Category: Claims

Understanding Unearned Premium Reserves (UPR) and Unexpired Risks Reserves (URR)

Consider unearned premium reserves is no different from unexpired risk reserves but in reality there are as adverse loss development is being factored in the actuarial computation

What do you understand between Unearned Premium Reserves (UPR) and Unexpired Risks Reserves (URR)? UNEARNED PREMIUM RESERVES. Simply say and forgetting about the more technical aspect of it, UPR is that portion of premium which is not earned by the…

Insurance Companies Snooping on Twitter and Facebook Accounts?

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…

An Insurance Dilemma in Non-disclosure, Misrepresentation or Concealment of Material Facts

Insurer thinks Assured must adhere strictly to all the instructions

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…

Forensic Services

Forensic Services in Malaysia

Forensic Services (M) Sdn Bhd The word “forensic” is generally misunderstood by the majority of people. This is again largely because of the proliferation of television shows and movies that are produced these days that relate to the forensic gathering…

Check your Insurance Policy Jurisdiction | Overseas’ Risks

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…

Marine Hull Insurance in a Malaysian jurisdiction | Define your Warranty clearly

[ad name=”Google Adsense”]EXPRESSED WARRANTY MUST BE CLEARLY WORDED OTHERWISE IT WOULD BE SUBJECT TO COURTS INTERPRETATION…. freely so to speak! SOON HAI KEE SHIPPING SDN BHD VS. TOKIO MARINE INSURANS (MALAYSIA) BERHAD This so-called bizzare judgment relates to the case…

Punitive Damage Awards |Are these recoverable under Reinsurance Agreement?

What are punitive damage awards? In the context of this posting, punitive damages or what is usually termed as exemplary damages are damages intended to deter the defendant and others from engaging in conduct similar to that which formed the…

Claim lessons in Chinese tea leaves

Is it really very difficult when coming to the subject of determining the value of tea leaves? What about determining the types and grade of those leaves after a loss incident? How can we recognise tea leaves of higher grade…

Driving your Motor Vehicle into Singapore?

It is an offence to enter Singapore without extending passenger-liability cover to your existing motor insurance policy. In Singapore passenger-liability cover is compulsory but Malaysian motor insurance policy has no auto-extension for such passenger-liability (or liability to passenger). Thus, it…

Piracy-ransom payments not contrary to public policy and recoverable!

piracy affecting marine insurance

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…