Chubb Launches First Non-Tariff Rated Fire Insurance Product

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Chubb Insurance Malaysia Berhad (Chubb) recently announced the launch of JMB Elite Package, its  first non-tariff rated fire insurance policy developed under the phased liberalisation of fire insurance in Malaysia.

The introduction of the phased liberalisation of fire insurance allows insurers like Chubb the flexibility to develop and package fire insurance products and services to suit the consumers’ budget. Premium rates for these insurance policies will be liberalized in stages and determined by the individual risk profile of policyholders.

In Malaysia, under the Strata Management Act, the establishment of a Joint Management Body (JMB) or Management Corporation (MC) is a necessity.  The JMB or MC is required to supervise the maintenance and management of the building and the common areas of high-rise buildings such as shopping malls, condominiums, apartments and flats. More importantly, as a statutory duty, the JMB or MC must ensure that the building is adequately insured.

JMB Elite Package is a property all-risks insurance policy specially designed to provide protection for entities which manage high-rise buildings and properties like JMB and MC. Besides the standard all-risks cover, this policy offers JMBs and MCs the option to apply for terrorism coverage that includes political violence for properties with high risk exposure.

A range of supplementary benefits from cyber liability to personal accident coverage is also available to provide additional protection for JMBs and MCs.  The key benefits of JMB Elite Package are:

  • The policy is an All-in-One Package that provides all essential covers in one single policy which is convenient and saves time for the JMB/MC when managing documents for policy renewal.
  • Provision of All Risks Coverage on loss or damage to property insured except risks that are specifically excluded.
  • Optional extension that provides coverage against property damage due to terrorism/sabotage or political violence as well as financial relief should there be business disruption caused by such events.
  • Protection against liability loss due to unintentional privacy infringement and cyber-attack.

“As consumers and residents of high rise properties become more informed and discerning, the roles of JMBs and MCs have become increasingly demanding,” said Steve Crouch, Country President for Chubb in Malaysia.  “JMB Elite Package is a one-stop solution packed with benefits and options to give JMBs and MCs the flexibility to choose the types and quantum of cover best suited for their properties,” he added.

JMB Elite Package is distributed via all Chubb agents and insurance brokers throughout Malaysia.

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