Contractor All Risk Insurance, Construction and Engineering Insurance arranged by ACPG Management Sdn Bhd

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Contractor All Risk Insurance (CAR),

Erection All Risk Insurance (EAR)

Public Liability Insurance (PL)

Workmens Compensation Insurance (WC)

Foreign Workers Compensation Scheme Insurance

Construction & Engineering Insurance

Construction Insurance

Arranged by

ACPG Management Sdn Bhd (Insurance Biz since year 1989)

www.acpgconsultant.com

+603-92863323, +6011-12239838

Construction Insurances Explained – Malaysia Contractors’ All Risks (CAR) Insurance and Malaysia Erection All Risk Insurance (EAR)

What is ‘Contractors’ All Risks (CAR) Insurance and Erection All Risk Insurance (EAR) ?

Contractors’ All Risks (CAR),Erection All Risk Insurance (EAR) insurance is an insurance policy that provides coverage for both damage to a property and third-party injury or damage claims. Contractors’ all risk (CAR) ,Erection All Risk Insurance (EAR) insurance policies are considered non-standard insurance policies.

Construction projects typically involve two primary types of risk: damage to the property, and third-party claims of injury or damage.

Damage to the property could include the structure not being properly constructed, or receiving damage during a renovation. Third-parties, including subcontractors, may become injured while working at the construction site.

Contractors’ all risk (CAR) insurance, Erection All Risk Insurance (EAR) bridges these two risks into a common policy, and helps cover the gap between exclusions that would otherwise exist when using separate policies.

BREAKING DOWN ‘Contractors’ All Risks (CAR) Insurance, Erection All Risk Insurance (EAR)

CAR and EAR insurance is typically taken out jointly by both the contractor and the employer, with other parties such as financing companies having the option of being named to the policy. Because multiple parties are included in the policy they each retain the right to file a claim against the insurer, although all parties also have the duty of informing the insurer of any injuries and damages that may result in a claim.

The goal of using a CAR & EAR insurance policy is to ensure that all parties are covered on a project, regardless of the type of damage to the property or who caused the damage. Insurers who underwrite this type of policy lose the right to subrogation, meaning that if it pays out funds to one party in the contract then it cannot seek to recover those funds from another party in the contract.

For example, if the owner of a large building and the contractor working on the building are on the same CAR & EAR policy, any costs of damage to the building caused by the contractor can be recovered by the building owner when a claim is filed. The insurer, however, cannot seek to recover funds from the contractor.

Risks often covered under a CAR & EAR policy include fire, flood, wind, earthquakes, water damage and mold, construction faults, and negligence. They typically do not cover normal wear and tear, willful negligence, or poor workmanship.

Malaysia Contractors’ All Risks (CAR) Insurance, Malaysia Erection All Risk Insurance (EAR) Definition

Construction Insurances Explained – Contractors’ All Risks Insurance, Erection All Risk Insurance (EAR)

Contractors’ All Risks Insurance (CAR), Erection All Risk Insurance (EAR)

There are several terms used in the insurance world that mean different things to different people and one of these is Contractors’ all risks (CAR) insurance and Erection All Risk Insurance (EAR).

The term is sometimes used to refer to both the material damage and liability covers required by a Contractor.

Most insurance practitioners would regard CAR and EAR as referring only to the material damage cover on the contract works unless the real intention was obvious from the rest of the text.

Anyone using the term, whether verbally or in writing, should make their intention clear, so as to avoid any ambiguity in interpretation.

CAR and EAR covers what is stated within the actual insurance policy for which the premium is paid. The Employer has the opportunity to specify his requirements as to what is to be included within the CAR and EAR within the contract if the Contractor is responsible for the provision of such insurance alternatively the Employer specifies the cover within the policy he takes out where the Contractor is not obligated to provide insurance under the Contract.

A CAR & EAR policy provides insurance coverage when the Works being constructed, as defined in the Contract, are damaged by an insured peril and require replacing and/or repairing. It is normal for the Contract to stipulate who will provide this cover.

If it were the Contractor then it would be normal for them to take out a specific policy to cover the project or alternatively if available to them add it to a policy covering all their contracts up to a specific limit. In the event the responsibility should fall upon the Employer then cover would normally be under a policy arranged specifically for that project.

When arranging the CAR and EAR coverage for a project it is essential that care be taken in identifying the correct Contract Value, Construction Period, Defects Liability Period and Description of the Works.

The policy will normally cover any physical loss or damage unless the cause is specifically excluded, thus the term ‘All-Risks’ whilst commonly used, is to some extent, misleading. Nevertheless the cover is very wide and embraces protection against fire, aircraft, explosion, earthquake, riot, malicious damage, storm, flood, burst pipes, impact and other accidental damage.

However, CAR and EAR policies can be issued covering loss or damage by particular and specified perils, e.g. fire, flood, storm. In both cases the policy should generally be extended to provide protection in respect of damage by terrorists where such is commercially available.

In addition material damage to the Works or the machinery being erected CAR and EAR generally includes coverage for third-party liability for bodily injury and property damage to the surrounding properties.

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The policy can in some circumstances be extended to include consequential losses or losses due to delay in start-up following loss or damage under material damage section.

This cover is also called advanced loss of profit.

Either way it is imperative that the parties fully understand what exclusions apply or which perils are listed to ensure that the cover gives sufficient protection to the Employer and the Contractor.

The Sum to be insured under CAR and EAR should be adequately calculated and must include at least the Contract Value, value of Contractors’ plant and machinery, value of Employers existing property, estimated cost of debris removal, value of all temporary facilities, tax and an allowance for inflation.

In addition it is wise to make sure that on site as well as offsite storage facilities are included under the policy together with the value of any free issue materials where the Employer transfers the risk to the Contractor under the Contract.

The policy should always be in the joint names of the Employer and Contractor although the Contract may stipulate that the Bank or Financing institutions are also named in the policy, depending upon their specific requirements for providing project financing.

Joint names insurance is where two or more parties (for example the Employer and the Contractor) are jointly insured under a single policy.

Each party has legal rights under the policy and can claim against the insurer, but the insurer has no right of subrogation against the other insured party.

It is important to remember that each party is bound by the normal rules, and to avoid any difficulties each should individually comply with the duties of disclosure and notification.

Having an interest noted on a policy is very different and is rarely an acceptable substitute for a joint names policy.

A third-party is not a party to the contract of insurance, and thus cannot claim against the insurer. Similarly, it does not prevent the insurer from exercising rights of subrogation against the third-party.

PAM, IEM, FIDIC and generally most standard forms of contract contain fairly detailed provisions for property and liability insurance. Generic amendments to these insurance provisions are not normally essential, however, discreet changes may be required depending on the nature of a specific project (for example, amending the definition of joint names insurance policy to include the project funders, or to reconcile the standard provisions with a project insurance policy taken out by the Employer).

All CAR adn EAR policies will have an excess that will be deducted from any claim settlement. On occasions insurers will apply more than one excess under a policy for specific losses where a certain risk warrants such and additional excess being imposed.

In addition generally most policies include exclusions for which extensions of CAR and EAR coverage maybe granted or included within the CAR and EAE coverage of the CAR and EAR policy may be extended to cover such as:

(A) professional fees;

(B) automatic reinstatement of the policy limit following a loss;

(C) debris removal;

(D) free issue materials;

(E) discovery of munitions of war;

(F) inflation clause;

(G) plans and documents;

(H) others.

Individual insurance providers specialising in this class of insurance will also have their own list of extensions that they will negotiate with insurers. As an example you may refer to the example provided which is so provided as an example and these will vary depending upon the general insurance market at the time the CAR and EAR insurance is taken out by the insuring party.

In addition the parties need to consider if the CAR and EAR policy is to cover the respective party’s to the Contract for:

Additional cost of construction of un-built works in the event of

(A) Inflationary Costs

(B) Out of sequence working

(C) Defective design, materials and workmanship

(D) Extended defective condition exclusion

(E) Limited defective condition exclusion

(F) Design improvement exclusion

It is understood that various legal challenges are currently on-going as to the validity of these clauses and therefore whilst the description of coverage above may not reflect the current or future legal interpretation. As with all contractual documentation it is recommended that all parties seek professional advice in respect of these risks.

It should be noted here that if the Contractor arranges CAR and EAR cover it may restrict or even remove the ability of the Employer to purchase any consequential loss coverage.

Construction Insurances Explained – Public Liability Insurance

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Malaysia Public Liability Insurance

Public Liability Insurance

Typical public liability insurance will provide indemnity in respect of liability at law for damages arising from accidental injury to third parties (not employees) or accidental damage to third-party property arising in connection with the project. It may also cover liability for damages arising out of any nuisance or trespass committed by the insured and any rights (such as a right of way) with which the insured may accidentally interfere in the course of the development. Other elements of cover normally provided include defence of claims costs, the use of plant on the site and legal defence costs in respect of prosecutions brought under the Health and Safety legislation.

Many insurance providers now exclude claims arising from sources they regard as particularly hazardous, such as terrorism, asbestos, gradual pollution, mould, e-commerce transactions and, potentially, financial loss where there has been no ‘injury or damage’ as defined in the policy. Insurers may restrict their liability for particular risks by imposing inner limits much smaller than the overall policy limit.

Public liability insurance coverage may be arranged on an annual basis with a specific limit being the maximum amount payable in the event of any one claim or series of claims arising from one occurrence. It is normal for this limit to apply in respect of any one claim but some limits do apply to all claims in the period of insurance.

There may be a limit on any one claim and then a separate aggregate limit. Sometimes there are elements of cover that insurers may be particularly concerned about, e.g. sudden and accidental pollution may be subject to lower limits of liability and/or separate aggregates.

Whatever type is issued, it is the insured party or parties that decide on the level of cover to be purchased dependent upon the risk exposure arising from the work being undertaken. When deciding upon the limits to be purchased it is best not to rely on any figure requested within a contract document, as this is normally the minimum amount required.

The policy will normally be subject to an excess that will be deducted from the total amount claimed and may apply only in respect of claims for property damage or in respect of all claims.

Every party on site with a potential liability to the public will require an insurance policy. Additional responsibilities for each party will also be set out in the contract. It is traditional and still common for the Contractor to arrange a cover on behalf of the Employer.

However, it has to be asked if this is in the best interests of everyone, whether the Employer who may find he has only nominal cover or a claimant who may find they are passed from one insurer to another if there are different policies in different names. One option is to effect a project policy arranged by the Employer.

The parties protected by the policy will vary according to the Employer’s requirements and the nature of the contract forms being adopted. The indemnity can apply to the Employer only or together with the Contractor, his subcontractors and tradesmen. In addition there may be freeholders, superior landlords, financiers plus professional consultants and suppliers (on site exposures only) to be added to the list of insured. The policy should set out the names of all insured and specify in which policy covers they have an insurable interest.

Public liability insurance is not a cheap insurance and if one party does arrange cover in two or more names the cost of this and the potential savings to the other names should to be reflected in tender prices.

It is important for the Employer to decide responsibilities for placing public liability insurance before contracts are signed, rather than just follow the provisions of the basic contract conditions.

Whoever is making the decision as to who must arrange the cover must consider all those who may need to be protected.

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Malaysia Workmens Compensation Insurance

Workmen Compensation Insurance

Innovative and cost-effective solutions for your business

No matter what type of business your company is involved in or how much care your employees take in the workplace, accidents can still happen.

ACPG Insurers is a leading provider of financial protection against liability for workplace injuries.

Our international experience enables us to provide innovative and cost-effective solutions to our clients. Benefits for our clients include:

fully integrated approach to claims management ability to remain nimble and flexible to the emerging needs of customers online solutions that provide you with the tools to act faster

self-insurance services.

ACPG Insurers Workmen’s Compensation Insurance provides cover against all sums for which the Insured shall be liable to pay in compensation to any employee for personal injury sustained either by accident or disease arising out of and in the course of their employment under Common Law. Or under the following legislation (including all subsequent amendments to these enactments and ordinances):

LAWS

Workmen’s Compensation Ordinance 1952

Workmen’s Compensation (Amendment) Ordinance 1956

Workmen’s Compensation (Amendment) Ordinance 1976

Modification of Laws (Workmen’s Compensation) Extension and Modification Ordinance 1981

Employers’ Liability

The Employers’ Liability Insurance policy provides cover for an employer against liability for the damages and claimant’s costs and expenses in respect of bodily injury or disease sustained by any person under a contract of service or apprenticeship.

Foreign Workers Compensation Scheme Insurance

The benefit of this cover is that it insures death and bodily injury as a result of work place accident or occupational disease arising out of and in the course of employment, inclusive of journey to and from work such as:

Death

Permanent disablement

Permanent total disablement

Permanent partial disablement

Temporary total disablement

Medical expenses

Repatriation expenses

Personal accident

Malaysia Construction & Engineering Insurance

Essential cover against sudden or unforeseen losses

Engineering and construction projects often involve huge capital investments and therefore required specialised risk mitigation.

ACPG Insurers Construction & Engineering Insurance will help protect your investments against loss or damage to your engineering or construction projects. We have the specialist expertise to provide comprehensive financial protection against many areas of risks, including work in progress or material damage of your project and also liability from third-party claims resulting from engineering and construction works.

Our flexible approach allows policies to be tailored to your specific needs. Our competitive terms appeal to customers of all sizes, from owner builders to principals of major civil engineering projects.

ACPG Insurers provides cover for:

Contractors’ All Risks

Civil Engineering Completed Risks

Erection All Risks

Boiler and pressure vessel

Electronic equipment

Machinery breakdown

Machinery breakdown loss of profit

Storage tank

Special perils

Contractor All Risk Insurance in Malaysia (CAR)

AIG Malaysia Contractor All Risk Insurance

Allianz Malaysia Contractor All Risk Insurance

Ace Jerneh Malaysia Contractor All Risk Insurance

AXA Malaysia Contractor All Risk Insurance

AMGeneral Malaysia Contractor All Risk Insurance

Berjaya Sampo Malaysia Contractor All Risk Insurance

CHUBB Malaysia Contractor All Risk Insurance

Danajamin Malaysia Contractor All Risk Insurance

Etiqa Malaysia Contractor All Risk Insurance

Kurnia Malaysia Contractor All Risk Insurance

Liberty Malaysia Contractor All Risk Insurance

Lonpac Malaysia Contractor All Risk Insurance

MSIG Malaysia Contractor All Risk Insurance

MPI Malaysia Contractor All Risk Insurance

P&O Malaysia Contractor All Risk Insurance

OAC Malaysia Contractor All Risk Insurance

RHB Malaysia Contractor All Risk Insurance

QBE Malaysia Contractor All Risk Insurance

Takaful Malaysia Contractor All Risk Insurance

Tokio Marine Malaysia Contractor All Risk Insurance

The Pacific Malaysia Contractor All Risk Insurance

Tune Malaysia Contractor All Risk Insurance

Zurich Malaysia Contractor All Risk Insurance

Erection All Risk Insurance in Malaysia (EAR)

AIG Malaysia Erection All Risk Insurance

Allianz Malaysia Erection All Risk Insurance

Ace Jerneh Malaysia Erection All Risk Insurance

AXA Malaysia Erection All Risk Insurance

AMGeneral Malaysia Erection All Risk Insurance

Berjaya Sampo Malaysia Erection All Risk Insurance

CHUBB Malaysia Erection All Risk Insurance

Danajamin Malaysia Erection All Risk Insurance

Etiqa Malaysia Erection All Risk Insurance

Kurnia Malaysia Erection All Risk Insurance

Liberty Malaysia Erection All Risk Insurance

Lonpac Malaysia Erection All Risk Insurance

MSIG Malaysia Erection All Risk Insurance

MPI Malaysia Erection All Risk Insurance

P&O Malaysia Erection All Risk Insurance

OAC Malaysia Erection All Risk Insurance

RHB Malaysia Erection All Risk Insurance

QBE Malaysia Erection All Risk Insurance

Takaful Malaysia Erection All Risk Insurance

Tokio Marine Malaysia Erection All Risk Insurance

The Pacific Malaysia Erection All Risk Insurance

Tune Malaysia Erection All Risk Insurance

Zurich Malaysia Erection All Risk Insurance

Public Liability Insurance in Malaysia (PL)

AIG Malaysia Public liability Insurance

Allianz Malaysia Public liability Insurance

Ace Jerneh Malaysia Public liability Insurance

AXA Malaysia Public liability Insurance

AMGeneral Malaysia Public liability Insurance

Berjaya Sampo Malaysia Public liability Insurance

CHUBB Malaysia Public liability Insurance

Danajamin Malaysia Public liability Insurance

Etiqa Malaysia Public liability Insurance

Kurnia Malaysia Public liability Insurance

Liberty Malaysia Public liability Insurance

Lonpac Malaysia Public liability Insurance

MSIG Malaysia Public liability Insurance

MPI Malaysia Public liability Insurance

P&O Malaysia Public liability Insurance

OAC Malaysia Public liability Insurance

RHB Malaysia Public liability Insurance

QBE Malaysia Public liability Insurance

Takaful Malaysia Public liability Insurance

Tokio Marine Malaysia Public liability Insurance

The Pacific Malaysia Public liability Insurance

Tune Malaysia Public liability Insurance

Zurich Malaysia Public liability Insurance

Workmens Compensation Insurance in Malaysia (WC)

AIG Malaysia Workmens Compensation Insurance

Allianz Malaysia Workmens Compensation Insurance

Ace Jerneh Malaysia Workmens Compensation Insurance

AXA Malaysia Workmens Compensation Insurance

AMGeneral Malaysia Workmens Compensation Insurance

Berjaya Sampo Malaysia Workmens Compensation Insurance

CHUBB Malaysia Workmens Compensation Insurance

Danajamin Malaysia Workmens Compensation Insurance

Etiqa Malaysia Workmens Compensation Insurance

Kurnia Malaysia Workmens Compensation Insurance

Liberty Malaysia Workmens Compensation Insurance

Lonpac Malaysia Workmens Compensation Insurance

MSIG Malaysia Workmens Compensation Insurance

MPI Malaysia Workmens Compensation Insurance

P&O Malaysia Workmens Compensation Insurance

OAC Malaysia Workmens Compensation Insurance

RHB Malaysia Workmens Compensation Insurance

QBE Malaysia Workmens Compensation Insurance

Takaful Malaysia Workmens Compensation Insurance

Tokio Marine Malaysia Workmens Compensation Insurance

The Pacific Malaysia Workmens Compensation Insurance

Tune Malaysia Workmens Compensation Insurance

Zurich Malaysia Workmens Compensation Insurance

Construction & Engineering Insurance in Malaysia

AIG Malaysia Construction & Engineering Insurance

Allianz Malaysia Construction & Engineering Insurance

Ace Jerneh Malaysia Construction & Engineering Insurance

AXA Malaysia Construction & Engineering Insurance

AMGeneral Malaysia Construction & Engineering Insurance

Berjaya Sampo Malaysia Construction & Engineering Insurance

CHUBB Malaysia Construction & Engineering Insurance

Danajamin Malaysia Construction & Engineering Insurance

Etiqa Malaysia Construction & Engineering Insurance

Kurnia Malaysia Construction & Engineering Insurance

Liberty Malaysia Construction & Engineering Insurance

Lonpac Malaysia Construction & Engineering Insurance

MSIG Malaysia Construction & Engineering Insurance

MPI Malaysia Construction & Engineering Insurance

P&O Malaysia Construction & Engineering Insurance

OAC Malaysia Construction & Engineering Insurance

RHB Malaysia Construction & Engineering Insurance

QBE Malaysia Construction & Engineering Insurance

Takaful Malaysia Construction & Engineering Insurance

Tokio Marine Malaysia Construction & Engineering Insurance

The Pacific Malaysia Construction & Engineering Insurance

Tune Malaysia Construction & Engineering Insurance

Zurich Malaysia Construction & Engineering Insurance

Construction Insurance in Malaysia

AIG Malaysia Construction Insurance

Allianz Malaysia Construction Insurance

Ace Jerneh Malaysia Construction Insurance

AXA Malaysia Construction Insurance

AMGeneral Malaysia Construction Insurance

Berjaya Sampo Malaysia Construction Insurance

CHUBB Malaysia Construction Insurance

Danajamin Malaysia Construction Insurance

Etiqa Malaysia Construction Insurance

Kurnia Malaysia Construction Insurance

Liberty Malaysia Construction Insurance

Lonpac Malaysia Construction Insurance

MSIG Malaysia Construction Insurance

MPI Malaysia Construction Insurance

P&O Malaysia Construction Insurance

OAC Malaysia Construction Insurance

RHB Malaysia Construction Insurance

QBE Malaysia Construction Insurance

Takaful Malaysia Construction Insurance

Tokio Marine Malaysia Construction Insurance

The Pacific Malaysia Construction Insurance

Tune Malaysia Construction Insurance

Zurich Malaysia Construction Insurance

Foreign Worker Insurance in Malaysia

AIG Malaysia Foreign worker Insurance

Allianz Malaysia Foreign worker Insurance

Ace Jerneh Malaysia Foreign worker Insurance

AXA Malaysia Foreign worker Insurance

AMGeneral Malaysia Foreign worker Insurance

Berjaya Sampo Malaysia Foreign worker Insurance

CHUBB Malaysia Foreign worker Insurance

Danajamin Malaysia Foreign worker Insurance

Etiqa Malaysia Foreign worker Insurance

Kurnia Malaysia Foreign worker Insurance

Liberty Malaysia Foreign worker Insurance

Lonpac Malaysia Foreign worker Insurance

MSIG Malaysia Foreign worker Insurance

MPI Malaysia Foreign worker Insurance

P&O Malaysia Foreign worker Insurance

OAC Malaysia Foreign worker Insurance

RHB Malaysia Foreign worker Insurance

QBE Malaysia Foreign worker Insurance

Takaful Malaysia Foreign worker Insurance

Tokio Marine Malaysia Foreign worker Insurance

The Pacific Malaysia Foreign worker Insurance

Tune Malaysia Foreign worker Insurance

Zurich Malaysia Foreign worker Insurance

Malaysia General Insurance Company Listing

AIG Malaysia Insurance Berhad

AXA Affin General Insurance Berhad

Allianz General Insurance Company (Malaysia) Berhad

AmGeneral Insurance Berhad

Berjaya Sompo Insurance Berhad

Chubb Insurance Malaysia Berhad

Danajamin Nasional Berhad

Liberty Insurance Berhad

Lonpac Insurance Berhad

MPI Generali Insurans Berhad

MSIG Insurance (Malaysia) Bhd

Overseas Assurance Corporation (Malaysia) Berhad

Pacific & Orient Insurance Co. Berhad

Pacific Insurance Berhad, The

Progressive Insurance Berhad

QBE Insurance (Malaysia) Berhad

RHB Insurance Berhad

Tokio Marine Insurans (Malaysia) Berhad

Tune Insurance Malaysia Berhad

Malaysia Insurance Corporate Agency

ACPG Management Sdn Bhd (Insurance Biz since Year 1989)

Head Office

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

Jalan Jejaka, Taman Maluri, Cheras,

55100 Kuala Lumpur, Malaysia.

http://www.acpgconsultant.com

+603-92863323, +6011-12239838

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Contractor All Risk Insurance, Erection All Risk Insurance, Public Liability Insurance, Workmen Compensation Insurance arranged by ACPG Management Sdn Bhd

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Engineering Insurance Malaysia

Construction Insurance Malaysia

Contractors’ All Risks Insurance Malaysia

Erection All Risks Insurance Malaysia

Public Liability Insurance Malaysia

Workmen Compensation Insurance Malaysia

Foreign Worker Insurance Malaysia

Arranged By

ACPG Management Sdn Bhd

+603-92863323, +6011-12239838

Construction Insurance Malaysia

A proven leader in the construction industry, ACPG Insurers delivers integrated property & casualty and specialized insurance solutions which are tailored to construction risks from:

Residential and Commercial Projects

Civil Engineering Projects such as pipelines, dams, roads and rail

Power and Energy Projects of all sizes

Petrochemical and Industrial plants

Our unique industry practice group provides clients with a comprehensive spectrum of products including Project Cargo, Casualty, Surety, Environmental and Project Professional Indemnity.

Whether you’re a Principal, Property Developer, Main Contractor, we will work collaboratively with you and your broker to help develop seamless and effective risk management solutions.

OUR STRENGTHS

By working with ACPG Insurers Construction Industry Practice, you will benefit from our strengths which encompass:

Local knowledge backed by global capability

Comprehensive suite of services

Experienced underwriting team

Dedicated Construction Risk Engineers

Superior Claims Handling and Administration

Consultative approach to loss prevention and mitigation

Tailor-made programs backed by client-centric service

Broad coverage

Long-term focus on client relationships

PRODUCT RANGE

ACPG Insurers Construction Industry Practice offers a range of products and services including:

Contract Works

Delay in Start Up

General Liability

Umbrella/Excess Casualty Covers

Project Professional Liability

Environmental Pollution Liability

Contract Surety

Construction Risk Management Services

Marine Cargo including DSU

Directors & Officers Liability

Terrorism

Construction All Risks – Builder Risk

Contractors, property developers and principals will all benefit from this insurance, which provides both single risk project cover and annual polices. It is available on a standalone basis but can also be packaged with excess casualty (GL), employers’ liability or environmental impairment liability.

PRODUCT HIGHLIGHTS

ACPG Insurers have a strong track record of leading the insurance of large and complicated project contracts

ACPG Insurers are recognised technical expertise in the sector

Our expertise in claims handling and investigation is widely acknowledged

ACPG Insurers seek to develop long-term relationships with clients

COVER

Our standard cover includes contract materials and/or works.

Cover can be extended to include:

Contractors’ plant and equipment

Delay in start up

Non-negligent liabilities

Public liability

Construction All Risks – Civil Engineering

This insurance provides contractors involved in hydro projects, motorways, railways and pipelines with annual cover or single risk project cover.

PRODUCT HIGHLIGHTS

ACPG Insurers have a strong track record of leading the insurance of large and complicated project contracts

ACPG Insurers are recognised technical expertise in the sector

ACPG Insurers seek to develop long-term relationships with clients

COVER

Our standard cover includes:

Consequences of design

Extended maintenance

Natural catastrophes

Property damage only

Primary third party liability

Cover can be extended to include:

Delay in start up

Full design

Erection all Risks

ACPG Insurers Erection All Risks (EAR) insurance includes the erection and installation of electrical or mechanical plant and machinery.

It’s ideal for mechanical and electrical contractors looking for annual contract cover or developers, manufacturers, power and energy companies involved in large and complex installations.

Our target areas include construction of power plants, oil and gas facilities and other heavy industries such as steel, aluminium and cement, as well as traditional light engineering projects such as bottling plants and pharmaceuticals.

PRODUCT HIGHLIGHTS

Experience in writing many types of risks from standard installation contracts to large scale power and energy plants

A strong track record of leading the insurance of large and complex project contracts

The capacity to cover contracts in many overseas territories

Highly experienced risk engineers who can assist in risk management and risk reduction, as well as ensure that standards are maintained during the erection and installation works to help reduce losses

COVER

Our standard EAR cover is for the erection and / or installation of electrical or mechanical plant and machinery globally.

It can also cover losses during the testing and commissioning prior to hand-over and damage during the contractual maintenance period.

Cover can be provided for movement and re-erection of machinery along with testing, commissioning and maintenance of installed machinery.

An ‘all-risks’ cover that includes breakdown and explosion during testing and commissioning.

Available on contracts overseas subject to some territorial and environmental peril limitations.

The standard insurance offers cover for defective design under the wording and damage to installed equipment during maintenance visits. This can be extended to give wider defective design cover and either extended or ‘full’ or guarantee maintenance.

Comprehensive General Liability (CGL) Insurance

To meet the needs of casualty insurance clients it takes underwriting skill, risk engineering expertise and superior claims handling. These are key strengths of ACPG Insurers.

ACPG Insurers has a broad appetite for risk and provides public and product liability to medium, large, and multinational businesses on a domestic and international basis.

BENEFITS

Flexible policies which can be tailored to client needs

Highly experienced and dedicated casualty underwriters

Cover is available for North American exports and domiciled companies

Casualty Engineers with specialist expertise

Multinational capabilities

Proven global claims handling capabilities

Foreign Workers Insurance

Employees are a company’s greatest asset therefore it is essential for an employer to get their employees protected.

Being one of the approved panel insurance companies to provide foreign workers insurance, ACPG Insurers has three products designed to provide financial relief for the employer in the event of death, hospitalization or repatriation of their foreign workers.

Foreign Workers Compensation Scheme (FWCS)

As provided under Section 26(2) of the Workmen’s Compensation Act 1952, it is mandatory for every employer to insure all their foreign workers employed by the company under the Foreign Workers Compensation Scheme (FWCS).

ACPG Insurers is one of the panel insurance companies appointed and approved by the Ministry of Human Resources to underwrite FWCS. The scheme provides foreign workers with personal accident and repatriation benefits during and outside of working hours.

COVERAGE

Foreign workers who are under the employment of the insured company will enjoy coverage that include

Death and disability due to an accident

Disease arising out of and in the course of employment

Medical expenses

Repatriation expenses

Foreign Workers Hospitalization & Surgical Scheme (FWHS)

Effective 1 January 2011, all foreign workers in Malaysia are required to purchase a RM120 premium per year

Foreign Workers Hospitalization & Surgical Scheme (FWCS) that provides RM20,000 annual coverage.

ACPG Insurers is one of the panel insurance companies appointed and approved by the Ministry of Health (MOH) to underwrite the FWHS.

BENEFITS

Under the insurance policy, foreign workers will enjoy benefits that include

Daily hospital and room board of up to a maximum of 30 days

Intensive care unit (ICU) of up to a maximum of 15 days

Operating theatre fees

Surgical fees

Anaesthetist fees

In-hospital physician visits of up to a maximum of 30 days

In-hospital specialist consultation visits of up to a maximum of 30 days

Ambulance fees

Medical report fees

Foreign Workers Insurance Guarantee (FWIG)

Foreign Workers Insurance Guarantee (FWIG) is a guarantee required by the Immigration Department from the employer as a security deposit for the employment of foreign workers (excluding Domestic Maid) under Regulation 21 of the Immigration Regulations.

This insurance serves as a guarantee to the Immigration Department to cover the repatriation expenses in the event the foreign worker is required by the authorities to be sent back to his/her country of origin during his/her course of stay in Malaysia.

The circumstances could arise from:-

Breach of Immigration Act

Foreign worker is caught involving in illegal and illicit activities such as drug, immoral work, etc.

Employer goes into liquidation and is unable to provide the return passage for the foreign worker

Engineering Insurance Malaysia

Protect your business against unforeseen events or disruption. Select from our range of commercial insurance products to protect your business, goods, employees, etc. Our team of knowledgeable, experienced and dedicated staff is always on hand to provide insurance solutions for all your business needs.

Contractors’ All Risks insurance Malaysia

Contractors’ All Risks insurance is designed to provide coverage for all parties involved in a construction project.

There are usually two main groups of named insured. They are the Principal and the Contractor(s). The Principal is the party who commissions the work. The principal will usually be the party who owns the building when completed. The contractor is responsible for the planning and execution of the contract works. Where nominated sub-contractors or other sub-contractors are engaged, they can be included under the policy.

There are two sections in this Policy:

Section I: Material Damage

This Section provides cover for loss or damage to the contract works caused by any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded.

Section II: Third Party Liability

This Section provides indemnity for the insured’s legal liability for accidental bodily injury or property damage to third parties occurring in direct connection with the contract works.

For more sophisticated operations, you would require a specially customised insurance program that offers maximum protection and flexibility. We ACPG team of professional staff is well versed to provide you with all the necessary guidance and advice.

Erection All Risks Insurance Malaysia

Erection All Risks Insurance is designed to provide coverage for the installation and erection of ready-built engineering projects such as machinery, equipment or other fittings in factories.

There are two sections to this Policy:

Section I: Material Damage

This Section provides cover for loss or damage to the contract works caused by any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded.

Section II: Third Party Liability

This Section provides indemnity for the insured’s legal liability for accidental bodily injury or property damage to third parties occurring in direct connection with the erection works.

For more sophisticated operations, you would require a specially customised insurance program that offers maximum protection and flexibility.

Our team of professional staff is well versed to provide you with all the necessary guidance and advice.

Public Liability Insurance Malaysia

With increasing awareness of consumers, enterprises are exposed to a myriad of legal liabilities arising from accidents due to acts of negligence of its employees or representatives in the course of business.

Business prudence requires that protection against such contingents cannot be compromised.

With Public Liability insurance, you have the assurance that compensation for claims from third parties for injury or damage to their property including claimants’ costs are taken care of.

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Commercial and Business Insurance

Arranged By

ACPG Management Sdn Bhd

Business Insurance

Commercial All Risks

Commercial Motor Vehicles

Equipment All Risks

Fidelity Guarantee

Group Hospitalization

Group Personal Accident

Money

Office and Shop Insurance Scheme (OASIS)

Plate Glass

Engineering

Boiler & Pressure Vessel

Contractors’ All Risks

Deterioration of Stock

Electronic Equipment

Erection All Risks

Machinery Breakdown

Machinery Breakdown – Loss of Profits

Machinery & Equipment

Storage Tank Installation

Foreign Worker Insurance

Foreign Worker Insurance Guarantee

Foreign Worker Compensation Scheme (FWCS)

Foreign Worker Hospitalization & Surgical Insurance Scheme (SKHPPA)

Liability

Comprehensive General Liability

Directors & Officers Liability

Products Liability

Professional Indemnity

Public Liability

Warehousemen’s Liability

Marine

Bailee Liability

Credit Insurance

Marine Hull

Marine Inland Transit

Workmen

Employer’s Liability

Workmen’s Compensation

ACPG Management Sdn Bhd

Head Office

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

Jalan Jejaka, Taman Maluri, Cheras,

55100 Kuala Lumpur, Malaysia.

http://www.acpgconsultant.com

enquiry@acpgconsultant.com

+603-92863323, +6011-12239838

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Construction Insurance Malaysia

Contractor All Risk Insurance FB Wall Post

Construction Insurance Arranged By ACPG Management Sdn Bhd (ACPG)

A proven leader in the construction industry, ACPG Principal Insurer delivers integrated property & casualty and specialized insurance solutions which are tailored to construction risks from:

  • Residential and Commercial Projects
  • Civil Engineering Projects such as pipelines, dams, roads and rail
  • Power and Energy Projects of all sizes
  • Petrochemical and Industrial plants

Our unique industry practice group provides clients with a comprehensive spectrum of products including Project Cargo, Casualty, Surety, Environmental and Project Professional Indemnity.

Whether you’re a Principal, Property Developer, Main Contractor, we will work collaboratively with you and your broker to help develop seamless and effective risk management solutions.

OUR STRENGTHS

By working with ACPG Principal Insurer Construction Industry Practice, you will benefit from our strengths which encompass:

  • Local knowledge backed by global capability
  • Comprehensive suite of services
  • Experienced underwriting team
  • Dedicated Construction Risk Engineers
  • Superior Claims Handling and Administration
  • Consultative approach to loss prevention and mitigation
  • Tailor-made programs backed by client-centric service
  • Broad coverage
  • Long-term focus on client relationships

PRODUCT RANGE

ACPG Principal Insurer Construction Industry Practice offers a range of products and services including:

  • Contract Works
  • Delay in Start Up
  • General Liability
  • Umbrella/Excess Casualty Covers
  • Project Professional Liability
  • Environmental Pollution Liability
  • Contract Surety
  • Construction Risk Management Services
  • Marine Cargo including DSU
  • Directors & Officers Liability
  • Terrorism

CONSTRUCTION INSURANCE PRODUCTS

Construction All Risks – Civil Engineering

This insurance provides contractors involved in hydro projects, motorways, railways and pipelines with annual cover or single risk project cover.

PRODUCT HIGHLIGHTS

  • We have a strong track record of leading the insurance of large and complicated project contracts
  • We are recognised technical expertise in the sector
  • We seek to develop long-term relationships with clients

COVER

Our standard cover includes:

  • Consequences of design
  • Extended maintenance
  • Natural catastrophes
  • Property damage only
  • Primary third party liability

Cover can be extended to include:

  • Delay in start up
  • Full design

Erection all Risks

ACPG Principal Insurer Erection All Risks (EAR) insurance includes the erection and installation of electrical or mechanical plant and machinery. It’s ideal for mechanical and electrical contractors looking for annual contract cover or developers, manufacturers, power and energy companies involved in large and complex installations.

Our target areas include construction of power plants, oil and gas facilities and other heavy industries such as steel, aluminium and cement, as well as traditional light engineering projects such as bottling plants and pharmaceuticals.

PRODUCT HIGHLIGHTS

  • Experience in writing many types of risks from standard installation contracts to large scale power and energy plants
  • A strong track record of leading the insurance of large and complex project contracts
  • The capacity to cover contracts in many overseas territories
  • Highly experienced risk engineers who can assist in risk management and risk reduction, as well as ensure that standards are maintained during the erection and installation works to help reduce losses

COVER

  • Our standard EAR cover is for the erection and / or installation of electrical or mechanical plant and machinery globally.
  • It can also cover losses during the testing and commissioning prior to hand-over and damage during the contractual maintenance period.
  • Cover can be provided for movement and re-erection of machinery along with testing, commissioning and maintenance of installed machinery.
  • An ‘all-risks’ cover that includes breakdown and explosion during testing and commissioning.
  • Available on contracts overseas subject to some territorial and environmental peril limitations.
  • The standard insurance offers cover for defective design under the LEG 2/96 wording and damage to installed equipment during maintenance visits. This can be extended to give wider defective design cover and either extended or ‘full’ or guarantee maintenance.

Foreign Workers Insurance

Employees are a company’s greatest asset therefore it is essential for an employer to get their employees protected.

Being one of the approved panel insurance companies to provide foreign workers insurance, ACE Jerneh has three products designed to provide financial relief for the employer in the event of death, hospitalization or repatriation of their foreign workers.

Foreign Workers Compensation Scheme (FWCS)

As provided under Section 26(2) of the Workmen’s Compensation Act 1952, it is mandatory for every employer to insure all their foreign workers employed by the company under the Foreign Workers Compensation Scheme (FWCS).

ACPG Principal Insurer  is one of the panel insurance companies appointed and approved by the Ministry of Human Resources to underwrite FWCS. The scheme provides foreign workers with personal accident and repatriation benefits during and outside of working hours.

COVERAGE

Foreign workers who are under the employment of the insured company will enjoy coverage that include

  • Death and disability due to an accident
  • Disease arising out of and in the course of employment
  • Medical expenses
  • Repatriation expenses

Foreign Workers Hospitalization & Surgical Scheme (FWHS)

Effective 1 January 2011, all foreign workers in Malaysia are required to purchase a RM120 premium per year Foreign Workers Hospitalization & Surgical Scheme (FWCS) that provides RM20,000 annual coverage.

ACPG Principal Insurer is one of the panel insurance companies appointed and approved by the Ministry of Health (MOH) to underwrite the FWHS.

BENEFITS

Under the insurance policy, foreign workers will enjoy benefits that include

  • Daily hospital and room board of up to a maximum of 30 days
  • Intensive care unit (ICU) of up to a maximum of 15 days
  • Operating theatre fees
  • Surgical fees
  • Anaesthetist fees
  • In-hospital physician visits of up to a maximum of 30 days
  • In-hospital specialist consultation visits of up to a maximum of 30 days
  • Ambulance fees
  • Medical report fees

Foreign Workers Insurance Guarantee (FWIG)

Foreign Workers Insurance Guarantee (FWIG) is a guarantee required by the Immigration Department from the employer as a security deposit for the employment of foreign workers (excluding Domestic Maid) under Regulation 21 of the Immigration Regulations.

This insurance serves as a guarantee to the Immigration Department to cover the repatriation expenses in the event the foreign worker is required by the authorities to be sent back to his/her country of origin during his/her course of stay in Malaysia. The circumstances could arise from:-

  • Breach of Immigration Act
  • Foreign worker is caught involving in illegal and illicit activities such as drug, immoral work, etc.
  • Employer goes into liquidation and is unable to provide the return passage for the foreign worker

Please refer to the policy contract for the full details of benefits, terms and exclusions that are applicable.

The information provided here is a brief summary for quick and easy reference.

The exact terms and conditions that apply are stated in the policy contract.

Your Trusted Construction Insurance Risk Management Advisory Company since Year 1989.

ACPG Management Sdn Bhd

Head Office

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

Jalan Jejaka, Taman Maluri, Cheras,

55100 Kuala Lumpur, Malaysia.

http://www.acpgconsultant.com

+603-92863323

Construction Insurance Kuala Lumpur Malaysia

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Construction Insurances Explained

– Contractors’ All Risks Insurance

Contractors’ All Risks Insurance

There are several terms used in the insurance world that mean different things to different people and one of these is Contractors’ all risks (CAR) insurance. The term is sometimes used to refer to both the material damage and liability covers required by a Contractor. Most insurance practitioners would regard CAR as referring only to the material damage cover on the contract works unless the real intention was obvious from the rest of the text. Anyone using the term, whether verbally or in writing, should make their intention clear, so as to avoid any ambiguity in interpretation.

CAR covers what is stated within the actual insurance policy for which the premium is paid. The Employer has the opportunity to specify his requirements as to what is to be included within the CAR within the contract if the Contractor is responsible for the provision of such insurance alternatively the Employer specifies the cover within the policy he takes out where the Contractor is not obligated to provide insurance under the Contract.

A CAR policy provides insurance coverage when the Works being constructed, as defined in the Contract, are damaged by an insured peril and require replacing and/or repairing. It is normal for the Contract to stipulate who will provide this cover. If it were the Contractor then it would be normal for them to take out a specific policy to cover the project or alternatively if available to them add it to a policy covering all their contracts up to a specific limit. In the event the responsibility should fall upon the Employer then cover would normally be under a policy arranged specifically for that project.

When arranging the CAR coverage for a project it is essential that care be taken in identifying the correct Contract Value, Construction Period, Defects Liability Period and Description of the Works. The policy will normally cover any physical loss or damage unless the cause is specifically excluded, thus the term ‘All-Risks’ whilst commonly used, is to some extent, misleading. Nevertheless the cover is very wide and embraces protection against fire, aircraft, explosion, earthquake, riot, malicious damage, storm, flood, burst pipes, impact and other accidental damage. However, CAR policies can be issued covering loss or damage by particular and specified perils, e.g. fire, flood, storm. In both cases the policy should generally be extended to provide protection in respect of damage by terrorists where such is commercially available.

In addition material damage to the Works or the machinery being erected CAR generally includes coverage for third-party liability for bodily injury and property damage to the surrounding properties. The policy can in some circumstances be extended to include consequential losses or losses due to delay in start-up following loss or damage under material damage section. This cover is also called advanced loss of profit.

Either way it is imperative that the parties fully understand what exclusions apply or which perils are listed to ensure that the cover gives sufficient protection to the Employer and the Contractor. The Sum to be insured under CAR should be adequately calculated and must include at least the Contract Value, value of Contractors’ plant and machinery, value of Employers existing property, estimated cost of debris removal, value of all temporary facilities, tax and an allowance for inflation. In addition it is wise to make sure that on site as well as offsite storage facilities are included under the policy together with the value of any free issue materials where the Employer transfers the risk to the Contractor under the Contract.

The policy should always be in the joint names of the Employer and Contractor although the Contract may stipulate that the Bank or Financing institutions are also named in the policy, depending upon their specific requirements for providing project financing.

Joint names insurance is where two or more parties (for example the Employer and the Contractor) are jointly insured under a single policy. Each party has legal rights under the policy and can claim against the insurer, but the insurer has no right of subrogation against the other insured party.

It is important to remember that each party is bound by the normal rules, and to avoid any difficulties each should individually comply with the duties of disclosure and notification.

Having an interest noted on a policy is very different and is rarely an acceptable substitute for a joint names policy.

A third-party is not a party to the contract of insurance, and thus cannot claim against the insurer. Similarly, it does not prevent the insurer from exercising rights of subrogation against the third-party.

PAM, IEM, FIDIC and generally most standard forms of contract contain fairly detailed provisions for property and liability insurance. Generic amendments to these insurance provisions are not normally essential, however, discreet changes may be required depending on the nature of a specific project (for example, amending the definition of joint names insurance policy to include the project funders, or to reconcile the standard provisions with a project insurance policy taken out by the Employer).

All CAR policies will have an excess that will be deducted from any claim settlement. On occasions insurers will apply more than one excess under a policy for specific losses where a certain risk warrants such and additional excess being imposed.

In addition generally most policies include exclusions for which extensions of CAR coverage maybe granted or included within the CAR coverage of the CAR policy may be extended to cover such as:

(A)        professional fees;

(B)        automatic reinstatement of the policy limit following a loss;

(C)        debris removal;

(D)        free issue materials;

(E)        discovery of munitions of war;

(F)         inflation clause;

(G)        plans and documents;

(H)        others.

Individual insurance providers specialising in this class of insurance will also have their own list of extensions that they will negotiate with insurers. As an example you may refer to the example provided which is so provided as an example and these will vary depending upon the general insurance market at the time the CAR insurance is taken out by the insuring party.

In addition the parties need to consider if the CAR policy is to cover the respective party’s to the Contract for:

Additional cost of construction of un-built works in the event of

(A) Inflationary Costs

(B) Out of sequence working

(C) Defective design, materials and workmanship

(D) Extended defective condition exclusion

(E) Limited defective condition exclusion

(F) Design improvement exclusion

It is understood that various legal challenges are currently on-going as to the validity of these clauses and therefore whilst the description of coverage above may not reflect the current or future legal interpretation. As with all contractual documentation it is recommended that all parties seek professional advice in respect of these risks.

It should be noted here that if the Contractor arranges CAR cover it may restrict or even remove the ability of the Employer to purchase any consequential loss coverage.

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Construction Insurances Explained

– Public Liability Insurance

Public Liability Insurance

Typical public liability insurance will provide indemnity in respect of liability at law for damages arising from accidental injury to third parties (not employees) or accidental damage to third-party property arising in connection with the project. It may also cover liability for damages arising out of any nuisance or trespass committed by the insured and any rights (such as a right of way) with which the insured may accidentally interfere in the course of the development. Other elements of cover normally provided include defence of claims costs, the use of plant on the site and legal defence costs in respect of prosecutions brought under the Health and Safety legislation.

Many insurance providers now exclude claims arising from sources they regard as particularly hazardous, such as terrorism, asbestos, gradual pollution, mould, e-commerce transactions and, potentially, financial loss where there has been no ‘injury or damage’ as defined in the policy. Insurers may restrict their liability for particular risks by imposing inner limits much smaller than the overall policy limit.

Public liability insurance coverage may be arranged on an annual basis with a specific limit being the maximum amount payable in the event of any one claim or series of claims arising from one occurrence. It is normal for this limit to apply in respect of any one claim but some limits do apply to all claims in the period of insurance. There may be a limit on any one claim and then a separate aggregate limit. Sometimes there are elements of cover that insurers may be particularly concerned about, e.g. sudden and accidental pollution may be subject to lower limits of liability and/or separate aggregates.

Whatever type is issued, it is the insured party or parties that decide on the level of cover to be purchased dependent upon the risk exposure arising from the work being undertaken. When deciding upon the limits to be purchased it is best not to rely on any figure requested within a contract document, as this is normally the minimum amount required. The policy will normally be subject to an excess that will be deducted from the total amount claimed and may apply only in respect of claims for property damage or in respect of all claims.

Every party on site with a potential liability to the public will require an insurance policy. Additional responsibilities for each party will also be set out in the contract. It is traditional and still common for the Contractor to arrange a cover on behalf of the Employer. However, it has to be asked if this is in the best interests of everyone, whether the Employer who may find he has only nominal cover or a claimant who may find they are passed from one insurer to another if there are different policies in different names. One option is to effect a project policy arranged by the Employer.

The parties protected by the policy will vary according to the Employer’s requirements and the nature of the contract forms being adopted. The indemnity can apply to the Employer only or together with the Contractor, his subcontractors and tradesmen. In addition there may be freeholders, superior landlords, financiers plus professional consultants and suppliers (on site exposures only) to be added to the list of insured. The policy should set out the names of all insured and specify in which policy covers they have an insurable interest.

Public liability insurance is not a cheap insurance and if one party does arrange cover in two or more names the cost of this and the potential savings to the other names should to be reflected in tender prices.

It is important for the Employer to decide responsibilities for placing public liability insurance before contracts are signed, rather than just follow the provisions of the basic contract conditions. Whoever is making the decision as to who must arrange the cover must consider all those who may need to be protected.

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Construction Insurances Explained

– Existing Building Insurance

Existing Building Insurance

Where an existing building is to be the subject of Contract Works care is needed by those responsible for drawing up the contract conditions and those responsible for insuring the building. The insurance of new build contract is relatively straightforward compared to the difficulties that can arise when an existing building is being worked upon. Such a building will in most circumstances be insured under a commercial all risks property owners’ policy whilst occupied or temporarily unoccupied pending the works. There will be a number of conditions in that policy that will apply when works are being carried out and these should be examined. If the contract does not involve much of an increase in risk the current insurers may be happy to continue the cover without additional charge but it will require reasonable precautions to be taken. On the other hand if there is hot work involving welding equipment or blowtorches, they may require an additional premium and/or risk improvements. If there are to be structural alterations, particularly if they involve foundations, insurers may wish to reconsider the cover and, say, exclude subsidence occurring as a result of the works. The remaining subsidence risk may then be insured under a non-negligence policy at terms reflecting the insurance providers’ assessment of the revised risk. The specific action will depend on the particular circumstances and the attitude of the insurance provider. However, it is also possible that the current insurer will wish to exclude the cover altogether on the grounds that the building is now a construction risk and best insured under a construction policy. The problem with this is that the construction insurance market does not always have the capacity to insure a substantial building.

Contractors often seek to take out joint names insurance with the Employer in respect of the existing building as they wish to avoid taking out public liability insurance due to the high premiums for a large building. This is all very well if the Employer is also the insured under the policy and is prepared to pay any additional premium and/or to accept restrictions in cover and/or to pay for additional risk precautions during the contract period. Either way it should be made clear that this is at the Employer’s risk.

Problems start if the insurers of the building do not want to carry the additional risk. Alternatively the Employer may not control the buildings insurance and the landlord or freeholder that does may refuse to agree to joint names status for the Contractor. If either of these eventualities arises, a solution has to be found. There are solutions or partial solutions but they may be very expensive and still leave the Employer carrying some risk.

Where the Contract Works will include very little of the original building, perhaps just the exterior walls or the facade, it may be better to cover both the existing building and the contract works under the CAR policy with one sum insured. It should be cheaper and make settlement of any claims easier. A CAR policy is designed for construction works and the cover is drawn up to reflect the risks inherent in construction. There are elements of the cover that may make it beneficial to insure the existing building under such a policy,

The insurance providers for the existing building must be advised of the nature and extent of the Contract Works or the policy could be invalidated. However, it may be better to cover the existing building under an all-encompassing CAR policy, as mentioned above.

Where the Employer is undertaking to arrange a joint names cover on the existing building to protect the Contractor, he should make sure this is possible. If the Employer is a lessee or has not arranged the policy there could be problems that are both time-consuming and expensive for the Employer to resolve.

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Construction Insurances Explained

– Consequential Loss Insurance

Consequential Losses Insurance

Property Developers have to carry risks it is part and parcel of their business. The risk due to consequential losses on a construction site is a high one as there are so many factors that could delay completion and then so many headings under which additional expense or actual loss of anticipated income could arise. The measurement of each potential loss can be a problem and if not correctly assessed there may be underinsurance or an unnecessarily high premium being paid.

If any party involved with the construction will require consequential loss cover of any kind it is very unlikely that any insurer will be willing to assist unless it also provides the CAR insurances on the Contract Works. The reason for this lies with the fact that only by the insurer controlling the settlement of the material damage claim can the size of the consequential loss be minimised. Therefore, if the Contract Conditions call for the Contractor to arrange insurance on the works, it may be impossible for the Employer to arrange any consequential loss cover. The Employer will then have to arrange its own cover on the Contract Works in order to secure that consequential loss protection.

To avoid the possibility of the Employer effectively paying enhanced premiums for such Contract Works cover it is worthwhile making clear to the Contractor from the outset that the Employer is paying for its own cover, if this is the intention. The contract price quoted by the Contractor should then reflect this.

It is usually very difficult, if not impossible, to persuade the Contractor to reduce its price at a later date. In any case the Contractor may prefer to arrange its own cover on the Works so that he has control over any claims that may arise. This is understandable and the Contractor may also argue, possibly with some justification, that it can buy the CAR insurance more cheaply than the Employer. Faced with the problems of changing contract conditions, arranging cover on the works and, possibly, paying a higher premium for the privilege, any Employer could be forgiven for giving up the idea of arranging consequential loss cover.

It is not good practice to rely solely on liquidated damages instead. Apart from the fact that the Contractor may find it impossible to purchase insurance against liquidated damages, making recovery of a genuine loss uncertain, there is the possibility that the Contractor will be entitled to an extension of time under the Contract and will not be liable to pay any damages anyway. Properly arranged insurance for consequential losses will more accurately reflect the Employer’s loss than liquidated damages can and by arranging both CAR and consequential loss insurance with the same insurers there is the added advantage that the insurers will be looking for a quick resolution to any CAR claim in order to reduce the size of the consequential loss.

Under all the Standard Forms of Contract commonly used in Malaysia for construction works there exists clauses which make the Contractor obliged to compensate the Employer to the extent of liquidated and ascertained damages at the rate specified in the Contract. However, if the delay is due to certain relevant events an Extension of Time for completion of the Works will be given which will result in the Contractor not being obliged to pay any such damages.

Typically these relevant events would include:

A)  force majeure;

B)  exceptionally adverse weather conditions;

C)  loss or damage occasioned by any one or more of the specified perils (see below);

D)  civil commotion, local combination of workmen, strike or lock-out affecting any of the trades employed upon the works or any of the trades engaged in the preparation, manufacture or transportation of any of the goods or materials required for the works;

E)   terrorism.

Contract Conditions do vary and therefore the proposal that an extension of time may be available is not necessarily correct in every instance.

The specified perils are normally defined as: fire, lightning, explosion, storm, tempest, flood, bursting or overflowing of water tanks, apparatus or pipes, earthquake, aircraft and other aerial devices or articles dropped therefrom, riot and civil commotion, but excluding excepted risks. The excepted risks include, amongst other things, radioactivity and pressure waves.

Force majeure may be defined in the Contract however as all contract are normally executed and subject to the laws of Malaysia consideration should also be taken of the definition of force majeure contained within the Contracts Act and adopted by the Courts. For insurance purposes the principal force majeure perils include: fire and allied perils, strikes, lockouts, labour disputes, change of law, order of any court enforcing a change of law and any other cause beyond the control of the Contractor.

It was possible to buy commercially viable cover for the consequential losses flowing from late completion or permanent abandonment of a project following the occurrence of force majeure perils or restricted to limited specified peril but following some extremely large claims it is now very difficult to obtain such coverage at commercially viable rates.

Where an insurance policy makes reference to All-Risks of Specified Perils the coverage will almost certainly include not just those mentioned above but, in addition, malicious damage, impact, subsidence, landslip, heave and, possibly, other accidental damage. Again such insurance is getting harder and harder to obtain and even flood coverage is being limited after the events of 2011 in Thailand.

Where liquidated and ascertained damages can be applied due to any delay scenario, the reality of the impact upon the Employer’s financial position can often be beyond the level of liquidated and ascertained damages set during tender negotiations. Whilst every effort is made to set the level of damages at an appropriate level, the full consequences are not often appreciated until a loss is sustained. Equally, it can be the case that on smaller projects it is difficult to reach agreement with the Contractor involved for an appropriate level of damages. This is because, if set accurately, they may preclude the Contractor from undertaking the development or, alternatively, the imposition of such damages would adversely affect any tender amount submitted.

Consider the scenario where an Employer is constructing a commercial development and has entered into lease or purchase agreements with a tenant. It may not simply be the Employers loss in rental which needs to be considered but also the tenant’s losses which result from delays. The amount of such damages will depend greatly on the activities and circumstances of the tenant and the content of the Employers lease or purchase agreement with that tenant.

Unfortunately, Employer’s acting as developers often carry more risk than is necessary by failing to insure or insure adequately, even though insurance cover can be purchased. Employers should at least consider taking insurance coverage for the following potential risks:

1)   Loss of Rent/Revenue and Loss of Use of Sale Proceeds, including Assessment of Indemnity Period.

The loss of rental income/revenue income from use or the Employer being prevented from investing or using the proceeds of a sale are straight forward concepts even if their estimation may not be so. The indemnity period refers to the time limit imposed in a policy for which the Employer may claim losses as a result of event which allows the Employer to claim consequential losses. Thus Employers need to consider the period required to rebuild the project or how long it may take for the resale or re-letting following such rebuilding.

2)   Expediting Costs (Additional Cost of Working)

Cover for expediting costs relates to the additional costs in executing and repair or rebuilding works over and above any amount recoverable under the CAR insurance covering the Contract Works. The amount recoverable is generally limited to what is reasonable compared to the saving produced on the claim for losses due to delays in completion. In practice this means that insurers will be reluctant to pay for expenditure that did not produce at least a corresponding saving on another part of the claim.

3)   Costs Incurred in Raising or Extending Loans

The legal and other costs incurred in continuing existing loans or raising new ones as a result of delay by insured damage should also be covered. These may be included within the cover for lost rental income/revenue income or delays in repatriation of proceeds cover referred to above without the need for a separate sum insured.

4)   Additional Overhead Costs

A delay in completion of the Works may incur the Employer in additional costs involving marketing, leasing, selling and legal costs in the case of a developer or where the facility will be used to manufacture or operate a business there could be additional rental costs, redundant employee costs, no productive machinery costs and many other increased overheads.

5)   Higher cost of development finance

Many covers that are arranged which ignore the fact that development finance can cost more than finance secured against a completed project and that the level of borrowing which can be secured against a completed project is normally greater. The consequences of this are twofold. One being the increased cost of borrowing and secondly that more capital is tied up in the project for a longer period as a result of not being able to re-finance the loan against the completed project.

6)   Additional Increase in Cost of Working Cover

It had been addressed that generally the Employer will be limited to reasonable cost of expediting completion of the Works. It may be possible to obtain cover over and above this to further expedite the works by means of an additional item although sometimes the matter is dealt with by means of an extension to the cover with an inner limit. The ability to make a claim under expediting costs might give the Employer useful options in the event of a loss. For example, the ability to make extra payments to speed up completion may enable them to avoid losses in the future that would fall outside the indemnity period.

7)   Damage Away from the Site including Prevention of Access

Where CAR policies exclude coverage for losses that result from damage off site be it to the Contractors’ offices, materials or equipment stored off site, vehicles or plant in transit or whilst stored and damage to other phases of development It is prudent for the Employer to consider extending coverage and also insuring for such events as denial of access and/or failure of utilities.

8)   Damage at suppliers’ premises

Some CAR policies offer limited cover in respect of delays incurred following damage at the premises of suppliers of materials to be used in the Contract Works. The most serious losses are likely to occur if there is a delay in the arrival of crucial or bespoke supplies such as lifts, special equipment and the like. And the limits of cover normally fail to adequately protect the Employer. Accordingly it is prudent for the Employer to consider the purchased sufficient levels of cover for delays as a result of damage to all suppliers to the development not named on other policies although such insurance can be very expensive, especially where suppliers are importing goods from outside of Malaysia.

To summarise an Employer who is seeking Consequential Loss Insurance will be better off arranging the CAR Insurance for the Contract Works or alternatively an all-encompassing Project Insurance. Consequential Loss Insurance is a generally considered a more certain route to recovery of Employer costs than reliance solely on liquidated damages. Consequential Loss Insurance will be a more accurate reflection of the Employer’s loss risks than liquidated damages and finally in Malaysia the recovery of Liquidated damages from a Contractor still requires the Employer to prove his losses if challenged in the courts, thus regardless of the sum stated in the Contract this does not guarantee the amount will be recovered, which will be dependent upon the extent to which the Contractors is liable under the contract for the Employers costs.

In order for the Employer to secure adequate Consequential Loss Insurance at a competitive rate he should ensure that those responsible for arranging the policy have a full understanding of how the project is to be financed, the programming of the Works and the financial implications of any delay.

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Construction Insurances Explained

– Workmen Compensation Insurance

for Contractors, Builders & Other Construction Professionals

Construction and contracting professionals know all too well the risks of their industry. From on-the-job accidents to illnesses from handling hazardous materials, even the best-prepared carpenter can be the victim of unforeseen events.

If one of your subcontractors is hurt due to malfunctioning equipment or falls ill due to exposure to asbestos-containing materials (ACM), your construction and contracting business could be held responsible. Workers’ Compensation Insurance is the protection construction and contracting business owners rely on to cover the medical expenses related to an employee’s injury or illness or for the earnings the employee missed while recovering.

Read on to learn how you can protect your construction and contracting business and your employees from uncertainty with Workers’ Compensation Insurance.

Workers’ Compensation Insurance: Protecting Contractors

The dangers of operating industrial machinery, the exposure to potentially hazardous materials, and the toll of repetitive motion injuries are all risks contractors face daily. And while safety training and personal protective equipment are a necessary risk management tools, construction and contracting businesses know accidents happen all the time.

Workers’ Compensation Insurance helps offset some of the risks you can’t avoid by providing coverage that protects your construction and contracting business assets in the event of a costly lawsuit brought by an injured or ill employee. With an adequate policy, you know your construction and contracting business will have the necessary funds to cover court costs and settlements should unexpected accidents and lawsuits occur.

As a rule, Workers’ Compensation is currently necessary for all businesses with employees, though the laws vary from state to state. For example, North Dakota, Ohio, Washington, and Wyoming have monopolistic markets, which means the state sets rates and operates a state-administered fund of Workers’ Compensation Insurance. private employers can choose whether or not to carry Workers’ Compensation Insurance coverage.

How Construction & Contracting Professionals Benefit from Workers’ Compensation Insurance

While some contractors know this coverage as “workman’s comp” or “workers’ liability insurance,” Workers’ Compensation Insurance acts as a safety net for your construction and contracting business by covering the costs of…

Medical expenses relating to the employees’ on-the-job injuries and work-related illnesses. 

Wages your employee would have earned if they were able to perform their work. 

Legal fees should your employee file a lawsuit against your construction and contracting business for their work-related injury or illness.

Because on-the-job accidents can quickly lead to lawsuits, most Workers’ Compensation policies also include Employers’ Liability Insurance. If your injured or ill employee sues your company, this policy will help pay for the legal costs of defending against the claim.

And legal fees add up quickly. Between attorney’s fees and the time lost from work to attend court, your construction and contracting business could suffer a deep financial burden even if the court finds that your business is not responsible for the illness or injury.

Construction Insurance FB A4

What is Contractors’ All Risks & Erection All Risks insurance?

These 2 policies are designed to meet the insurance obligation placed upon Contractors under the contract conditions.

  • Contractors’ All Risks
    Covers buildings and civil engineering works under construction
  • Erection All Risks
    Covers plants, machinery, equipment and steel structures like bridges in the course of erection

Key coverage

Here is an overview of your coverage

Contractors’ All Risks / Erection All Risks

  • Material Damage
    Covers against sudden and unforeseen physical loss or damage to contract or erection works/property/items  
  • Third Party Liability
    Covers third party liability for which we shall become legally liable to pay as damages consequent upon
  • Accidental bodily injury or illness of third party
  • Accidental loss or damage to property belonging to third party
    Occurring in direct connection with the works and happening at or in the immediate vicinity of the site.
    The indemnity is also provided for legal costs and expenses provided the liability is within the limit of liability insured.

Construction Insurance Malaysia, Contractor All Risk Insurance Malaysia, Erection All Risk Insurance Malaysia, Engineer Insurance Malaysia,

acpg100Fb_contrac

Construction Insurance Malaysia, Contractor All Risk Insurance Malaysia, Erection All Risk Insurance Malaysia, Engineer Insurance Malaysia,

Arranged By

ACPG Management Sdn Bhd

www.acpgconsultant.com

+603-92863323

Construction Project Risk Management

A structural collapse, collision, fire or explosion can cause significant damage for a Construction project.

Equally, a severe natural hazard event or unplanned ground settlement can cause significant damage to the project.

All of these material damages can also mean major interruptions and potential delays to start-up as completion dates are pushed out.

Construction projects are always changing through their lifecycle which means the project risk profiles are also continually changing.

This is often a key reason why gaps in risk management occur, even with established risk management approaches.

Our ACPG principal insurer Risk Engineers are trained to spot areas where losses may occur or where there is a potential exposure.

They will make recommendations so you can address these areas before they become a problem.

ACPG principal insurer Risk Engineers work with our customers and underwriters to identify risk improvement advice that cost effectively mitigates the risk to the business.

We look for bespoke solutions, tailored to the needs and culture of the customer’s specific circumstances.

Our ACPG principal insurers risk assessment approach for Construction uses a globally standardised set of risk factors to identify and assess levels of exposures and controls.

These risk factors are applied appropriately for the specific type and methods of construction.

ACPG principal insurers Risk Engineering and Underwriting have expertise in the following industries and sectors:

Public infrastructure – roads, bridges, tunnels, rail, dams, desalination plants, water and wastewater

Ports – coal and ore loading terminals, container terminals

Energy and mining – oil, gas, petroleum, coal, iron ore, precious metals

Power generation – coal-fired, gas-fired, hydroelectric, solar, wind, nuclear

Manufacturing and processing plants

Buildings – large commercial buildings.

Value-added solutions:

Risk Assessments

Our ACPG insurer approach for Construction site risk assessments uses a globally standardised set of risk factors to identify and assess levels of exposures and controls.

These risk factors are applied according to the specific type and methods of construction.

ACPG Construction Project insurance options

CAR – Construction All Risks

Covers material damage loss arising from contract works on site, transit to or from the contract site (other than by sea or air), contract works stored away from the contract site. It typically covers parties such as the principal contractor, subcontractors, and in some cases suppliers and manufacturers of equipment.

EAR – Erection All Risks

Covers loss arising out of the erection and installation of machinery, plant and steel structures, including physical damage to the contract works, equipment and machinery.

DSU – Delay in Start Up

Covers delay in start-up costs associated with a CAR or EAR loss.

ALOP – Advance Loss of Profit

Covers advance loss of profit costs associated with a CAR or EAR loss.

ACL – Advance Consequential Loss

Covers advance consequential loss costs associated with a CAR or EAR loss.

Annual Construction Policies

Covers smaller construction project works up to a certain value as an annual policy.

Construction Third Party (Public) Liability

Covers third party personal injury or property damage as a result of negligence associated with works being undertaken. This can be covered in conjunction or combined with CAR and EAR policies.

Project Cargo

Covers risks of loss or damage to goods and merchandise while in transit by any method of transport – sea, rail, road or air – and while in storage anywhere in the world en route between the points of origin and final destination for construction projects. This can be covered in conjunction or combined with CAR and EAR policies depending on the extent of the shipment and the cover required.

Construction Insurance FB A4

Malaysia Insurance Services, Malaysia General Insurance, Malaysia Commercial Insurance, Malaysia Medical Insurance

Arranged by

ACPG Management Sdn Bhd

Malaysia Experience Commercial Insurance Risk Management Solution Provider since year 1989.

ACPG Careline +603-92863323

enquiry@acpgconsultant.com

www.acpgconsultant.com

www.facebook.com/acpg.management

Public Liability Insurance Kuala Lumpur Malaysia

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Shopping Mall Installation Liability Insurance, Commercial Building Renovation Liability Insurance,
Renovation Liability Insurance, Installation Liability Insurance,
Construction Liability Insurance and Contractors Liability Insurance
Exclusive Arranged by
ACPG Management Sdn Bhd
www.acpgconsultant.com
+603-92863323
enquiry@acpgconsultant.com
www.facebook.com/acpg.management
www.walkinonline.com/store/ACPG.php
Shopping Mall Liability Insurance, Commercial Building Liability Insurance, Renovation Liability Insurance, Installation Liability Insurance, Construction Liability Insurance and Contractors Liability Insurance
Installation & Dismantle Period, Project Period, Annual Cover Period
*Public Liability Insurance
*Legal Liability Insurance
*Third Party Liability Insurance
Type of Insurance Coverage
Contractor All Risk Insurance (CAR)
Erection All Risk Insurance (EAR)
Public Liability Insurance (PL)
Workmen’s Compensation Insurance (WC)
Foreign Worker Insurance (FWCS/FWIG/SKHPPA)
Machinery All Risk Insurance
Employer’s Liabiliy Insurance
Group Accident (PA) & Group Medical (H&S) Insurance

 

Public liability insurance

Public liability insurance protects your business against the cost of settling or defending a claim for bodily injury or property damage from a client or member of the public. It’s designed to cover you for all the slips, trips and falls that sometimes simply can’t be avoided in the workplace or in a professional capacity.
What many people don’t realise is that, as a business owner they can be liable for all sorts of accidents both on their business premises and away from them. For example, if you were to damage a client’s property in their office a claim could be brought against you. Likewise, if a member of the public or a client slipped on a wet floor at your business premises and injured themself, you could be held responsible
Public liability insurance explained
Public liability insurance is designed to protect you against claims made by the public that they have suffered an injury or loss as a result of your business.
Even if you don’t have visitors to your office or home, you could still suffer a public liability claim, for example if you accidentally damage a client’s property in their office. In this scenario, public liability insurance would pay out the cost of compensation to be paid to the individual, as well as the legal fees and expenses involved.
Anyone working for you could also trigger a public liability claim against your business if their actions at work injure a client or member of the public.
Do I need any other kinds of business insurance?
To help protect your business, ACPG can provide small businesses with public liability insurance as a standalone policy or it can be purchased together with our range of business insurance products including ACPG Employers’ Liability Insurance.
How much does ACPG public liability insurance cover me for?
How much you’re covered for in terms of compensation pay-out will depend on the level of cover you choose, and you’ll be covered for up to RM100,000 for any legal feels spent in defending a claim.
If you have employees, employers’ liability insurance is a legal requirement and can be bought as a package with our public liability insurance.
Do I need public liability insurance?
If your business premises are visited by clients, or if your employees regularly work off-site, it may be worth considering public liability cover.
If you work from home, you may assume you don’t need a policy, but this isn’t necessarily the case.
Say, for example, you decide to take a marketing stand at your industry’s big trade show to get some publicity for your firm.
But during the show a bit falls off and injures a passer-by; an embarrassing episode could turn into a costly one if that person decides to sue.
Also, if you visit clients’ premises or have access to their equipment, then it’s worth considering buying public liability cover, because if you inadvertently damage their property you may have to pay the cost of repairing or replacing it.
It could be something as simple as knocking your cappuccino over your client’s new MacBook or one of your employees tripping over in a client’s server room. He brings a stack of expensive computer equipment down as he falls, which might seem like a classic ‘You’ve Been Framed’ moment at the time, but the RM1250 you’d earn from the trip (pardon the pun) wouldn’t begin to cover the cost of a new server, when your client sends you the bill.
What does public liability insurance cover?
A public liability policy covers you and your employees against property damage when working in a client’s home, office or business property.
Under the Injury Cost Recovery Scheme, the NHS is now allowed to reclaim the cost of transporting and treating a patient, in cases where personal injury compensation is paid out. So if your business activities injure a third party, public liability insurance will protect you from the cost of a possible NHS claim.
How much does public liability insurance cost?
How much you pay for cover depends on the size and type of your business, and the level of risk it undertakes. Discuss this with your insurer before you buy your policy in order to assess what level of cover provided is right for your business .
You may find clients expect you to have a minimum level of cover, according to your area or industry. This is often the case for businesses working with the public sector where the minimum requirement is usually between RM 5-10 million.
Is public liability insurance a legal requirement?
Choosing not to purchase public liability insurance will not land you with a jail sentence or a hefty fine.
But having the right insurance can make your business look more professional and offer you peace of mind.
You don’t want to get into a spat with one of your best clients over the consequences of an accident or damage to one of their properties.
Getting a public liability policy means you can let your insurer deal with any problems, while you get on with running your business.

 

Malaysia Insurance Services, Malaysia General Insurance, Malaysia Commercial Insurance, Malaysia Property Insurance, Malaysia Medical Insurance
Arranged by
ACPG Management Sdn Bhd
Malaysia Largest General Insurance Risk Management Solution Provider since year 1989.
ACPG Careline +603-92863323
enquiry@acpgconsultant.com
www.acpgconsultant.com
www.facebook.com/acpg.management
www.walkinonline.com/store/ACPG.php
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Malaysia Risk Management Insurance Solution Service Provider

Malaysia Largest Insurance Solution Service provider IVR3001

 

ACPG Management Sdn Bhd

Your Experience Insurance Risk Management and Solution Service Provider since year 1989 and Head Office Located at Kuala Lumpur Malaysia .

For more details of Malaysia Insurance package and risk management services www.acpgconsultant.com and contact our ACPG careline +603-92863323.

Click Here For Insurance Quote Enquiry Form Submission

 

ACPG Management Sdn Bhd

What We Can Do…..

One of the reasons we at ACPG Management Sdn Bhd, are one of the top Property and Casualty Insurance Agency in the Kuala Lumpur Malaysia market, is due to the quality and variety of insurance solution and consultancy services we provide. Be it automotive insurance, fire insurance, all others type classes of life and general insurance, consequential loss insurance, insurance of precious possessions or what have you, you can rest assured that we provide nothing less than what are stated below, which makes us an insurance agency that is truly “Almost with No Comparison”, and we do not make such claims lightly.

With 27 years since year 1989 in the insurance Malaysia market we can

Give our Expert Opinion On Your Risks.

How To Handle The Risks.

Provide The Best Insurance Solutions.

Provide Competitive Premium.

Handle Insurance Claims With Comprehensive Homework.

Work Closely with Insurance Adjusters, Insurer Claim Officers and Policy Holders.

Assisted Claims

By its very nature, a claim is made at a difficult and stressful time. You may need to make a claim because you have been burgled, there has been a fire or flood or worse and your business may be forced to stop operating. In such a situation, you need a settlement and fast.

Most insurance companies are well aware of this and if you are making a claim directly to an insurance company or through an unqualified agent and without any professional help, you may find the small print in your policy is not what you expected or the settlement amount is not enough.

When you have to make a claim, the insurance company will send out a loss adjustor to assess the damage. It is important to understand that the loss adjustor works for the Insurance company and not you so they will put the interests of the insurance company first.

If you are one of our clients, we will represent your interests when the loss adjustor visits the scene and in any discussions or negotiations to ensure you get the best possible settlement.

If you would like to meet for an informal consultation about your insurance needs and how we can place your coverage at exceptional rates, please do not hesitate to contact us.

Risk Management

Risk is when there’s an uncertainty about whether an event will or will not occur. Thus, risk management is the process of identifying exposures to risk, choosing the best method for handling each exposure and implementing it.

Insurance refers to a contract that reduces risk of loss and requires one party to pay a specified sum to another if a previously identified event occurs. Thus, insurance planning is the process of handling and safeguarding against future risk of loss and ensuring sufficient compensation is provided.

Risk Management Technique

When it comes to risk management, there are 4 basic methods :

Risk Avoidance

To avoid engaging in an activity or owning property that might lead to an exposure of risk.

Risk Assumption

To recognize risk and accept it as part of its activities.

Risk Transfer

To transfer risk to another party.

Risk Reduction

To take steps to reduce the uncertainty of loss.

 

 

Malaysia General Insurance Services
Arranged by
ACPG MANAGEMENT SDN BHD
Your Experienced and Trusted
Malaysia Risk Management Insurance Solution Service Provider since year 1989.
ACPG careline : +603-9286 3323,
enquiry@acpgconsultant.com,
www.acpgconsultant.com

Facebook Business page  www.facebook.com/acpg.management