Category: Specialised Risks

Oil & Gas, Independent Power Producers (IPP), Aviation, Marine Hull, Liability Products involving Product Liability, Professional Liability, Directors & Officers Liability, Errors & Ommissions, Medical Malpractice, Project Professional Liability, …….

Energas Captive Insurance captured its A rating

Energas Insurance (Labuan) Limited (Energas), the Captive Insurer of Malaysian energy giant, Petronas National or PETRONAS was granted an “A” (excellent) financial strength rating from AM Best. A.M. Best Co. has assigned a financial strength rating of A (Excellent) and…

Labuan Captive Insurer…… from reinsurance captive to fronting insurer?

Labuan Offshore Financial Services

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…

Piracy update – Effect of US Executive Order on ransom payment

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…

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…

FM Global is now a Labuan Offshore Financial Services’ registered reinsurer!

FM Global

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’…

A single-Project (Design & Construct) Professional Indemnity prerequisite……

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…

What do you mean by FRONTING a risk?

fronting the insurance risks

  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…

SEX INSURANCE…. Don’t leave your spouse alone without one!

Sex for insurance and insurance for sex

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…

Noordin Mohd Top, provocateur in Terrorism Insurance….

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…

The x% factor in Incidental Wet Risks as prescribed in the Engineering Proportional

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…