Bank misleads lawyer buying a wrong policy. It is often that the banking stuff takes for granted lawyer would understand all the insurance term, clause, warranties, and exclusion.
Missing Gold necklace
I recalled my own brother case years ago.
“Jamin, since you are in the insurance industry, can you help me to claim your sister-in-law gold necklace?”
“How did she lose it?”
“She placed the necklace on her dressing table locker after a late wedding reception in Singapore. After coming back from our Sunday breakfast with the kids. she discovered the maid was gone. The necklace was missing too, thus she suspected her maid took it.”
Theft Policy
He brought a theft policy from his neighbor, a retired secondary English teacher. I was not able to help him as I had a marine claim need me to finalized.
While on my way to the bank, I met my lawyer named Miss Y.
“Jamin. would you please help me to study my burglary policy?”
“Why out of sudden, you need to buy such insurance? I said sarcastically to her.
She explained to me that she has lost 5k dollars over 2 incidents, 1st 3k in cash and followed another 2k. She believed her staff it took it. There was no sign of forcible entry or a CCTV being installed in her posh office.
“Is it a full theft policy ?” I asked her.
“What is full theft insurance?” she questioned me.
“You are a lawyer, you are pulling my leg!”
“Jamin, I really don’t understand all the jargon words. I just locked it in my locked safe.”
Full Theft
It is an optional cover, is available to certain qualified clients on payment of additional premium. It covers theft even if there are no signs of breaking in or out pane or tile to claim for theft if you have this extension.
Duplicate/Master Key
For instance, using duplicate or master key or even that you are tricked into opening the door for thieves would be covered. It is a higher risk cover with an additional premium. It is also for this reason that this cover is not given to just anyone, especially those with high moral hazard. It is not a standard alone policy, you need to have other class of insurances with the same insurer.
My brother case was the job of the maid who absconded the gold necklace and also the lawyer’s staff who was 5k dollars richer. The full theft extension would response for both the events even though there was no sign of forcible entry or exit
Excess
There is an excess of 250 dollars under this optional. This means that you will have to bear the first RM250 for every claim involving theft where there is no sign of forcible entry or exit. If the lost is 5k dollars less 250 excess. The quantum claim amount will be 4750 dollars.
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