Independent Agent or Bank Provides Better Claim Service

Published April 5, 2017March 7, 2017 by jamin

Independent Agent or Bank Provides Better Claim Service. What is that to compare? Most public with the herd mentality would agree that the bank would provide better claim service comparing the independent agent.

In my course of handling any claim and servicing my client, I have come across three incidents that bank taking the insured for granted for yearly auto direct with the insurance renewal.

Malicious damage

One of my friend who runs a plastic product manufacturing factory. He called me that his factory some of the semi-transparent plastic ceilings haves been vandalous by a group of restless lad who lives nearby. I advised him to inform that bank since the factory was mortgaged to the bank for securing a loan facility.

” Sorry sir, you can claim for the fire that burnt down the building structure, you cannot claim for roof damage due to vandalism”

To my horror, the strike riot and malicious damage clause are added in the special peril fire insurance policy.

My friend was damned mad with the bank reply. Next year, he renewed factory fire insurance with me until today.

Lightning Damage Television

My elder sister called me one day, there was a surge of electricity that prised open the wall during thunder. Her dementia husband forgotten to switch off the switch. The cracked on the wall was visibly quite severe as it followed the wiring line that that from outside TV antenna. It costs about a few thousand ringgits to reinstate back the cracked open wall.

The next day, I went personally make a report to the bank staff that in charge of insurance that I want to claim lighting damage.

” Please call the HQ and here is the telephone line.”

“Sir, you have to obtain a meteorology report that there were lighting and thunder striking that area. Your sister’s daughters are co-owner of the house need to come to Kuala Lumpur to file the claim.”

Forgo the Claim

One of the daughters was working in Hong Kong and another at Kajang. After considering so much travel expenses involving and time-consuming. We finally forgo the claim. ( At that time, I was a greenhorn when dealing with insurance, only passing the PCE examination, someone called a kindergarten qualification).

Sewing Machine Damage

Batu Pahat is full of the textile factory that gives rise to the subsidiary industry. Garment manufacturing is one of the labor intensive industry. The manufacturer often subs it to other small garments factory to sew bulk order receiving from the oversea buyers like Lady Bird, Cheetah, Levis Jean. There is a mushroom of such factory in the rural area to enjoy the plentily of labor, cheap rental, and other overhead expenses.

Brother industrial brand sewing a prefer choice to the factory. The small scale with less than 100 sewing machines needs to have a fire insurance within the air-conditioned building. Lighting is very common to strike on such building. It is a frequent phenomenon it caused damage to the sewing machine.

” Why the banker insurance rejects my claim for the lighting damage to my plant and machinery? the boss lady asked me.

” How often” I probing further.

” Ten years 3 times, even though my total of claim is merely less than Rm20,000. Three times the same answer”

“No claim unless fire damages your machinery.”

I handle her factory insurances for the past 10 years ever with 2 minor claims. Her 3-year sewing machines were new for old reinstatement basic.

Banker or Insurance Agent/Broker

Do you think bank provides better service than the insurance quality agent/broker during the time of a claim?

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Strike Riot Malicious Damage To Your Own House

Published April 5, 2017March 5, 2017 by jamin

Strike Riot Malicious Damage To Your Own House. Bank Manager does not understand insurance got burn on his finger.

I am sure this topic will arouse and wake up all the potential bank housing loan borrowers. But the sad part of it, most of the bank in Malaysia will insist you to buy a fire insurance to protect the house. Most of the bank still having a subsidiary general insurance company to secure them. Consumers interest is never looked into. Moreover, it is none of the bank business.

In the western counterpart, when the bank provides a loan to a borrower, he/she need to purchase a creditor insurance to protect the bank loan interest. The bank has no insurance interest on your house when it is burnt down by fire.

I did have a bank loan with the local bank, but I insist buying my own fire insurance with my foreign insurer because the coverage is wider comparing to the local insurer.

Signing blank proposal form

When you secured a housing loan, the bank staff insist you signing a blank form on the fire insurance proposal. Likewise is the same to all the bank managers taking a housing loan from their working bank. It is not important whether you understand the coverage because Malaysian often take for granted a fire claim never occurred to them.

Mr. X, one of the bank manager called me, ” Mr. I need your help to claim my house insurance.”

I said, ” Sure, no problems, we fix a date during the weekend.”

I arrived at his home and said, ” Look like you get a recent promotion, now have plenty of money to renovate the kitchen.”

Theft

“Don’t be sarcastic, the theft entering my house via the kitchen washing area. They knocked down the wall structure that below the water sink area, steal some of my inexpensive stuff.” the bank manager informed me.

When the neighbor maid saw it, “What are both of you doing here.”

” Oh, the bank manager want to do some renovation in the kitchen with his recent promotion.”

Special peril

After checking his fire insurance policy. ” Sorry, you cannot claim a single cent from the insurer as you did not add a clause strike, riot, and malicious damage.’ I advised the bank manager.

Since we had known each other for several years, you can call me for free advice. He learned a painful lesson by saves a penny but losing an arm.

Finally, he admitted he really did not know the fire insurance special perils can be added to the policy by paying an extra premium. Please remember the maxim ignorance of the law is no excuse.

RSMD

Riot – An unlawful assembly of 4 or more persons.
Strike – A revolt against established authority or public interest.
It may be extended to cover deterioration of goods, in addition to direct loss or damage due to fire arising from public disturbance.

Malicious Damage

Any damage caused due to personal grouse or ill will.
All acts of commission are covered and Acts of omission are not covered.
Eg: During a strike, the public may cause some physical damage. This is an act of commission. This is covered.
Forgotten to switch off the fan and consequential damage caused due to this is not covered. This is an act of omission.
Prevention of access is not covered. Burglary and theft during RSMD are covered.

Strike Riot Malicious Damage To Your Own House. Bank Manager does not understand insurance got burn on his finger.

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Insured Need a Quality Insurance Agent/Broker

Published July 26, 2017March 3, 2017 by Jamin

Insured Need a Quality Insurance Agent/Broker.

Why an insured needs a professional, ethical, knowledgeable quality insurance agent/broker? Up the wall when an invisible agent when a claim occurs, instead of lending a hand to handle the claim when an insurer denies liability giving reason only up to them to understand. The agent washed their hand off in the crisis juncture. The frantic insured had nowhere to turn to except engaging a legal assistant which can avoid. A tailor-made policy is a win-win for the agent and the insured based on the latter’s need.

2 different agents, 2 clients, Same Insurer

Stumbling across during my earlier years in the general insurance industry, having the same insurer, the same occupations, 2 insured with 2 different agents also have 2 different treatments during the claim.

Keen and earnest to expand my insurance business, thus I studied diligently to get my Chartered insurance qualification from the UK. Coupling with paper qualification and hands-on working experience working in a public listed establishment, easily convince the conglomerate corporation and closing exorbitant premium policy. Called it a Quality working day when you can earn $5 000.00 in commission a day why closing a $1000 policy premium.

Selection of Risk

Combing every inch, leave no stone unturned of the Johor state in marine insurance and Good in Transit policy market, there are so many factories and logistics firms need our professional services, plenty of giant fish in the ocean to catch and selecting those quality pay masters, discarding the rotten one.

One morning, I received a call from my existing customer “Mr. When are you free to drop my office, my friend needs your advice on cargo claim matter.”

” Mr. Boss, no problems, is this coming Monday morning at 10.a.m. Is it alright with you and your buddy?

Quality Agent/Broker

The sorrowful story when an insured having the half-baked agent to handle the insurance.

2 Various Policies Covering the same Occupation

Mr. WWW having a bigger fleet of lorry named X Company. I handled their cargo insurance for the past 3 years, for an annual premium of $18000.00 for each loss of $200 000.00 with an excess of $2 000.00. Including the armed robbery and hijacking clauses, the insurer paid the full settlement of a loss claim of $150 000 less an excess. The ill-fated lorry conveyance expensive tile had skipped out the NS highway divider, landed on the 20 feet ravine, the smashing tiles piling the monsoon drain.

His buddy Mr. YYY also running a transport company half of the fleet size comparing with Mr. WWW. A motor specialist agent closed the Good in Transit policy an annum premium of $27 000.00, a deductible of $5 000.00 for each loss valued at $50 000.00 per conveyance. One of his lorries ferrying low-end market title, a bus rammed into the back part of the lorry from behind on the NS Highway, causing the consignment a total loss without any salvage value. The insurer refused to pay him a single cent, that really puzzling after hearing his buddy successful claim on the similarity scenario.

Wrong Policy

Carefully, I scrutinize the 2 separate policies from 2 various intermediaries on the cargo insurance with the same insurer and concluding the pros and cons.

“Mr. Y, you have brought a liability policy i.e. Bailey and warehouseman policy. No doubt this policy is covering your cargo insurance. It covered damage and pilfered to the cargo under your custody in the warehouse. It does cover the good while in transit between the sellers to the buyer destination. What you need is a Good in Transit policy. Even though the same insurer issued 2 separated policy covering the same subject with a variable protection, truly apologize I can’t help you out in this matter.”

It is utmost dangerous to buy insurance from those agents who don’t understand your need.

Bank Manager does not understand insurance got burn on his finger will be the next topic.

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