Insurance covers concerning Property and Pecuniary classes
Share Providing a STOCK-THROUGHPUT INSURANCE COVER or avoiding it? Excluding stock-throughput coverage in a Marine Insurance reinsurance treaty agreement is a norm. However, if you check with your peers the exact nature or meaning of what stock-throughput means, nobody seems to be able to explain…. Some said, there is a prolonged storage extension (i.e., 120 days extension) to the storage after and before the marine voyage. Some commented the voyage involves factory-liked processes or...
Share Talents for the country in the making Sanction Clause on an expansionary mode I have numerous discussions with my reinsurance brokers as well as my lead reinsurer lately, the main subject was on the appropriateness of sanction clause being imposed in NON-MARINE related treaty reinsurance. Treaty reinsurers are now pushing hard to have the clause inserted into all non-marine treaty. Currently most if not all MARINE related treaty programmes are imposed with Sanction...
Share This posting is about Legal Liability to Passengers (LLP) or in simple term, “Passenger Liability” – talks about what’s being covered and what’s not, including the insurers’ obligation under the Road Transport Act (RTA) to cover passenger liability in identified situation and circumstances. When I first wrote a posting on Passenger liability: Your kids are not covered……. a year ago little did I know there would be more than 1,600 over hits on...
Share The Sanction Clause as what Malaysian insurers called it has effectively found its place in the industry on 1st April 2011. What exactly is this Sanction Limitation and Exclusion Clause or Sanction Clause in short? This Sanction Clause had on 1st April 2011 found its place in the Malaysian insurance industry especially where marine related policies were concerned. Most foreign insurers seemed to have steadfastly adopted this clause in particularly Japanese dominant insurers, however, most local...
Share 348 agents to process illegal foreign workers‘ applications for the purpose of legalising them in a biometric-system-driven programme or Program 6P And the General Insurance companies and Takaful Operators are going to be a part of these 348 agents….. But is this a strategic move for the industry? First of all, isn’t this some BREAKING NEWS for the industry? Or you are asking me…. “You mean the insurers are now able to provide...
Share How To Determine The Market Value of Your Motor Vehicle For Insurance? Check no further…. read this; it is from the Central Bank, The Consumer & Market Conduct Department…. Insurers and Takaful operators must ensure that they (including their agency channel) provide the necessary market value advisory services in respect of advising their customers (those within the CONSUMERS category) on the correct value to insure. Customers should be given the necessary advices along...
Share What does Trade Credit Insurance means to business organisations, in particularly for those that operate in Malaysia? Trade Credit Insurance was developed to provide solutions to inherent risk of buyers defaulting and/or insolvency. Trade Credit Insurance is also a financial risk management tool which covers the losses sustained by a firm because of the non-payment of a trade debt.It is really about according protection to a business organisation’s trade receivables….. The following are...
Share At times we may be requested to issue a Contractors’ All Risks policy in Malaysia to insure an overseas’ risk, either the risk being an incidental part of the main risk or it is the main risk itself. Usually is more incline to the latter. Under such circumstance, it is important to take note of the policy jurisdiction from two aspects as it is normal for underwriters to forget about section II in...
Share Piracy at sea hit an all-time high in the first three months of 2011, with 142 attacks worldwide, the International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) global piracy report revealed. The IMB said the “sharp rise was driven by a surge in piracy off the coast of Somalia, where 97 attacks were recorded in the first quarter of 2011, up from 35 in the same period last year. “Worldwide in the...
Share Life Insurance Underwriting Life insurance underwriting is a crucial process for determining the risk profile and estimating the premium amount of a policyholder. The underwriting guidelines for insurance companies may differ from one another. When you purchase any type of insurance quote, be it life, health or motor insurance, you might have come across the underwriting process. Underwriting can be considered as a procedure to scrutinize an applicant, whether he/she is eligible for...
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