Specialised Risks

Pardon my ignorance! But seriously…. very few practitioners actually knew about a major change having made to the section 140(1) of  Malaysian Insurance Act 1996 back in March 2009. Let’s revisit relevant subsections of section 140 of the Insurance Act prior to 31st March 2009: Section 140 Insurance Act 1996 – Insurance of property...
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What impact will the new US Executive Order have on piracy in Somalia? (Adapted from an article written on May, 5 by Jai Sharma, director of Casualty & GA Department, Dolphin Maritime and Aviation Services Ltd) In spite of attempts to control piracy off Somalia, it continues to be a major issue for shipowners...
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The subject of piracy has been the subject of much debate given the numerous hijackings off Somalia and elsewhere over the last 18 months or so.   As far as we are aware, none of these cases have resulted in any decisions in the English Courts until the recent decision from the High Court...
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FM stands for Factory Mutual - basically FM is a mutual insurance company with headquarter in Johnston, R.I., US. Globally, FM is known as FM Global, to some, it’s FMG. I have came across the FM Global’s Industrial All Risks’ (IAR) wordings (the Large & Specialised Risks’ (LSR) version) throughout the last three years,...
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Your company is the owner of the project with one of the main building having just collapsed, or something like the collapsed roof belonging to the Terengganu Stadium (The Sultan Mizan Zainal Abidin Stadium). On the other hand, what if you are the contractor or consultant for that project…. probably having many nightmares by...
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  Having sat in numerous meetings involving discussions on subjects relating to Risk-based Capital (RBC) and Risk Management & Compliance (mainly to do with the BNM’s directive in respect of JPI/GPI 22) I noticed people having differing understanding and opinion when articulating the subject concerning “fronting” a risk. In this blog I am not...
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Lesson on NEW PRODUCT DEVELOPMENT When my boss directed me to come up with a product that must eventually make it as the best selling insurance product of all times, I was bewildered…. by the way he sarcastically thought so highly about me! Is there such an insurance product? Where am I to find...
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The masterful bomber and artful dodger who escaped many attempts to capture him is finally dead! Noordin Top is a Malaysian and his presence in Indonesia helped raise the splinter group of the Jemaah Islamiah (JI) which handed numerous bombings around Bali and Jakarta. It also helped to spice up the Malaysian anti-sentiment among...
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Yesterday’s negotiation seeking the amendments of the “Wet Risks” exclusion wordings draw a flak with the lead reinsurers not giving way…. My intention was basically to get them to agree to the characteristics of wet risks which I have outlined in my blog of date 29 August 2009 – reiterating here in the following...
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Is the project site on or near any water filled environment? What is the percentage of the contract value that is of wet elements? Does the project has any incidental wet elements or is the whole project being a wet risk? Looks like this underwriter is making himself an impediment in the negotiation process. But...
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