Insurance
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Commercial Insurance

Whatever your insurance needs, we have the tools and expertise to help you select a plan that works for you. We can provide valuable information about insurance; the risks that make it necessary to protect you and more importantly to secure competitive rates to reduce your overall costs.

We can help to identify and customize solutions with the most effective blend of risk mitigation to complement to the clients' insurance requirements.

Please click on the risks below for more information :

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OVERVIEW OF EXPOSURES

1. Property/Assets

a)  Fire Insurance

To safeguard the property owned by the business such as buildings, plants,equipment and machinery, stocks in trade, furniture, fittings and fixtures against damages caused by fire, lighting, natural disasters and others extraneous perils. Only a sound and well-designed Fire Insurance Policy will cover against all the exposures.

b)  Consequential Loss Insurance

Besides insuring fire and perils arising from such damage or loss, LOSS OF PROFIT can be covered under the Consequential Loss Policy. This policy covers your CONTINUED OVERHEAD EXPENSES such salary, mortgage/financial repayments and other fixed costs and nett profits from the business. INCREASE IN COST OF WORKING necessarily incurred to overcome or minimize the effects of damage on the business such as renting of temporary premises, hiring of machinery or extra labour costs.

c)  Industrial All Risks

Large industries over RM50 million can be arranged to cover under the Industrial All Risk Insurance instead of the normal fire insurance. The policy extends to cover any accidental physical loss destroyed or damage except the excluded causes. Consequential Loss to cover your loss of profits similar to fire insurance. .

d)  Equipment All Risks

The policy covers Fire, Theft and Accidental Damage to equipment, plants, machinery and other miscellaneous equipments.

2. Liability

a)  Directors & Officer Liability

Directors and officers of the company operate in an extremely difficult environment. The fundamental principals governing their conduct have come under increasing judicial and regulatory scrutiny due to the many corporate scandals. Directors & Officers Liability Insurance is designed to protect a director or officer for liability due to breaches of duty resulting from negligence, error or omission.

b)  Product Liability Insurance

A company would be vulnerable to claims when the product it manufactured is harmful, defective in design or its manufacturing process, packaging and/or defective in its attached warnings and instruction, resulting in death, bodily injury or third party property damage. Product Liability Insurance provides cover for damage or compensation to the Insured against his legal liability to third party's property caused by goods sold, supplied, repaired, serviced or test by the insured. Liability can arise either in tort, negligence, and strict liability or in contract.

c)  Public Liability Insurance

Public Liability Insurance is to protect the Insured in respect of his legal liability to pay compensation for accidental damage to property and bodily injuries to the public caused by or through the negligence of the employees or defects in the premises, work away from premises including legal charges and expenses.

d)  Professional Indemnity

Professional Indemnity Insurance is to protect professionals as a result of a breach of their professional duty, negligence and omissions. The basis of liability is mainly breach of contract between the professional and client. Implied condition is the professional will exercise reasonable care and skill failing which may result in losses to the client. Consequently the professional may be sued for negligence.

3. Engineering

a)  Contractors' All Risks

Contractors' All Risks is to insure construction projects such as buildings, road, bridges etc. Accidents occur and can cause extensive financial loss to the contractor and principal. The policy indemnifies the insureds against loss or damage to the insured property at work-site, theft to materials and third liability to the public.

b)  Erection All Risks

Erection All Risks covers erecting mechanical plant and equipment as well as constructing storage tanks, cranes, hoists and any construction or installation involving an engineering or mechanical elements. The policy covers accidental loss or damage, theft and third party liability.

c)  Electronic Equipment

The policy covers your word processors and other electronic equipment against damage or breakdown.

d)  Boiler & Pressure Vessels

Boilers and vessels subject to internal pressure or vacuum would require a separate Policy to cover it against the danger of explosion or collapse. An explosion could cause extensive damage to other surrounding property resulting in legal liability from third party.

e)  Machinery Breakdown

Machinery Breakdown Policy covers breakdown of machinery caused by human error, bad workmanship, and lack of skill, carelessness including faulty design, short-circuiting and explosion. Loss of Profit can be insured following machinery breakdown.

4. Bond/Surety

a) Performance Bond

Bond or Surety guarantees that a business corporation will carry on an obligation to a third party constructing a site according to the contract specifications or the owner or a firm supplying goods within a determined time frame to a third party.

If the contractor or supplier does not fulfill its obligation, the third party can make a claim demanding that the surety company satisfy the obligation or pay the bond penalty. The surety company has the right to reimbursement in the case of a paid loss or claim.

5. Marine

a)  Marine Cargo

Marine cargo insurance is essential to international commerce as it provides protection against unforeseen losses through the perils of the sea or air. We provide different covers to importers and exporters and customize them according to their requirements. Open Cover is recommended whereby all your imports and exports are automatically covered even on occasions when you have overlooked to insure.

The Government is offering double taxation incentive when your marine insurance is effected with locally incorporated insurance company. The other advantage is in the event of a claim, it can be negotiated locally rather than a foreign company whom you are not familiar with.

b)  Marine Hull

Marine Hull is to cover vessels against the risks of Fire and other accidental damages including perils of the sea.

c)  Inland Transit

Inland Transit Insurance is tailored to cover goods that are transported on land by road, rail or inland waterways against accidents, overturning, hijacking and theft, The cover commences from the time the goods leaves the warehouse and terminates upon reaching the final destination. Open Cover can be arranged on the same basis as the Marine Cargo Policy.

6. Employees Benefits

a)  Personal Accident

A worldwide 24 hours Personal Accident Insurance can be effected by an employer to provide compensation to employees in the event of an unfortunate accident resulting in injury or death. The arrangement is to provide financial assistance to the employees or dependants during time of need.

b)  Hospitalization & Health

The employer may provide medical expenses to its employees but it may not be sufficient when there is a serious illness. With the escalating costs of medical care, it will be more cost effective to take up Hospitalization and Health Scheme to cover for any unforeseen or unfortunate illness. The policy covers natural sickness or illness when hospitalized and provides for expenses in respect of treatments or services undertaken by or on the recommendations of physicians or surgeons.

c)  Workmen's Compensation

Workmen's Compensation Insurance provides cover for employees for sums that are required to pay to injured employees under the Workmen's Compensation legislation at Common Law. The policy covers all costs and expenses incurred and to defend you against claims for such compensation.

d) Employer's Liability

The SOSCO (Social Security) provides certain benefits for employment injury and invalidity. However, there are certain grey areas which may still expose the employer to Common Law liability as well as legal expenses towards employees who sustain injuries or disease arising out of and in the course of employment. Award by the court can be high and it is advisable for employers for cover employees under Employers Liability Insurance irrespective of whether they subscribe to SOSCO.

7. Miscellaneous

a)  Burglary

Burglary Insurance to cover your property resulting from theft accompanied by actual, forcible and violent entry into or out of the premises including damage to premises or building due to such theft or attempt thereat.

b)  Money

Money Insurance provides covers in respect of salary, wages, collections and cash deposits whist in transit or kept overnight in locked safe on your premises. Personal Accident can be extended to cover employees in case of injuries or robbery.

c)  Fidelity Guarantee

Employers can sustain loss by all acts of fraud or dishonesty committed by employees. Fidelity Guarantee Insurance is to cover employees who are likely to cause pecuniary loss due to their constant exposure to cash, stocks or other assets.

d) Plate Glass

The adverse trend of theft, arson and malicious damage has increased the awareness to insure against glass damage. Plate Glass Insurance covers breakages of glass or ornamentations (if included) based on the market value of the glass

8.  Motor

Vehicles are expensive necessities and can be covered under different categories depending on your needs and budget. Generally, the following types of insurances are available

•  Comprehensive
•  Third Party, Fire and Theft
•  Third Party

Apart from the standard coverage, policies can be extended to include the following benefits on payment of additional premium:

•  Windscreen Damage
•  Strike, Riot and Civil Commotion
•  Passengers Liability
•  All Drivers
•  Damage from Falling Trees

Flood, Thunderstorm and Earthquake