Asia Insurance Review 22 June 2011
Quote:
"Indonesian maids working in Malaysia will soon be covered by insurance for accidents at work, with benefits of up to RM40,000 (US$13,200) for a premium of as low as RM70 a year"
First, the Foreign Workmen Compensation Insurance, then comes
Foreign Workmen Medical Insurance...Now
Insurance for Indonesia maids (why only Indo maids) ....Next
Your Guess?
Big business opportunities for Agents.
Thursday, June 23, 2011
Wednesday, June 22, 2011
Fire Protection at Construction Sites
Followings are preferred fire and security arrangements at construction sites to minimize the risk of fire occurring:
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1 Proper fence protection of sites and stores
2. Doors & locks to be installed for storage buildings
3.Proper storage of goods and flammable liquids with adequate spacing
4. Elimination of dry grass, shrubs and used packing materials
5. No smoking rules in exposed areas and strict control/ enforcement
6. Strict control of hot works, application of welding permit
7. Provision of hydrants or easy accessibility to public hydrants
8. Setting up of own fire team with responsible head / Regular drills
9 Setting up of emergency plans and procedures
10. Clear accessibility to all site areas and stores
11. Watchmen on duty
2. Doors & locks to be installed for storage buildings
3.Proper storage of goods and flammable liquids with adequate spacing
4. Elimination of dry grass, shrubs and used packing materials
5. No smoking rules in exposed areas and strict control/ enforcement
6. Strict control of hot works, application of welding permit
7. Provision of hydrants or easy accessibility to public hydrants
8. Setting up of own fire team with responsible head / Regular drills
9 Setting up of emergency plans and procedures
10. Clear accessibility to all site areas and stores
11. Watchmen on duty
Monday, June 20, 2011
Definitions of Contractor's All Risks Policy Wordings
Followings are the definitions of some of the wordings appearing in the CAR policy:
Insured Parties
Can be The Owner/ The Principal/The Developer and The Main Contractor and Sub-Contractors
Insured Properties
The Works, Temporary Works, Temporary Buildings, Camp Sites, Electrical and Mechanical Plant including Contractor’s Plant and Machinery, Office Equipments, Materials on site etc
Contract Site
Means the lands and other places provided or approved by the principal/owner/developer, through which the project is to be executed
Contract Period
May be for few months (for small project) to years (for mega project). Initial period of Insurance given with further period subject to additional premium. Includes Defects Liability period of Insurance (after plant put into commercial operation)
Contract Value
Estimated at the outset for the whole contract period subject to adjustment
Third Party
Any Other Person (s) other than those related to or working for the above
Please refer to the CAR Policy wordings for more detailed information
Insured Parties
Can be The Owner/ The Principal/The Developer and The Main Contractor and Sub-Contractors
Insured Properties
The Works, Temporary Works, Temporary Buildings, Camp Sites, Electrical and Mechanical Plant including Contractor’s Plant and Machinery, Office Equipments, Materials on site etc
Contract Site
Means the lands and other places provided or approved by the principal/owner/developer, through which the project is to be executed
Contract Period
May be for few months (for small project) to years (for mega project). Initial period of Insurance given with further period subject to additional premium. Includes Defects Liability period of Insurance (after plant put into commercial operation)
Contract Value
Estimated at the outset for the whole contract period subject to adjustment
Third Party
Any Other Person (s) other than those related to or working for the above
Please refer to the CAR Policy wordings for more detailed information
Wednesday, June 15, 2011
Designer's Risk under the Contractor's All Risks Insurance
Many thanks to the 200 odd Agents who attended the CPD Training on Contractor's All Risk Insurance held at Concorde Hotel, Kuala Lumpur today, 15th June 2011.
The Q&A time was most beneficial with some very good questions posted by Agents to the Trainer. One of the question that needs further clarification is related to "Designers Risk".
I have enquired with 2 experienced Underwriters and made further reading on the CAR Policy wordings on the same subject, I can conclude as follows:
1) The Policy does not contained words like "Designer's Risks" nor "Defective Design"
2) The Policy does mentioned the words "Faulty Design"
3) There are no such combination of words like "Defective design, defective workmanship or defective materials" but only defective Workmanship and defective materials
3) The words "Designer's Risk" are used in the endorsement to provide part cover (DE3) or full cover (DE5)due to faulty design
Meaning, loss or damage due to Faulty Design is a total exclusion (expressly stated under Section c of Special Exclusions to Section 1) but can be extended by payment of additional premium to include resultant damage only (exclude the part caused by faulty design) or full cover (include the damage caused by faulty design). Please note that Underwriter does not usually grant the full cover.
On the defective materials and/or workmanship, it excludes the items immediately affected by the defective materials and/or workmanship but resultant damage to the correctly executed items is covered.
They are two stand alone exclusions.
Any comments are welcome.
The Q&A time was most beneficial with some very good questions posted by Agents to the Trainer. One of the question that needs further clarification is related to "Designers Risk".
I have enquired with 2 experienced Underwriters and made further reading on the CAR Policy wordings on the same subject, I can conclude as follows:
1) The Policy does not contained words like "Designer's Risks" nor "Defective Design"
2) The Policy does mentioned the words "Faulty Design"
3) There are no such combination of words like "Defective design, defective workmanship or defective materials" but only defective Workmanship and defective materials
3) The words "Designer's Risk" are used in the endorsement to provide part cover (DE3) or full cover (DE5)due to faulty design
Meaning, loss or damage due to Faulty Design is a total exclusion (expressly stated under Section c of Special Exclusions to Section 1) but can be extended by payment of additional premium to include resultant damage only (exclude the part caused by faulty design) or full cover (include the damage caused by faulty design). Please note that Underwriter does not usually grant the full cover.
On the defective materials and/or workmanship, it excludes the items immediately affected by the defective materials and/or workmanship but resultant damage to the correctly executed items is covered.
They are two stand alone exclusions.
Any comments are welcome.
Monday, June 6, 2011
General Insurance Claims Handling Seminar
Topics delivered:
An overview of claim sequence
Onus of Proof of Loss
Case studies on fire/PA/theft/motor losses
Rights of Insurers
Role of Loss Adjusters
Claims Adjustment
Average and Contribution
Reinstatement of Loss
Surogation and Discharge Voucher
Post Loss Improvement
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