Malaysia Strata Insurance advice by Malaysia JMB Insurance organisation (JMBIM)

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Malaysia JMB Insurance Organization (JMBIM)

Your Trusted Malaysia Strata Insurance and JMB Insurance Risk Management Advisory Organization

Head Office

158-3-7, Blok 158, Kompleks Maluri,

Jalan Jejaka, Taman Maluri, Cheras,

55100 Kuala Lumour, Malaysia.

(O) +603-9286 3323

(F) +603-9282 3232

(E) jmbimcare@jmbinsurance.com.my

(W) www.jmbinsurance.com.my

(FB) www.facebook.com/jmbinsurance

Exclusively Designed for JMB’s or MC only

(Joint Management Body or Management Corporation),

Strata Title Property Insurance and Property Management Liability Insurance

Arranged by

Malaysia JMB Insurance Organization (JMBIM)

Your Trusted Malaysia Strata Insurance and JMB Liability Insurance Risk Management Advisory Organization

Strata Title Property Insurance and Property Management Liability Insurance

The Building and Common Property (Maintenance and Management) Act 2007(” The Act”) coming into force on 12 April 2007 in the Peninsular Malaysia.

The powers and duties of the JMB are enumerated by Section 8 of the Act which stated

8. (1)(c) to insure and keep insured the building to the replacement value of the building against fire and such other risks as may be determined by the Body;

8. (1)(d) to apply insurance moneys received by the Body in respect of damage to the building for the rebuilding and reinstatement of that building;

8. (3) The Body shall be deemed—

(a) for the purposes of effecting any insurance under paragraph (1)(c), to have an insurable interest in the building equal to its replacement value or any value as determined by the Body; and

(b) for the purposes of effecting any insurance under paragraph (1)(d), to have an insurable interest in the subject matter of the insurance.

Interpretation:

 

JMB Insurance FB Wall Post 03

The Joint Management Body must insured the following insurance:

1. Fire & All perils Insurance (Min perils Subsidence & Landslip, RSMD & BOW)

Building – For all the units that is individually own including all the common property.

In this case when the purchaser have a Loan with the Bank, the purchaser need not buy an additional insurance and can use the individual “Certificate of Insurance” issued from the Master policy.

It should include the following clauses:-

Reinstatement Value (valuation report by an accredited quantity surveyor at least once in 5 years)

Removal of Debris

Architect & surveyor Fee

Rent Clause

2. Public Liability Insurance

Legal liability to pay compensation for accidental bodily injury or accidental damage to the property to the Visitors for using the common property of the Building.

Under Section 4 Establishment of a Joint Management Body

(2) The Body established by subsection (1) shall be a body corporate having perpetual succession and a common seal.

(3) The Body may sue and be sued in its name.

(4) The Body shall comprise the developer and the purchasers.

Interpretation:

As the JMB is a body corporate the volunteered committee members can now be sued by the purchasers for Breach of Duty. An E&O or a PL policy to protected the personal liability of the individual committee.

3. Error & Ommission or Professional Liability Insurance

The Insurer will pay on behalf of any Insured all Damages resulting from any Claim for any Breach of Duty of the Insured.

N/B The policy should be placed immediately after the formation of the JMB.

Strata Title Risks Solution:

Products Offered:

Fire Insurance

Fire Consequential Loss Insurance

All Risk Insurance

Crime Insurance ( Burglary & Money Insurance)

Plate Glass Insurance

Machinery Breakdown Insurance

Public Liability Insurance

Property Terrorism

Error & Omission or Professional Indemnity for Joint Management Body (JMB) or Management Corporation (MC).

Malaysia Insurers have offer Strata Insurance, please refer as below listings

AIA Malaysia Strata Insurance

Underwritten By

AIA Bhd

AIG Malaysia Strata Insurance

Underwritten By

AIG Malaysia Insurance Berhad

AXA Malaysia Strata Insurance

Underwritten By

AXA Affin General Insurance Berhad

Allianz Malaysia Strata Insurance

Underwritten By

Allianz General Insurance Company (Malaysia) Berhad

AmGeneral Malaysia Strata Insurance

Underwritten By

AmGeneral Insurance Berhad

Berjaya Sompo Strata Insurance

Underwritten By

Berjaya Sompo Insurance Berhad

Etiqa Strata Insurance

Underwritten By

Etiqa Insurance Berhad

Chubb Malaysia Strata Insurance

Underwritten By

Chubb Insurance Malaysia Berhad

Liberty Malaysia Strata Insurance

Underwritten By

Liberty Insurance Berhad

Lonpac Strata Insurance

Underwritten By

Lonpac Insurance Berhad

MPI General Strata Insurance

Underwritten By

MPI General Insurans Berhad

MSIG Malaysia Strata Insurance

Underwritten By

MSIG Insurance (Malaysia) Bhd

The Pacific Strata Insurance

Underwritten By

The Pacific Insurance Berhad

QBE Strata Insurance

Underwritten By

QBE Insurance (Malaysia) Berhad

RHB Strata Insurance

Underwritten By

RHB Insurance Berhad

Tokio Marine Malaysia Strata Insurance

Underwritten By

Tokio Marine Insurans (Malaysia) Berhad

Zurich Malaysia Strata Insurance

Underwritten By

Zurich Insurance Malaysia Berhad

JMB Insurance FB Wall Post 02

Malaysia JMB Insurance Organization (JMBIM)

Your Trusted Malaysia Strata Insurance and JMB Insurance Risk Management Advisory Organization

Head Office

158-3-7, Blok 158, Kompleks Maluri,

Jalan Jejaka, Taman Maluri, Cheras,

55100 Kuala Lumour, Malaysia.

(O) +603-9286 3323

(F) +603-9282 3232

(E) jmbimcare@jmbinsurance.com.my

(W) www.jmbinsurance.com.my

(FB) www.facebook.com/jmbinsurance

Strata Title Insurance Kuala Lumpur Malaysia

Malaysia Strata Title Building Insurance, Malaysia Strata Title Fire Insurance, Malaysia Strata Title JMB Liability Insurance

Malaysia JMB Insurance Organization (JMBIM)
Your Trusted Malaysia Largest Strata Title and JMB Insurance Risk Management Advisory Organization
Head Office
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri, Cheras,
55100 Kuala Lumour, Malaysia.
(O) +603-9286 3323
(F) +603-9282 3232
(E) jmbimcare@jmbinsurance.com.my
(W) http://www.jmbinsurance.com.my
(FB) http://www.facebook.com/jmbinsurance

Exclusively Designed for JMB’s or MC only
(Joint Management Body or Management Corporation),
Strata Title Property Insurance and Property Management Liability Insurance

Arranged by
Malaysia JMB Insurance Organization (JMBIM)
Your Trusted Malaysia Largest Strata Title Insurance and JMB Liability Insurance Risk Management Advisory Organization

Strata Title Property Insurance and Property Management Liability Insurance

The Building and Common Property (Maintenance and Management) Act 2007(” The Act”) coming into force on 12 April 2007 in the Peninsular Malaysia.

The powers and duties of the JMB are enumerated by Section 8 of the Act which stated
8. (1)(c) to insure and keep insured the building to the replacement value of the building against fire and such other risks as may be determined by the Body;
8. (1)(d) to apply insurance moneys received by the Body in respect of damage to the building for the rebuilding and reinstatement of that building;
8. (3) The Body shall be deemed—
(a) for the purposes of effecting any insurance under paragraph (1)(c), to have an insurable interest in the building equal to its replacement value or any value as determined by the Body; and
(b) for the purposes of effecting any insurance under paragraph (1)(d), to have an insurable interest in the subject matter of the insurance.
Interpretation:

The Joint Management Body must insured the following insurance:

1. Fire & All perils Insurance (Min perils Subsidence & Landslip, RSMD & BOW)

Building – For all the units that is individually own including all the common property.
In this case when the purchaser have a Loan with the Bank, the purchaser need not buy an additional insurance and can use the individual “Certificate of Insurance” issued from the Master policy.
It should include the following clauses:-
Reinstatement Value (valuation report by an accredited quantity surveyor at least once in 5 years)
Removal of Debris
Architect & surveyor Fee
Rent Clause

2. Public Liability Insurance
Legal liability to pay compensation for accidental bodily injury or accidental damage to the property to the Visitors for using the common property of the Building.

Under Section 4 Establishment of a Joint Management Body
(2) The Body established by subsection (1) shall be a body corporate having perpetual succession and a common seal.
(3) The Body may sue and be sued in its name.
(4) The Body shall comprise the developer and the purchasers.

Interpretation:

As the JMB is a body corporate the volunteered committee members can now be sued by the purchasers for Breach of Duty. An E&O or a PL policy to protected the personal liability of the individual committee.

3. Error & Ommission or Professional Liability Insurance

The Insurer will pay on behalf of any Insured all Damages resulting from any Claim for any Breach of Duty of the Insured.
N/B The policy should be placed immediately after the formation of the JMB.

Strata Title Risks Solution:

Products Offered:
Fire Insurance
Fire Consequential Loss Insurance
All Risk Insurance
Crime Insurance ( Burglary & Money Insurance)
Plate Glass Insurance
Machinery Breakdown Insurance
Public Liability Insurance
Property Terrorism
Error & Omission or Professional Indemnity for Joint Management Body (JMB) or Management Corporation (MC).

Malaysia JMB Insurance Organization (JMBIM)
Your Trusted Malaysia Largest Strata Title and JMB Insurance Risk Management Advisory Organization
Head Office
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri, Cheras,
55100 Kuala Lumour, Malaysia.
(O) +603-9286 3323
(F) +603-9282 3232
(E) jmbimcare@jmbinsurance.com.my
(W) http://www.jmbinsurance.com.my
(FB) http://www.facebook.com/jmbinsurance

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