten By
Chubb Insurance Malaysia Berhad

Liberty Malaysia Strata Insurance
Underwritten By
Liberty Insurance Berhad

Lonpac Strata Insurance
Underwritten By
Lonpac Insurance Berhad

MPI General Strata Insurance
Underwritten By
MPI General Insurans Berhad

MSIG Malaysia Strata Insurance
Underwritten By
MSIG Insurance (Malaysia) Bhd

The Pacific Strata Insurance
Underwritten By
The Pacific Insurance Berhad

QBE Strata Insurance
Underwritten By
QBE Insurance (Malaysia) Berhad

RHB Strata Insurance
Underwritten By
RHB Insurance Berhad

Tokio Marine Malaysia Strata Insurance
Underwritten By
Tokio Marine Insurans (Malaysia) Berhad

Zurich Malaysia Strata Insurance
Underwritten By
Zurich Insurance Malaysia Berhad

Malaysia JMB Insurance Organization (JMBIM)
Your Trusted Malaysia Strata Insurance and JMB Insurance Risk Management Advisory Organization
Head Office
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri, Cheras,
55100 Kuala Lumour, Malaysia.
(O) +603-9286 3323
(F) +603-9282 3232
(E) [email protected]
(W) www.jmbinsurance.com.my
(FB) www.facebook.com/jmbinsurance

Malaysia Strata Title Insurance Hotline +6011-12239838

Malaysia Strata Insurance
Shared By
Anthony Chin
Chairman of JMBIM
Malaysia JMB Insurance Organisation (JMBIM)
www.jmbinsurance.com.my
+603-92863323
+6011-12239838 (Whatsapp)

Malaysia Strata Insurance, Malaysia Strata Title Insurance, Malaysia JMB Insurance,
Residential or Commercial strata insurance, also called body corporate insurance, covers common contents and property under the management of a strata title or body corporate entity.

Owners of strata units typically share the premium costs of strata insurance as part of their strata fees and liabilities.

Strata insurance is mandatory and must also provide public liability covering people that may be injured on common property.

Each state and territory has different legislative requirements that deal with insurance for strata title properties.

Check that your insurance meets those legislative requirements. Your Body Corporate has a duty to insure the property and make sure the policy purchased meets the minimum legislative requirements.

What does strata insurance cover?
Strata insurance generally covers the building and common property and contents as defined on the title for the property.

This might include common areas, garden equipment, wiring, lifts, swimming pools, car parks, walls, windows, gardens, ceilings and floors. These policies often have to cover common property that the average home policy does not.

Other common property that you might find is covered under strata insurance may include some of the fixed parts of your unit, such as ducted air conditioning, but it will not cover everything.

If you own or lease a strata property you should read the policy carefully so that you understand what is not covered in your unit.

What does strata insurance typically NOT cover?
Strata insurance covers only common or shared property and may list certain exclusions, such as coverage against landslip or flood damage, or for the property’s fencing.

It is important to remember this type of insurance doesn’t cover the contents and personal items of unit householder residents.

Make sure you have appropriate contents cover for your belongings, and for those other things strata insurance does not protect.

How much excess should we agree to?
Ask your strata manager or body corporate about the level of excess that has been negotiated with the insurer.

It may help to work out how much it would cost to repair and rebuild the property in the event of a natural disaster, look at the limits in the policy, and work out from that how much excess the owners are prepared to pay.

What factors contribute to the premium?
In general, strata insurance costs the same or less for each unit owner than the premium paid by the owner of a stand-alone residence in the same area.

Each strata insurer develops and offers a unique commercial product in accordance with its underwriting appetite. Some common factors contributing to the premium include:

Mandatory requirements of state-based law
Government taxes on insurance (stamp duty and GST)
The age and condition of the building
The replacement cost of the building
The risk profile of the location
The claims history of the strata complex
The vulnerability of the insured property to an insured event (age, building codes, building design and materials)
Commercial activities carried out on the premises, such as holiday letting
Fee and commissions from agents
The level of excess payment selected by the body corporate, payable at the time of a claim
The costs of common property, for example car parks, stairwells, fire protection systems, lifts and pools.

The Joint Management Body (JMB) or Management Corporation (MC) 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
Rent Clause

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

(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 & Ommission 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.

To find an malaysia insurer that offers these types of policies, please contact JMBIM Hotline +6011-12239838

AIA Malaysia Strata Insurance
Underwritten By
AIA Bhd

AIG Malaysia Strata Insurance
Underwritten By
AIG Malaysia Insurance Berhad

AXA Malaysia Strata Insurance
Underwritten By
AXA Affin General Insurance Berhad

Allianz Malaysia Strata Insurance
Underwritten By
Allianz General Insurance Company (Malaysia) Berhad

AmGeneral Malaysia Strata Insurance
Underwritten By
AmGeneral Insurance Berhad

Berjaya Sompo Strata Insurance
Underwritten By
Berjaya Sompo Insurance Berhad

Etiqa Strata Insurance
Underwritten By
Etiqa Insurance Berhad

Chubb Malaysia Strata Insurance
Underwritten By
Chubb Insurance Malaysia Berhad

Liberty Malaysia Strata Insurance
Underwritten By
Liberty Insurance Berhad

Lonpac Strata Insurance
Underwritten By
Lonpac Insurance Berhad

MPI General Strata Insurance
Underwritten By
MPI General Insurans Berhad

MSIG Malaysia Strata Insurance
Underwritten By
MSIG Insurance (Malaysia) Bhd

The Pacific Strata Insurance
Underwritten By
The Pacific Insurance Berhad

QBE Strata Insurance
Underwritten By
QBE Insurance (Malaysia) Berhad

RHB Strata Insurance
Underwritten By
RHB Insurance Berhad

Tokio Marine Malaysia Strata Insurance
Underwritten By
Tokio Marine Insurans (Malaysia) Berhad

Zurich Malaysia Strata Insurance
Underwritten By
Zurich Insurance Malaysia Berhad

Malaysia JMB Insurance Organization (JMBIM)
Your Trusted Malaysia Strata Insurance and JMB Insurance Risk Management Advisory Organization
Head Office
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri, Cheras,
55100 Kuala Lumour, Malaysia.
(O) +603-9286 3323
(F) +603-9282 3232
(E) [email protected]
(W) www.jmbinsurance.com.my
(FB) www.facebook.com/jmbinsurance