AXA Malaysia Motor Insurance Kuala Lumpur Malaysia arranged ACPG Managem...

AXA Malaysia Motor Insurance Online Purchase arranged ACPG Management Sdn Bhd



Cheapest Rate and Comprehensive AXA Malaysia Car Insurance 
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5 things your car insurance won’t cover in Malaysia Motor Insurance Policy, for more details, please visit www.acpgconsultant.com.
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AXA Malaysia Motor Insurance Online Quote
Cheapest Rate and Comprehensive AXA Motor Insurance
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Malaysia Insurer provide Comprenhensive Motor Vehicle Insurance.

ACE Jerneh Comprehensive Motor Insurance
Get more from your car insurance. Great benefits and extra add-ons such as 24-hours emergency assistance and wide choice of panel workshops for all vehicle types!

AIA Comprehensive Private Car Insurance
Insure your prized vehicle against any loss or damage due to fire, theft, or accidents including for any third party involved. Option to add windscreen cover available.

AIG Comprehensive Motor Insurance
Award winning claims services with zero additional payments on your motor repairs at panel workshops with 1 year warranty, free roadside assistance, and a full insurance pay-out on total car damage.

AXA Affin Comprehensive Motor Insurance
Protect your car and its accessories from any loss or damage. Choose to add-on benefits such as windscreen cover, damage against natural disasters, and legal liability to passengers.

AXA Affin SmartDrive
All-in-one protection and 24-hour emergency hotline services! Receive free SmartDrive Assistance Plan and get 6-month warranty on your claims.

Allianz Comprehensive Motor Insurance
Motor insurance is a modern necessity. Enjoy coverage for third party liability, damage to your own and other people's vehicles, plus fire and theft protection.

AmGeneral Private Motor Insurance
Let's face it, anyone can be reckless on the road. Have complete peace of mind with comprehensive protection against accidents, injury to other people, and car theft.

Berjaya Sompo Private Motor Insurance
Give your car the protection it deserves. Get rid of the fear of losing your car to a thief, wrecked in a car accident, and any injury or death to third party road users.

CIMB Motor Insurance
An all-in-one comprehensive car insurance policy from CIM B
Get 24-hour emergency towing service, road-side repair assistance, and road tax renewal services!

Citibank SmartDrive
Skip the queue and buy or renew your car insurance policy online now! Enjoy great reward points or cash rebates when you pay with your Citibank credit card.

Easy by RHB Easy-Insurans Kasih Motor
Give your car the protection it deserves now with on-the-spot cover note and renewal with free towing and roadside help to get you back on the road in no time!

Etiqa Comprehensive Private Car Takaful
You'll never know what's at the next turning, so have complete peace of mind on the road with 24-hour emergency towing for accidents and fast motor claims.

HSBC Comprehensive Car Insurance
Renew your motor insurance fast with HSBC
Make sure your vehicle is insured against any loss or damage, including personal accident protection for both the driver and passengers.

Hong Leong Comprehensive Motor Insurance
Get yourself a motor insurance that'll provide professional 24-hour services for free minor roadside repairs and towing. Have instant access to trusted mechanics all over Malaysia!

Kurnia Comprehensive Motor Insurance
You rely on your car to take you everywhere, so rely on Kurnia to give it the protection it deserves. Have the benefit of 24-hour roadside assistance for breakdown and accidents.

Liberty Comprehensive AutoStar
Give your car 5-star protection! Renew your car insurance online at your comfort and enjoy full coverage for liability against third party claim as well as damage to your own vehicle.

Lonpac Comprehensive Private Vehicle Insurance
24-hour emergency assistance when your car breaks down and needs repair. Lonpac also offers free towing service, claims for car accidents, and third party compensation.

MAA Takaful Comprehensive Motor Coverage
A Takaful plan that will provide your car with comprehensive coverage! Have complete peace of mind with coverage for both your car and injury to other motorists.

MPI Generali Comprehensive Private Car Insurance
Reckless drivers are common on the road and that is why your precious car needs all the protection it could get. Get compensated against damage of your own car, third party liability and car theft with MPI General insurance !

MSIG Comprehensive Motor Insurance
Get 24-hour roadside assistance and on-site repair services! Enjoy 6 months warranty on all repairs carried out by MSIG's nationwide panel workshops on your vehicle.

Maybank Comprehensive eMotor Takaful
eMotor Takaful provides 24-hour super-fast claims approval! Enjoy the convenience of online road tax renewal, premium payment options, and on-the-spot issuance.

Overseas Assurance Comprehensive Motor Insurance
A comprehensive motor insurance policy that protects your car not only in Malaysia, but also if you decide to go roadtripping to Thailand or West Kalimantan!

Pacific Comprehensive Motor Insurance
Whether you own a car or motorbike, get it insured against third party liabilities, fire damage and theft, and most importantly, claim for any damage caused by road accidents.

Pacific and Orient Comprehensive Motor Insurance
Have the assurance of a variety of coverage types such as loss or damage to own vehicle arising from lightning, accidents, fire, and add-on windscreen protection.

Progressive Comprehensive Motor Insurance
A complete car insurance plan that not only protects your wheels for any loss or damage, but also other people on the road from minor or fatal injuries!

QBE Private Car Comprehensive Insurance
Get more coverage and benefits for your private car or van with a full-on insurance plan that protects your ride against accidents, fire damage, theft, and injury to other people.

RHB Comprehensive Private Car Insurance
Protect yourself in the event of a stolen car or in need of replacement parts because of an accident. An insurance plan that takes care of third party victims as well.

Takaful IKHLAS Comprehensive Commercial Vehicle Insurance
Whether you run a delivery service or you need a van to pick up inventory, it's important to have your vehicle insured. Avoid business loss with Takaful Ikhlas.

Takaful IKHLAS Comprehensive Private Car
Get the best Shariah compliant insurance for your car. Have the surety of protection from injury or death to third parties, plus damage caused by accident or fire to your car.

Takaful Malaysia Comprehensive myMotor
Get full indemnity for damages caused to your car because of an accident, fire, and even when you wake up in the morning and find out that your car has been stolen!

Tokio Marine Comprehensive Motor Insurance
Have unlimited protection for injuries or death caused to third parties, including high coverage limit for loss or damage to your own car an other people's property.

Zurich Comprehensive Motor Insurance
Road-tripping around the country? Not to worry, have the convenience for 24-hour roadside breakdown assistance for both Peninsular and East Malaysia.

What You Need To Know About Car Insurance
If you dream to own a car, you'd have to get your motor insurance sorted, whether it's third party only or comprehensive protection. You like to drive fast, but what happens when you lose control and crash? You WILL need motor insurance when you buy a car; it's as simple as that . Anyone telling you any different is well...ill informed, or simply has no regard for his or her own welfare - there's no two ways around it, as you will need a car insurance of some-kind to be able to drive legally, even if it's to your mamak stall 5 minutes from home. According to the Malaysian Institute of Road Safety Research, in 2012 alone, Malaysia has seen over 400,000 road accidents, 6,000 of which has led to road deaths. You can bet that this number has risen in 2014, and will continue to rise with more demand for cars, if there is no changes done for the sorry state of our public transportation system. This is reason enough to buy a motor insurance policy, to save you time and inconvenience when accidents happen.

The 3 Types of Car Insurance
There are three types of motor insurance available in the Malaysian market, namely:

1. Third Party Cover
Imagine this: It was a rainy night, and you decide to drive your car home after a night of drinking. Your car skids at a junction and hits a pedestrian. By luck, you escaped unscathed - but to your worst fears, the pedestrian had suffered a few broken limbs - ouch!

To avoid forking out an exorbitant amount of money to pay for his or her hospital bills, you need at least a third party car insurance - It is a policy that protects you against claims for bodily injuries or even deaths caused to other persons (third party), including any loss or damage to their vehicle or property. This also means that you cannot claim for any damages on your own person or vehicle, with it being the cheapest and most minimal policy you would need to enable you to drive legally.

2. Third Party Fire and Theft Cover
Like a third party insurance policy, this policy covers you against claims from third parties from bodily injury, death, and loss or damage to their property. Speeding in a neighbourhood and crashed into a house? You policy might pay for a portion of the repairs.

Added to that, you will be able to claim compensation for loss or damaged caused by fire related incidents and car theft - so if you fear waking up one day with a missing car from your driveway, you can claim with a fire and theft insurance plan.

3. Comprehensive Cover
This car insurance policy covers all of the above, but the major reason to buy comprehensive is the protection given to your OWN car! In addition to third party protection and fire and theft coverage for you own car, you will get cover for any accidental loss or damage inflicted to your vehicle due to an accident.

It is probably a good idea to buy yourself a comprehensive car insurance plan if you own a relatively expensive car - a car that has a market value of more than RM30,000 would fit just nicely in this category.

What Your Car Insurance Will Not Normally Cover
If you have read the terms and conditions for all three policies carefully, provided that you actually understood everything, you will realise that some incidents are not covered, even though they occur fairly frequently, for example - you would expect your car insurance to cover your death in the event of a serious accident...but does it really? To be clear, that's what a motor personal accident insurance is for, something you should also sign-up for when taking up a car insurance plan.

1. Your own death or bodily injury because of a motor accident
You would expect that your own death or at least physical injury to be coverage for a modest amount of money; well, stranger things have happened. Your personal accident insurance or medical insurance might have you covered, but not a car insurance plan. Nope, not even the comprehensive cover - that means no hospitalisation allowance or coverage for funeral expenses.

2. Your liability against claims from your passengers
A passenger who gets hurt because of a car accident will usually have an easier case compared to the person behind the wheel - if the accident involves two vehicles, one of the drivers will most likely be found negligent and liable for the physical injury to the passenger.
However, you will be able to pay additional premium on your motor insurance to include Passenger Liability Extension Cover, in the event that your passengers choose to sue you.

3. Stolen non-factory fitted vehicle accessories such as car stereos, leather seats, sports rims etc.
Pimping out your brand new Honda City with custom spinning rims, genuine leather seats, and an expensive (but totally unnecessary) sound system might earn you brownie points with your friends and colleagues, but you may also be drawing a lot of unwanted attention from less agreeable people i.e. car thieves. Make sure in addition to your lavish upgrades, you install additional car security features, such as a powerful GPS tracking system!

4. Consequential loss, depreciation, wear and tear, mechanical, technical breakdown failures, or breakages
Like everything else - cars aren't built to last. As vehicle parts wear out with time (excluding parts made out of glass e.g. windshield), the value of your car depreciates along with them - and honestly, a car's value drops the moment it leaves the showroom.

You'll probably lose up to 40% of its initial value 5 years down the road - literally! If you're planning to insure a car that is pushing 15 years of age, good luck finding an insurer that'll take you on.

5. Vehicle damage due to acts of nature e.g. flood, landslide, typhoon
These unfortunate events, along with earthquakes and hurricanes are commonly referred to as natural disasters or acts of God, and are not covered in standard car insurance policies. On the other hand, you may pay higher premiums to extend your policy to cover flood, landslide, landslip including adequate cover for your passengers.

As you've read, insurance companies will allow you to add-on optional benefits to your car insurance policy to be insured for all five exclusions that we've mentioned above, including coverage for windscreen repairs and replacement - but of course, you will have to pay a higher premium. So you'd now probably want to know what goes into calculating your premiums?

Your Motor Premium Calculation
Motor insurance premium is calculated according to the Motor tariff set out by Persatuan Insurans Am Malaysia ( PIAM). All insurance companies are required to use the same pricing schedule. This prices are determined by a few factors such as coverage type, use of vehicle, car engine size i.e. cubic capacity, age of vehicle, maximum sum insured, extended coverage and number of registered drivers. However, this is all set to change in 2016, when the current tiered system will be replaced with a new risk based price structure, an effort by Bank Negara Malaysia to deregulate the car insurance industry.

Avoid Under-Insurance
Lastly, it is very important that you insure your vehicle appropriately according to its current value, whether its at the purchase price for a new car, or the current market value for one that is used. This is to avoid under-insurance that will result in only partial compensations on claims, or worse still over-insurance, where you simply waste money to insure a car above its market value, when the maximum you can claim is at the market value - so why would you want to do that?

Drive your life better with exclusive ACPG car insurance tips and deals!

ACPG MANAGEMENT SDN BHD
Your Trusted, Experience
Malaysia Risk Management Insurance Solution Services Provider since year 1989.

We (ACPG), provided all classes of insurance services more than 27 years in Malaysia (since year 1989).

We (ACPG) One of The Largest General Insurance (Individual & Commercial) Service Provider in Malaysia.

Any enquiry, email to enquiry@acpgconsultant.com or Call our Careline : +603-9286 3323.

Please Download ACPG Company Profile here!!

Please ACPG Corporate Video for Malaysia Commercial Insurance (Business Insurance) and Malaysia Individual Insurance (Personal Insurance).

For ACPG Corporate Video posted on YouTube
at http://youtu.be/hwWKPU003gE for Malaysia Commercial Insurance (Business Insurance) and
at http://youtu.be/0hN64xcYgrI for Malaysia Individual Insurance (Personal Insurance).

MSIG Travel Insurance Malaysia arranged by ACPG Management Sdn Bhd Kuala...

MSIG Travel Insurance Online Purchase arranged by ACPG Management Sdn Bhd


The Importance of Travel Insurance shared by ACPG Management Sdn Bhd 

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Malaysia Travel Insurance
Travel Insurance Worldwide Coverage 
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Malaysia Experience General Insurance Risk Management Solution Provider since year 1989.
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Travel Insurance (Short Trip)
Business Trip / Holiday Trip
As Low As RM 8.00 per day.
Cash Less Hospital Admission Worldwide Coverage
Medical Expenses up to
- RM 10,000,000.00
Personal Accident Coverage
- RM 300,000.00
- 24 hours daily Emergency Assistance anywhere, anytime
- 24 hours Doctor On Call
- No maximum age limit
- Up to RM10 million medical expenses
- Spouse, family and annual plans are available
- Affordable premium
- Trip cancellation cover begins even before you travel
- Cover acts of Terrorism, Hijacking and Natural Disaster
- 24 hours multilingual interpreter service
- Covers leisure and business travel
- Flexible Per Trip plan for ad hoc travelers
- Savings for frequent travelers under Annual plan
Available for Online Payment and Online Credit Card Payment.

Malaysia Business Travel Insurance
Malaysia Individual Travel Insurance
Malaysia Commercial Insurance Services
Malaysia Business Protection Insurance Services
Malaysia General Insurance Services
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ACPG Management Sdn Bhd (ACPG)
Malaysia Experience General Insurance Risk Management Solution Provider since year 1989.
ACPG Careline +603-92863323
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Consequential Loss Insurance

Consequential Loss Insurance Kuala Lumpur Malaysia

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Consequential Loss Insurance (Fire) or Loss of Profit Insurance or Business Interruption Insurance

As in the past in our knowledge series, we shall endeavor to present the above insurance in the simplest possible way with a view to elicit interest and also to exemplify its importance.

As in the past in our knowledge series, we shall endeavor to present the above insurance in the simplest possible way with a view to elicit interest and also to exemplify its importance.

When a fire occurs at premises used for the purpose of conducting a business, whether industrial, mercantile or Professional, the owner of the business will usually be insured against damage to his property by fire etc and will in due course be able to recover his material loss.

With the proceeds of his claim he can, in time, replace his lost or damaged property and resume his business but, until this can be done, the profits which he was previously earning will have ceased, wholly or in part.

In addition, there will almost certainly be fixed expenses arising from the business e.q. salaries, rent, municipal taxes, which be will have to continue to meet, even if his profits have entirely vanished.
Faced with the situation, he may find means to reduce or even eliminate the loss of his profits but this will call for expenditure perhaps substantial – which he may not have the funds to meet.

It is to meet this situation that loss of profits insurance have been devised and subject to a suitable type of policy and an adequate sum insured, it affords an insured complete protection against the reduction or cessation of profits following a fire and place him in the same position as though the damage had not occurred.

In these circumstances, a loss of profit insurance should appeal to any businessman as an essential complement to Fire Insurance.

We shall proceed ahead to give a brief idea of important definitions and ingredients which needs to be understood before obtaining a policy:

a) Net Profit:
The net trading profit resulting from the business of the insured at the premises. This does not include all capital receipts and accretion. Provisioning for all fixed charges shall be made including depreciation but shall not include taxation chargeable on profits.

b) Standing Charges:
These are the fixed expenses whi ch wi l l never theless continue to accrue to the insured despite the cessation of business e.q. Rent, Municipal taxes, fixed interest on capital, Advertising etc

c) Indemnity Period:
The period commences when the damage by fire occurs, and ends when the business ceases to be affected there by, subject to the maximum period specified in the policy.

d) Turnover:
The money paid or payable to the insured for goods sold & delivered and for services rendered in course of the business at the premises.

e) Rate of Gross Profit:
The Gross Profit explained above divided by turnover during the financial year immediately before the date of the damage.

f) Annual Turnover:
The turnover during the twelve months immediately before the date of the damage.

g) Standard Turn Over:

The turn over during that period in the twelve months immediately before the date of the loss which corresponds with the Indemnity period.

This st mean that if a fire occurs on 1 January and the business is affected during the following three months, January to March, then in ascertaining the shortage in turn over, the figures for those months are compared with January to March in the proceeding year. This is fairness personified especially in case of seasonal trades.

Measure of Indemnity:
With the aid of the above stated definition, it would now be possible to state in simple terms how the insured would be compensated in the event of a loss.

The amount payable shall be under two heads, which are described as below:

(I) Reduction In Turn Over:
It shall be he sum produced by applying the rate of gross profit to the amount by which the turn over during the indemnity period shall, in consequence of the damage, fall short of the Standard Turnover.

(II) Increase In Cost of waking:
It shall comprise the additional expend it urenecessarily and reasonably incurred for the sole purpose of diminishing the reduction in turnover but the amount shall not exceed the sum produced by applying the rate of gross profit to the amount of reduction there by avoided.

We shall go ahead by giving you a very simple accounting applicability of this policy and make you clearly understand how it fully compensates an insured. By this example, you will able to appreciate that all the aspects are duly taken care of by Malaysia insurers.

Consequential Loss Insurance (Fire) or Loss of Profit Insurance or Business Interruption Insurance for more detail at http://www.acpgconsultant.com/

Malaysia Insurance Services, Malaysia General Insurance, Malaysia Commercial Insurance, Malaysia Medical Insurance
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Warehouse Insurance Kuala Lumpur Malaysia

Warehouse Insurance Policy
Exclusive Arranged by
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Warehouse Insurance Coverage
- Fire Insurance
- Fire Consequential Loss / Fire Profit Loss Insurance
- Water Damage / Flood Insurance
- Burglary Insurance
- Arm Robbery Insurance
- Machinery All Risk Insurance
- Special All Risk Insurance
- Employer’s Liability Insurance
- Workmen’s Compensation Insurance
- Fidelity Guarantee (on stock) Insurance
- Goods in Transit Insurance
- Marine Cargo Insurance
- Public Liability Insurance
- Product Liability Insurance

Malaysia Insurance Services, Malaysia General Insurance, Malaysia Commercial 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
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www.acpgconsultant.com
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Mortgage Reducing Term Assurance Kuala Lumpur Malaysia

Why Paid More for Your MRTA !!!

MRTA Insurance
Mortgage Reducing Term Assurance
Property Loan Term Insurance
Housing Loan Term Insurance
Home Loan Term Insurance

Special Design Coverage for
Property Owner, Shop Owner, Houseowner.

Your Best Mortgage Insurance Solution Service Provider.

Exclusive Arranged by
ACPG Management Sdn Bhd
since year 1989.
Malaysia Experience and Largest Risk Management Insurance Service Provider.
www.acpgconsultant.com
enquiry@acpgconsultant.con
+603-92863323

Malaysia Insurance Services, Malaysia General Insurance, Malaysia Commercial 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

Students Studying Abroad Medical & Travel Insurance Malaysia

Malaysia Medical and Health Insurance Services 
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Malaysia Largest Insurance Risk Management Provider 
since year 1989.
ACPG Careline +603-92863323.
Email enquiry@acpgconsultant.com.
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www.walkinonline.com/store/ACPG.php

Malaysian Students Studying Abroad
Medical & Travel Insurance Plan (Study out of Malaysia)

(Age 15 to 45)
Cover from 6 months to 36 months at Worldwide Country of Study

Medical Expenses (illness & Accidental) Coverage
- *up to RM 400,000*

Accidental Death and Permanent Disablement
- *up to RM 250,000*

Personal Liability
- *up to RM 300,000*

Coverage Benefits List

1) Medical & Accidental Dental Expenses
2) Emergency Medical Evacuation / Repatriation of Mortal Remains
3) Compassionate Visit
4) Accidental Death & Permanent Disablement
5) Felonious Assault
6) Sponsor Protection7) Study Interruption
8) Travel Delay9) Baggage Damage During Air Common Carrier Travel
10) Damage or Loss of Personal Effects
11) Loss of Travel Documents
12) Loss of Money
13) Personal Liability
14) 24 Hours Worldwide Travel Assistance

This summary for training purpose only.
* Subject to terms and conditions apply and based on policy coverage.

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

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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

Home Insurance Kuala Lumpur Malaysia

Malaysia Property Insurance Policy 
Malaysia Houseowner Insurance Policy 
Malaysia Householder Insurance Policy 
Malaysia Home Insurance Policy 
Malaysia House Insurance Policy 
Malaysia Fire Insurance Policy
Malaysia Home Content Insurance Policy

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Please find out more information at our link as below:
http://acpgconsultant.com/main/3143/index.asp?pageid=122526&t=malaysia-house-and-home-content-insurance%2C-malaysia-robbery-insurance%2C-malaysia-theft-insurance%2C-malaysia-household-insurance%2C-home-system-insurance%2C-malaysia-jewellery--personal-value-insurance

ENSURE YOUR HOME INVESTMENT IS ADEQUATELY PROTECTED

Kuala Lumpur, 10 January 2014- Five years ago,
Ali had invested most of his savings to purchase a RM250,000 home and sank another RM60,000 to furnish his home.

To facilitate the purchase, he has taken an 80 per cent housing loan from a local bank. As one of the bank requirements is to buy a fire insurance to cover the amount of the loan, Ali let the bank decide on the value and the insurance company.

Unfortunately, many of us like Ali are unaware whether we have bought adequate cover for our home investment and whether we have taken up the appropriate insurance covers that best meet our needs and requirements.

To help us in our decisions, it would be best to understand the different types of property insurance covers that are available to us and under what circumstances can we be underinsured.

Types of property insurance
In Malaysia, there are three types of property insurance covers available for house owners to select from:
• Fire insurance
• Houseowners' Insurance
• Householders' Insurance or content insurance

Fire insurance is designed to provide protection against material damage to properties such as buildings, contents such as household equipment, fixtures and fittings.

The policy covers the loss or damage caused by fire and lightning or damage caused by explosion of domestic boilers or gas used for domestic purposes. However, the policy may be extended to cover other perils such as:-
1. Riot and strike
2. Malicious damage
3. Aircraft damage and articles dropped therefrom
4. Impact damage (excluding own vehicle)
5. Bursting and/or over flowing of water tanks, apparatus and pipes
6. Earthquakes, volcanic eruption, hurricane, typhoon, cyclone, windstorm
7. Flood
8. Subsidence and Landslip

The Houseowner's Insurance cover is a comprehensive insurance policy specially designed for owners of residential properties.

It covers the building against loss or damage caused by all the perils covered by the fire policy except riot, strike and malicious damage and subsidence and landslip, except as a result of earthquake and volcanic eruption.

In addition, the policy also covers:
1. Theft but only if accompanied by actual forcible and violent entry
2. Loss of rent if building is damaged and rendered uninhabitable
3. The insured's liability to the public in respect of bodily injury and damage

This policy may also be extended to cover:
1. Riot, strike and malicious damage
2. Subsidence and landslip

The Householders' Insurance cover is almost identical to Houseowners' Insurance, but the protection is meant for the contents and not for the building.

This policy would also be appropriate to renters as the landlord's policy only covers the building and not the possessions of the renters.

While it is true that one of the basic principles of insurance is indemnity i.e. one should not profit from an insurance claim, insurers have introduced the Reinstatement/Replacement Value Clause to meet the needs of consumers to conveniently replace or reinstate loss or damaged properties covered under a fire, houseowner or householder policy.

The clause provides payment of claim due to an insured peril without deduction for depreciation for age or wear and tear.

In other words, the full cost of repairs or replacement will be met subject, of course, to the condition that the sum insured of
the properties is adequate to cover the total cost of repairing or reinstating the building or insured properties at the time of the loss.

If the properties are underinsured, the insured will be compensated only in the proportion of the sum insured to the actual value applied to the full repair or replacement cost. In insurance terminology, the insurer is applying the principle of 'average' when this takes place.

Ways you can be "underinsured"......................

You have underinsured on your property insurance if:-
The insured value of your house is less than the market value or rebuilding cost of the house, excluding the cost of land.
Current insurance policy does not reflect increases for inflation.

If you have not taken into account and reported any recent renovations or improvements to your home over the years (such as an additional room or remodelled kitchen, etc.) thus adding to the insured value.

You have not taken a periodic inventory of all your possessions. When renewing your householders' insurance, it is advisable to take an inventory of all your possessions. This list will adequately reflect how much coverage is needed to replace all the contents in your home.

You may also be "underinsured", if you did not take up additional coverage for valuable items such as artwork, jewellery, antiques or collectibles.

For this instance, an 'All Risks' insurance policy can be effected to cover the valuables on an indemnification or more usually on an 'agreed value' basis against any loss or damage. The 'All Risks' cover has a list of specified exclusions.

Most insurers will demand a valuation before agreeing to insure any items of high value.
To avoid being under-insured, a yearly review of your property and possession should be done before renewing your policy to ensure adequate coverage.

On the other hand, take into account any depreciation cost to your householder items as you do not want to pay more than necessary.
If you have a claim, the more information you have about the damaged items -- a description of each item, the date of purchase and purchase price -- the faster the claims can be settled.

Please send your questions on general insurance to:

enquiry@acpgconsultant.com

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
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www.acpgconsultant.com
www.facebook.com/acpg.management