Strata Title Insurance

JMB Insurance, JMB Management Liability Insurance, Strata Title Insurance, Strata Property Insurance, Condo & Apartment Insurance, Property Management Liability Insurance and Commercial Building Insurance.
ACPG MANAGEMENT SDN BHD
Your Trusted and Experience Malaysia Largest Strata Title Risk Management Insurance Solution Services Provider since year 1989.
ACPG BZR30P08
Malaysia JMB Insurance, JMB Liability Insurance Malaysia, Malaysia Strata Property Insurance
Strata Property Insurance

ACPG provide most comprehensive insurance package for apartments and condominiums. It covers common risks beyond the standard coverage against fire, lightning, impact and water damage.

With the insurance package you are able to extend the cover for the management office equipment and machinery to protect against accidental damage and theft, as well as protection against robbery and burglary for cash in your premises.

Imagine a visitor accidentally falls whilst at your premises. This kind of incident could lead to millions in defense and negligence claims. Public Liability Insurance option eases that worry. The coverage helps pay your legal liability against third party property damage and bodily injuries. It will also pay all costs and litigation expenses incurred.

Management Corporation/ Joint Management Bodies : According to the BCPMM Act which came into effect on 12 April 2007, all stratified properties previously maintained and managed by Developers upon the issuance of certificates of fitness by the local authorities , pending the issuance of strata titles , will have to be handed over to the Joint Management Bodies (JMB ) .

The JMB’S will have to hand over the maintenance and management of the said properties to the respective Management Corporations upon the issuance of Strata Titles .

One of the requirement under Strata Title Act/ BCPMM Act is that the Management Body is required to insure and maintain adequate insurance.

Liability Insurance for MC/ JMC The Insurer will pay for defense cost and settlement due to breach of duty by reason of any Negligent Act/ Errors and Omissions/ Wrongful Act during the Policy Period committed or allegedly committed by the Insured

Wrongful Act means any actual or alleged non-compliance of statutory duties under Building and Common Property ( Maintenance and Management ) Act 2007 (Act 663) and Part VI  and VII of Strata Titles Act 1985 (Act 318) or any amendments thereto

* BCPMM – Building and Common Property Maintenance and Management

* JMB – Joint Management Bodies

ACPG Strata Title Insurance
ACPG BZR30P13
For ACPG Corporate Video posted on YouTube
at http://youtu.be/hwWKPU003gE  for Malaysia Commercial Insurance (Business Insurance) and

at http://youtu.be/0hN64xcYgrI for Malaysia Individual Insurance (Personal Insurance).

Strata Title Property Fire 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 Vistors 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
All Risk Insurance
Crime Insurance ( Burglary & Money)
Plate Glass Insurance
Machinery Breakdown Insurance
Public Liability Insurance
Property Terrorism
Error & Ommission or
Professional Indemnity for Joint Management Body   (JMB) or Management Corporation (MC)
ACPG BZR30P37
FIRE INSURANCE FOR STRATA-TITLED PROPERTIES
ACPG understands the importance of protecting your property.
Whether you are a condominium, cooperative or homeowner association, our team knows the challenges in securing and maintaining a comprehensive, cost-effective insurance program.
We develop customized risk management solutions for portfolios of all sizes and complexities.
Our experts work extensively with:
Owners Property managers Developers Facility managers/ Building Management Company
We provide a full range of integrated property and casualty insurance and risk management services including reviewing insurance provisions in association documents and interpreting new legislation, as well as ensuring that your program meets all new regulations.
We also offer personal insurance and life and disability coverage for residents.
The ACPG Difference
Loss prevention and claims advocacy Customized and proactive response to service your needs Strategic underwriting partnership with insurer and re-insurance facilities Independent agency with access to specialty resources Customized programs for general liability, excess liability and special property coverages
Customized Insurance Program
ACPG delivers a comprehensive, customized insurance and risk management program designed to protect your assets, achieve operational efficiencies and attain your goals, because we have specialists in the following areas:
Program design Risk transfer Loss control Claims management Information Technology
While financing, ownership structures and management methods in the industry may change, the fundamental risk management issues remain the same.
We understand the issues that focus on reducing the administrative burden and net cost of risk management efforts, among them:
Evidence of insurance issuance Split billing for tenants or locations
Lease/contract review of insurance provisions
We tailor programs to fit your evolving needs.
Products and Services
Risk Consulting To offer consulting services specifically designed for common interest properties.
Online Technology Clients have access to our online Certificate of Insurance request center.
Excess Liability Our specialized excess liability program offers broad coverage and high limits.
Directors & Officers Liability We develop directors and officers programs customized for common interest communities.
Specialty Property Coverages Our property programs are designed to meet association and statutory requirements.
Integrated Solution We design an integrated program of sophisticated products and services to provide you with a complete management liability solution.
ACPG BZR30P12
To : Joint Management Body (JMB) / Management Corporation (MC) from Strata Title Building Owners.

The Building & Common Property (Maintenance & Management) Act 2007 (Act 663) was enacted by the Malaysian government recently for the proper maintenance and management of buildings and the common property, after delivery of vacant possession of the premises to the purchasers but before the Management Corporation is formed. This new law came into force on April 12, 2007.

It applies to Peninsular Malaysia and the Federal Territory of Labuan. The JMB must be formed after 12 months delivery of vacant possession.

One of the most important duties of JMB is Insurance. The powers and duties of the JMB are enumerated by Section 8 of the Act which stated 1. 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;

2. to apply insurance moneys received by the Body in respect of damage to the building for the rebuilding and reinstatement of that building;

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 (JMB) 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 Others (To be advice) 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 (JMB) / Management Corporation (MC)

(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 & Omission 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. The policy should be placed immediately after the formation of the JMB.

Writing and Servicing insurance policies for condominiums, apartments and flats requites impeccable skills and knowhow. Insurer with over 100 years history and ACPG had more than 22 years of field experience, we have designed a comprehensive product that would meet your association’s unique needs.

ACPG offer Strata Title Risks Solution: ACPG Beyond Standard (ABS) Package 1. Fire Insurance 2. All Risk Insurance 3. Crime Insurance ( Burglary & Money)

4. Fidelity Guarantee

5. Plate Glass Insurance

6. Machinery Breakdown Insurance

7. Public Liability Insurance 8. Professional Indemnity / Management Liability / Error & Omission (E&O) for Joint Management Body ( JMB) or Management Corporation (MC).

For more information contact ACPG customer service officer +603-9286 3323, or visit us at www.acpgconsultant.com, www.walkinonline.com/store/ACPG.php under Strata Title Insurance / Apartment or Condominium Insurance or find us on Facebook Business Link www.facebook.com/acpg.management .
ACPG BZR30P31
Professional Liability Insurance Policy (PLI),
also called professional indemnity insurance (PII) but more commonly known  as errors & omissions (E&O) in the Malaysia, is a form of  liability insurance that helps protect professional advice – and service-providing individuals and companies from bearing the full cost of defending  against a negligence claim made by a client, and damages awarded in such a civil lawsuit.

The coverage focuses on alleged failure to perform on the part  of, financial loss caused by, and error or omission in the service or  product sold by the policyholder. These are potential causes for legal  action that would not be covered by a more general liability insurance  policy which addresses more direct forms of harm. Professional liability coverage sometimes also provides for the defence costs, including when  legal action turns out to be groundless.
Coverage does not include criminal prosecution, nor a wide range  of potential liabilities under civil law that are not enumerate in the  policy, but which may be subject to other forms of insurance.
Professional liability insurance is required by law in some areas for certain kinds of professional practice (especially medical and  legal), and is also sometimes required under contract by other  businesses that are the beneficiaries of the advice or service.
ACPG BZR30P30
Director & Officer Liability
Directors’ & Officers’ Liability Insurance is very often referred to as  D&O Insurance. It is in essence a Professional Indemnity Policy  meant for the Management Team of a company.
Succinctly put it is a  Management Liability Policy. Directors and Officers of companies have  various duties and obligations. These duties comprise of Fiduciary  Duties, Statutory Duties and also Common Law Duties.
Furthermore, certain provisions in the Companies Act prohibit the  Company from indemnifying the Directors unless they are innocent.
Hence, they are susceptible to suits in their personal capacity for  various types of possible allegations of wrongful acts. Possible  litigants are Shareholders, Creditors, Competitors, Fellow Directors,  Public Interest Groups, Employees, Clients and Regulators.
The D&O  policy is meant to protect directors and officers personal assets in the event of such a claim.
Scope of Cover
The D&O policy usually has two Insuring contracts. The first  contract is known as “The Directors & Officers Contract” which  provides indemnity to the Director or Officer.
The second contract is known as the Corporate Reimbursement Contract. This cover will trigger when a Director or Officer who has incurred a  loss seeks reimbursement from the Company. The Company then can call for the policy to reimburse the amount that it has compensated the Director or Officer.
In addition to these two contracts, D&O policies can also be  extended to cover the entity. The two most commonly Entity Extensions  found in D&O policies are Entity Employment Practices Liability  extension and Entity Securities Claims extension. However, both these  extensions are usually offered as sub-limits to the D&O policy.
Why the need for D&O Liability Insurance? There are many duties that are associated to being a director or  officer of the company. The common law requires directors to carry out  their duties with care and skill. Directors and officers are considered  fiduciaries of companies and thus are responsible for managing the  affairs of their organizations. Furthermore, there are also statutory duties imposed upon the directors. A breach of  any of these duties may result in them facing lawsuit brought by the  company, its shareholders or in those doing business with the company or worse criminal prosecution including imprisonment and fines. Under the Company Act, Section 140 (1) prohibits indemnification of a director or officer by a company in respect of negligence, default,  breach of duty or breach of trust of which he may be guilty in relation  to the company. As such, the best protection is to insure against these potential liabilities. What is covered? D&O policy provides financial protection to the individual  directors and officers of a company for wrongful acts. It protects these individuals from personal liability in the event of a claim or lawsuit  against them claiming wrongdoing in connection with the company’s  business. It also provides for the cost of defence, investigating,  monitoring of any claim or proceedings and appeals incurred with the  written consent of the insurer.
Who sues Directors or Officers? Shareholders Employees Creditors Regulators, Authorities Competitors
What to do in the event of a claim? The insured shall give notice in writing to the insurance company  immediately of any claim made against the Insured or the discovery by  the Insured of any loss, or any circumstances of which the Insured  becomes aware which are likely to give rise to such a claim or loss. The insured shall not admit liability for or settle any claim or  incur any costs or expenses in connection therewith without consent of  the insurer.
ACPG BZR30P36

Professional Indemnity Insurance

Anyone providing professional services has a duty to ensure that both their  clients and third parties do not suffer any financial losses as a result of the  services provided.

In the event that a service provider causes a loss, he or she is liable in  law to compensate the person/s who have suffered a loss.

Normally the victim would have to establish negligence on the part of the  service provider in order to succeed in a claim.

Professional Indemnity Insurance is a solution for service providers to  transfer the risk of being sued for a mistake that they might make.

Traditionally professionals like Architects, Engineers, Accountants, Doctors,  Lawyers, Surveyors and Valuers often purchase Professional Indemnity policies.

Professional Indemnity policies like most other liability policies is written  on a ‘Claims-Made Basis’.

Scope of Cover

Unlike other general liability policies, Professional Indemnity policy  normally provides indemnity to the Insured against financial losses only arising  from the provision of professional services. Indemnity for defence costs and  expenses is also provided.

However, in certain circumstances the policy will cover losses arising from  Bodily Injury and Property Damage. For instance the Engineers’ Professional  Indemnity Policy will only respond to claims arising from Bodily Injury or  Property Damage as a result of negligence on the Engineers part in discharging  their Professional Services.

ACPG BZR30P32

Public Liability Insurance Policy
in Malaysia: What You Need to Know Public Liability Insurance protects an individual and their business in case they are found legally  accountable to a third party. In general, it is a medium that guarantees set …

tlements to injured parties under law.
Normally, such policies pay for any legal expenses, penalties  resulting from claims and even medical expenses if needed. It only  covers third party claims and not claims made by employees, as these  come under employees liability insurance.
Should Your Business Have Public Liability Insurance?
Public liability insurance is an umbrella under which a large  variety of risks and situations are covered, and any business that deals with the general public takes it out to protect themselves against  lawsuits. In today’s litigious society, people are quick to file  lawsuits when suffering any loss, damage to their property, or injury  due to the negligence of a business. With a greater number of cases  going to court, liability insurance has become broader in what it  encompasses. The need for businesses to hold public liability insurance  has increased over the last few years.
The insurance is essentially voluntary, with the exception of  some public events and facilities where the licensing authority makes it mandatory. Additionally, organizations that operate voluntarily with  the support of the local council are also required to carry public  liability insurance.
Most businesses and organizations are becoming increasingly  aware of the potential to be sued and so consider public liability  insurance an essential requirement. While it is now included in most  business insurance packages like home, shop, restaurant and other  insurance packages, it is also sold separately.
Who Needs Public Liability Insurance?
Professionals and business owners are generally the ones at the  most risk of being sued, as they deal with a large client base on a  regular basis. However, some professionals get greater benefit from  taking out a public liability insurance policy than others. Any  business, large or small, that interacts with customers at their place  of business is at risk of being sued and so should make use of this  protection. Also, note that the greater the number of people visiting  the venue, the higher the risk.
Considering that just a single claim has the potential to  bankrupt a business or a professional, it is best to be protected.
Amount of Coverage & Other Facts
It is common for business owners to take public liability  insurance for the amount of RM 1 million, but RM 5 million packages are  becoming increasingly popular. With more people willing to take  businesses to court for the smallest mistakes, public liability  insurance is no longer considered optional. In fact, some sites do not  even allow tradesmen or sub-contractors on location unless they carry a  Public Liability Insurance Certificate of Currency.
Within Malaysia, public liability insurance is fully portable,  meaning it covers an individual from site to site, as long as one  continues to work in the same trade. In case of a change of trade, it  becomes necessary to inform the insurer or the policy may become void.
Additionally, every tradesman should have their own policy as  the head contractor’s policy many not be sufficient. At times, the head  contractor’s insurer will make the pay-out on a claim, but then sue the  sub-contractor to recover its money.
Needless to say, different  occupations and situations have different risks, and the insurer must  take those into consideration when writing a policy or note them  accordingly to ensure that full coverage is provided to the policy  holder.
Cost and Coverage of Public Liability Insurance
Public Liability insurance premiums are determined based on a number of different factors, including
The nature of the business or contract velue or sum insured cover amount. The number of employees and contractors a business has. At times, they even depend on the business turnover.
The larger the physical premises of a business and the more  employees there are, the higher the premiums are likely to be. The  insurance rates depending on the insuring company.
Summary Public liability focuses on civil wrong. The wronged person sues the owner on the basis of incidents of neglect. If the occupier or  owner of an establishment is found to be responsible for the harm,  damage or injury, the claimant wins and is awarded compensation.
Public liability insurance is without a doubt the most  justifiable cost for a business, as in its daily course of public  interactions it is under a continuous threat of being sued. A single law suit has the potential to financially ruin a business; public liability insurance offers protection.
Employers’ Liability Insurance
Employer’s  Liability Insurance Policy is designed to provide indemnity to the  Insured against his liability at law and claimants’ cost for bodily  injuries or diseases to Insured’s Employees arising out of and in the  course of their employment.
Scope of Cover
The Employer’s Liability Insurance Policy indemnifies the Insured  against liability at law to pay compensation and claimant’s costs and  expenses in respect of the bodily injury by accident or disease to the  Insured’s Employees for which he is liable and will in addition to pay  all costs and expenses with the Company’s written consent.
Public Liability InsuranceThe Public Liability Insurance Policy is designed to protect the insured in  respect of his legal liability to pay compensation for accidental bodily injury  or accidental damage to the property of the other person caused by or through  the negligence of the insured or his employees or by any defect in the premises  owned or any defects in the ways, works of the insured. In addition, the Policy  also pays for the litigation costs and expenses for defense that are incurred  with the written consent of the Company.

Scope of Cover

The company shall indemnify the Insured against all sum which the Insured  shall become liable at law for damages and claimant’s costs and expenses in  respect of :

  • accidental bodily injury to any person not being a member of the Insured’s  household or any person in the service of the Insured.
  • accidental damage to property not belonging to or in the custody or control  of the Insured.
  • any legal expenses incurred by the Insured in defending legal proceedings  with the Company’s written consent.
All Risks Insurance (for Personal Effects)
This policy provides cover for  individuals who seek a wider protection than that of a Householders  policy. It usually covers items that are small in size but high in  value, e.g.: jewellery, gold and silver articles, watches and the like.Scope of Cover

Indemnifies the Insured against loss of or damage by accidents or misfortune to personal effects within the territorial limits defined in the policy.

Equipment All Risks Insurance
Mobile Equipment
This class of insurance is specially designed to cover mobile  vehicles or equipment which are not licensed for general road use. Some  examples include forklifts, wheel loaders, agricultural tractors,  excavators, bulldozers, crawlers etc.
Scope of Cover
The policy covers loss or damage to the property insured by :
Accidental collision or overturning or collision or overturning  consequent upon mechanical breakdown or consequent upon wear and tear Fire external explosion self-ignition or lightning Theft Malicious Act
Basis of Sum Insured
Equipment All Risks policy is an indemnity policy. The measure of an insured’s loss is the cost of restoring the damaged property to or  replacing it with property similar in condition to the time of loss:
Plant & Machinery : The cost of replacement with a new item less deduction for depreciation due to wear and tear.
Immobile Equipment
The coverage provided is very wide and embraces accidents or  misfortunes not expressively excluded. This policy is used to cover  immobile industrial or commercial equipment.
Scope of Cover
The policy covers loss or damage to the property insured arising from:
Fire and Lightning Theft consequent upon violent or threat of violence to persons or forcible and violent entry into or exit from the Premise External Accidental Damage
Basis of Sum Insured
Equipment All Risks policy is an indemnity policy. The measure of an insured’s loss is the cost of restoring the damaged property to or  replacing it with property similar in condition to the time of loss:
Plant & Machinery : The cost of replacement with a new item less deduction for depreciation due to wear and tear.
ACPG BZR30P39
Burglary Insurance
This Burglary policy provides insurance protection against incidents of theft to your property.This policy covers loss or damage to the property insured whilst contained in the specified business or trade premises arising from:

Theft consequent upon actual, forcible and violent entry into the premises

Theft or any attempt thereat by a person felonious concealed on the said premises
Resulting of armed robbery
Resulting in damage to the property insured and premises due to such Theft or any attempt thereat
Premises mentioned shall not include any yard, garden,  outbuilding, or other appurtenances unless specifically included in the  schedule.
You can either insure your property on Full Value or First Loss basis:

1. FULL VALUE BASIS
This basis is adopted when there exists a possibility of your  entire property insured being stolen at any one time. You must ensure  adequacy of the sum insured since the insurance will be subject to the  Average Clause and you will not be fully indemnified at the time of loss if the property is under insured. The correct sum insured should be  what you consider to be the highest value at risk at any one time.

2. FIRST LOSS BASIS
This basis is adopted when it is not possible for your entire  property insured to be stolen at the same time. The sum insured shall be based on your assessment.

Plate Glass Insurance
The policy is designed for buildings with glass doors, windows, glass panels and showcases.Scope of Cover

Indemnifies the Insured for accidental breakage of glass in the  premises as specified in the policy to the extent of the market value of the glass broken. However, this shall not exceed the sum insured in  respect of any one piece of glass and the aggregated total sum insured  stated in the policy.

The word ‘breakage’ shall not include any disfiguration or damage  other than fracture extending through the entire thickness of the glass.

Extensions available
Strike and Riot at additional 5% loading
Frames or Frameworks.

ACPG BZR30P24
Machinery and Equipment All Risk Insurance Policy
Malaysia By ACPG Management Sdn Bhd (ACPG)

All Risks Insurance This policy is on “All Risks” basis and cover your static  machines or equipment, mobile equipment i.e. laptop within the  Territorial Limit.
The policy covers:
• Loss of or damage to your property or any part thereof due to fire, theft or any other accident or misfortune.
• Loss of or damage caused by perils unless such perils are specifically excluded by this policy.
Machinery and Equipment Insurance This policy is designed to cover immobile industrial or commercial equipment.
The policy covers:
• Fire and lightning
• Theft
• External accidental damage
Mobile Plant and Equipment Insurance This policy is basically designed for Mobile Equipment that is  not licensed for road use. Mobile equipment means self-propelled  vehicles such as forklifts, excavators, mobile cranes, tractors etc.
This policy is also suitable for static heavy equipment designed to operate in the open or even within a premises.
This policy covers loss or damage to equipment, its standard accessories and parts whilst thereon by:
Accidental collision or overturning or collision or overturning consequent upon mechanical derangement
Fire, external explosion, self ignition or lightning Burglary, housebreaking or theft
ACPG BZR30P41
Money Insurance
The policy is intended to protect any business establishment against loss of money as a result of burglary or robbery.
Definition
Money – Cash, Bank Notes, Currency Notes, Uncrossed cheques other  than pre-signed blank cheques, Traveller’s Cheques, Uncrossed Giro  Cheques, Postal Orders and Money Orders, unused postage and revenue  stamps. Premises
– Shall mean the premises specified in the schedule.
Scope of Cover
Money In Transit
Monies in the personal custody of the Insured’s authorised employees  whilst in direct transit between the premises and bank or post office  including money drawn as wages and salaries from the time of receipt  until paid out.
Money In Premises
Money in the Insured’s premises during and outside normal business  hours. However, money in premises outside normal business hours must be  secured in locked drawers or locked safes.
Money in Insured’s premises contained in locked safes or strongrooms. Money in locked drawers or cabinets or cash registers.
Damage to Safes or Strongroom
Cost of repair or replacement to the damaged locked safe or strongroom resulting from theft of money or any attempt thereat.
Additional Cover
Subject to payment of an additional premium, the policy can be extended to cover the following :-
Personal accident benefit to unnamed carriers at RM20 per person for a cover of RM10,000 for death and permanent disablement only.

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