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 Auld Lang Syne 2011 and Happy New Year 2012! We are arriving at the doorsteps of 2012, so Malaysia Insurance Online wishes to thank you guys for faithfully arriving at our site in 2011 and hope you guys would be likewise doing so faithfully for the new year 2012. But, please do it with zest and be active commenting on the blogposting…. as we need feedbacks for further improvement. Taking this opportunity we...
Share Is your company providing coverage extension for overseas location? What about extension for Customers’ premises and Suppliers’ premises in respect of Business Interruption or Consequential Loss Insurance cover? The recent massive flooding in Thailand has caused havoc to reinsurers operating within the region. Expected insurable losses amounted to some USD19.5 billion (Thailand’s Office of Insurance Commission). Issues relating to Solvency Margin and Inadequacy Capital Many Thai insurers are already facing solvency problem with...
Share In US and Europe markets it is already a common thing for insurers to check various information of individual by “snooping” on to the social media platforms as a form of intelligence gathering. Insurers use of social media for anti-fraud purposes is no more a violation of privacy than the way other companies use such information for marketing and other purposes. The problem is that the concept of what is public and private has changed, and...
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 Issues of non-disclosure, concealment or misrepresentation of Material Facts A common confrontational piece between insurer and assured - in the guise of non-disclosure, misrepresentation or concealment of material facts, which in this case (outlined below) under discussed here was about the health aspects of the life assured. She bought the insurance without declaring that she has anemia….. there was no medical checkup since sum assured was below the threshold. She subsequently passed away due to a heart attack, nothing...
Share It is welcome news for the insurance industry that Site Safety Supervisor is a requirement at construction sites. No doubt this should improve safety at site for workers specifically and ensure safety for the public in general but unsure how this implementation could improve claim ratios for insurer in respect of Contractor’s All Risks, Erection All Risks, or construction plant & machinery Insurance policy. Site Safety Supervisors are definitely not going to be...
Share Overseas tax applicable on reinsurance premium This writeup is really for those who are engaged in reinsurance functions; treaty and facultative alike. It is normal for us to charge a 1.25% (back in 2007 and before we charged 1.40%) on the amount of premium reinsured to foreign insurers. We were so used to imposing this tax levy whenever we have dealings with foreign reinsurers, unless they have a branch licensed to operate within...
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