Bush or Lalang fire. In consideration of an additional premium, the Company hereby agree and declare that notwithstanding anything to the contrary contained in Condition 8(i) of the Policy, the insurance is extended under Item No………… to cover loss or damage caused by bush/lalang fire (provided that during the currency of this Policy every reasonable effort shall be made to keep the Insured’s ground free from lalang and undergrowth). Subject otherwise to the terms and conditions of the policy.
The following are some excerpts from the meeting relevant to the insurance industry:
During the meeting MyCC Chairman, Tan Sri Dato’ Seri Siti Norma Yaakob requested some clarifications by Bank Negara Malaysia (BNM) in relation to banks or insurance companies breaching the Central Bank’s guidelines. BNM clarified that while no financial penalty will be imposed, in such cases, the bank or insurance company found to be in breach will be required to refund the money to the consumer or replace the product. According to BNM, it holds the bank and insurance companies responsible over the actions of their agents.
This is the latest development in regards to the insurance settlement of the loss of jet plane, Boeing 777 – 200ER. We understood from the market that the jet (also referred to as the Hull in the insurance sense) is insured on a Hull All Risks basis for USD100 million, which usually is on an agreed value basis. Of course, in addition to this Hull’s sum assured there are others, like legal liability to third-party including passengers, personal injury, medical related expenses, cargo and mail legal liability, baggage & personal effects, premises, hangar-keeper & product liability. … all of these categories are subject to a combined single limit, which we think should be in the region of USD420 million. In addition too Hull War risks are covered to an agreed value similar to the Hull value, i.e. USD100 million. To sum all these sum assureds up, we should get: