Compensation for the death of insured under householder policy

Compensation for the death of insured under householder policy

Compensation for the death of insured under householder policy.

Not everyone buys householder insurance, after the mandatory homeowner insurance as a prerequisite for the bank house loan. Even more shocking, most insured will not have fire or homeowner after settling the housing loan. What more to say the householder insurance.

The question of why the owner does not purchase householder policy? isn’t the fault of the intermediary or the house owner. Let us find out.

Most agents after hearing the owner had a housing loan with the bank. The agent applies the hand brake. Why not cross-selling for the householder product to the insured, beside the car insurance?

Corporate Client

I had a corporate client called me one day,  ” Mr. Jamin, would you come over to my residence to discuss the householder policy?” Initially, I was a bit reluctant to affirm the yes answer.  After he gave a few calls me.Compensation for the death of insured under householder policy 1

” Mr. Robert, let us make on this Saturday evening at your home,” I confirmed it. After a long thought, I gave in to him, as his factory insured Marine open cover with a yearly sum insured valued more than US$ 80 million plus with plus or minus 5. Besides he also insured with me ten types of factory policies namely, fire, business interruption on machinery breakdown, Consequential loss, Money in transit and in premises, public liability, product liability, Group personal accident, employer benefit, burglary, and fidelity guarantee.

Flight Delay

On my arrival, the maid invited me into their mansion with an outdoor Olympic size swimming pool.

“Mr. Jamin, please be seated, my boss called her an hour ago the flight from a neighbor capital delay by 30 minutes. Would you like to a have a coffee or tea, sir?”  she continued ” If you are feeling a bit boring, I ask 3 gardeners to accompany around to see the flower and our own organic vegetable plot. Please make it into your home.”

The insured arrived home 15 minutes pasted 6.pm.

The couple said sorry profusely for the 30 minutes late.” The factory has an unexpected crisis crop out. We settle immediately but too late to catch the last flight home last night. All morning seats fully booked due to the weekend.”

The insured felt the previous agent did not have an in-depth knowledge of insurance matter. The agent had lumped all the content of 2 million dollars in one sentence.

Determine householder sum insured

Let us go from 3 mains halls, 2 dining room plus 12 bedrooms and a wine chiller room and a bar counter with a display showcase of various brandy. Kitchen and customised make pet kennel that keeping 12 guards and fury small dogs taking care one pet lover maid. She daily bath and brush their teeth with dog toothpaste.

The insured’s wife loves crystal light. She went to Austria to sort out 3 Swarovski crystals light. The 3 chandelier elegantly displayed at the 3 main halls Valued US$300 000.00.  It is not part of the fixed and fitting as the crystal can be stolen or removed easily. 3 pure Italy leather cool and comfortable sofa set valued US$ 150 000.00. Compensation for the death of insured under householder policy 2

The 2 teak wood antique dining table match with 10 seats valued for US$100 000.00. Two giant wall mirrors decorated with seashell by one the famed best Indonesian craftsman valued at US$25 000.00.

The French wine stocked in the chiller room valued for US$50 000.00.  The owner loves wine, often drink with 4 children during happy occasions and festive season.

He often entertained his close relative and friend at the bar counter. The display set neatly arranged row by row with antique brandy. A few bottles with a more than 100 years lifespan so valued at US$100 000.00. A customised completed set Italy coffee maker from grinding to the fresh aromatic coffee bean to the flow of a cup of self-home make Italy cuppa valued for US$30  000.00

A pet kernel specially builds for the 12 dogs, as dog help to reduced working stress for a jet traveler manufacturer like him. A monthly visit by a veteran doctor gives the dogs for the pet health and wellness. 2 guard dogs insured for US$5000.00 and those small toy dogs valued for US$10 000.00. The customised make order kernel valued for US$25 000 installed 4 units of air-conditioned.

The owner master bedroom and 4 children bedrooms with Myanmar teak wood valued for US$100 000.00. The 7 visitors ‘ bedroom with valued for US$10 000.00 each.

One of the sons who were previously a professional photographer attached to National Geography. He treated his camera set like his own life. Besides,  working as a wedding planner, he loves landscape and micro photography. He had left his footprint on all the seven continents. Insured his Canon set of the camera with its accessories for US$100 000.00 with All risk with theft by deception extension clause.

Compensation for the death of insured under householder policy 3

The designed kitchen cabinet and cutlery and cooking utensil and electrical appliances insured for US$100 000.00

Being a business person, his wife and two daughters often go with him to attend an important function. Lady often dresses to kill, is not an exception for them too. Their jewelry, necklace and diamond ring insured for US$300 000.00

Compensation for the death of insured under householder policy 4

Rolex watch is an everlasting asset; it appreciates its value over time. The filthy rich like to keep it as an investment, likewise is the same for Mr. Robert. The whole family goes on a winter holiday to Swiss Alps for ice-skating is an annual affair. Bit by bit the accumulation of watches so valued at US$300 000.00

The wall painting, laptop, TV, CCTV, karaoke, and the sound system, mobile handphone insured US$35 000.00 only. I added a full theft policy for the insured. The policy issued joint name stating the couple as the insured.

Morning Call

A beautiful Sunday morning, after having our family breakfast at a local cafe, I received a call. The panic maid called me informing, two robbers burgled the family. Mr. &  Mrs. Robert hospitalized in a private one. I rushed to meet them.

On seeing all the children was too there. I advised the elder son to make a police report.  The coma wife was still in the ICU. Mr. Robert narrated to me the occurrence of the event took place just before the youngest daughter arriving home with at 3.00 a.m.

Burglary

I heard the dogs baked fiercely, excluding the 2 guard dogs. The servant quarter was quite a distance away. The alarm was silence too. The couple woke up by the dog barking.

Two young lads clad in helmet dashed into the main hall with two chisels.

“Money” they yelled at them.

“We don’t have much money at home, take whatsoever you want.” this statement might be had provoked one of the robbers. One briskly slain the man, he used his bare hand to protect him. The panic wife started to scream for help.

” Hel…….p, Hel………P.” she blasted out. The fresh blood oozed out from her stomach. The robber had stabbed her in the abdomen. One seeing the children rushed out to their parent rescue. The robber went off empty hand.

The robbers poisoned the guard dogs and tied up 7 servants respectively in their quarter.

Death

Mrs. Robert breathed her last after 10 days in the ICU due to infection.  She was a diabetic. How much is the insurer liable for her death? Does the insurer pay the couple her medical expenses?

Compensation for the death of insured under householder policy.

What is the main point of consideration?

  • A forcible and visible of entry by the robbers burgled into your home.
  • The insurer pays for the death of the person if he or she died within 90 days caused by the thieves or fire.
  • If more than one person involved, prorate rate for compensation shall apply.
  • The corporation is not entitled to this benefit Unless a person is nominated for signing up the proposal form.

The liability for this benefit is one half of sum insured on Contents or whichever is less. The lesser amount shall apply.

Claim for Compensation of Death

Dear reader, let us crack our brain, how much is the compensation of the death in this case? Learning together is fun. I would really appreciate your comments in the comment box below. Don’t worry your email address should not be published in the comment box.

Answer for Compensation of Death benefits

What is the final total of this claim here? There are only two answers here. The full policy wording on Compensation for death is as below.

Compensation for Death

What is covered?

  • You are covered against fatal injury (death) occurring in the Private Dwelling House due to external or visible violence caused by thieves or by fire, if the death occurs within three (3) calendar months of such injury.
  • If there are more than one (1) named insured, we will be liable for a prorate proportion of the compensation.
  • For a Corporation, You must nominate a person or persons and lodge their name(s) with us.
  • The limit of liability of this benefit is the sum specified on the Schedule or one-half of the Total Sum Insured on Contents, whichever is lesser.

Your Thoughts

As usual, I would love to hear any thoughts or questions that you have in the comments section below.

Email me at myonlineinsurances@gmail.com.

Claim Flood Damage to Home Insurance for Penang Flood of Decades

Claim Flood Damage to Home Insurance for Penang Flood of Decades

Claim Flood Damage to Home Insurance for Penang Flood of Decades. The recent Penang worst flood of the 3 decades have brought much misery to the ordinary Penangites. Couple with the high cost of living, it is a daunting task to cope with the average family with school going children.

But, it also broke the political and religion barrier giving the thump up. On the lighter side, the present government and the opposition leader come to hug other to share the utmost important burning issue to clean up the aftermath mess. Also, the recent debates on religion topic tarnished other faith, a small mosque was open catering for the other faith flood victim, regardless of religion and race.

Has the Mother Earth punished us for destroying the atmosphere? if Yes, we ought to face the music the consequences of global warming.  Have we not learning a lesson yet?   

The devastation from the worst flood of 3 decades far from over, but property owners in Penang are already facing the daunting task of rebuilding. The extraordinary continuous rainfall, in Penang and parts of Kedah on Nov 4 and 5 2017, The low-pressure area – a main cause of the flooding. It became a focal point for winds and high level of moisture resulting in continuous heavy rain and strong winds.

Claim Flood Damage to Home Insurance for Penang Flood of Decades

Beyond the human tragedy, the widespread flood damage caused by the flood and heavy storm serves as an important reminder to homeowners in Malaysia. Now it is time to wake to know how to protect your nest home by purchased flood extension coverage to mitigate future loss claim.

Your home is a sanctuary for your family. Do not save a penny resulting pay up a fortune, it is never too late to reexamine closely your home or fire insurance policy. It does not cost you an arm and leg to have the flood extension coverage for your house and content with one easy plan.

Claim Flood Home Insurance Damage to your Home in Penang

Let us study the key benefits covers.

  • It is wise to move to protect your home and its contents.
    The policy covers your building and contents against fire, lightning, flood and other natural disasters.
  • The insurer will replace your damaged items with new ones provided it is less than 5 years old.
  • It covers all the accidental damage to home contents.
    Protect your home contents including TV, laptop or others against accidental damage.
  • Option covers only home contents. Customize make to cover just your precious belongings.
  • No one loves to see wastage of water oozing like a fountain via bursting of water tanks or pipes, thus has the coverage for the broken pipes or water tank. The brokerage causing damages to building and contents can revoke this clause to compensate the loss claim.
  • The policy protects your personal belongings worldwide.
    There is 24/7 protection for your personal belongings such as jewelry and watches, camera anywhere in the world.

Exclusion clause the policy does not cover.

1. Purchased landslide extension to prevent damage to building due to a landslide.
2. Extensive damage caused by termites.
3. Jewelry in excess of 1/3 of the total insured amount.

What is the coverage?

Essential systems in the home include electrical and plumbing systems, furnaces, water heaters, central air conditioners, It also includes cisterns and the water in them, solar energy equipment, water tanks, and pumps.

Appliances such as refrigerators and built-in appliances like dishwashers, washing machines, dryers are covered. No covers for the food inside refrigerators.

Carpeting and window treatments, permanently installed carpeting over an unfinished floor or any other kinds of carpets over wooden floors, your policy should cover them. Also, include window blinds and curtains.

Permanently installed paneling, wallboard, bookcases, and cabinets, replace your cabinets, pay only for the damages one. The ruined cabinets along with the undamaged you might have trouble getting cabinets that match the older ones.
Foundation walls, anchorage systems, and staircases attached to the building. There is an exclusion for “loss caused directly by earth movement even if the earth movement caused it to flood.”

A detached garage can be insured up to 10 percent of your house building sum insured toward your garage. For example, the sum insured for the whole building is $1 000 000.00 then the garage is $100 000.00. This amount will minus from the total sum insured. Thus the final sum insured for building is $900 000.00 and outbuilding garage is $100,000.00 = $1 000 000.00

Personal property includes clothing, furniture, and electronic equipment—covers provided that not stored in the basement.

Certain valuables cover items such as original artwork pay according to the agreed value subject to obtain prior approval from the underwriter with the authentic expert report.

Other coverage, some events cover even if they’re not strictly floods, like groundwater seepage and mudslides. Includes a neighbor’s above-ground swimming pool collapsing.  Water flows into your home or a water main break that damages your home and at least one other in your neighborhood. However, damage caused by a sewer backup only covered if it’s a direct result of flooding.

The Penang worst flood of the 3 decades, you could see the uprooted tree crashing the car parking along the roadside and on the car porch. Stagnant with muddy water, snake slippery through the house making a nest, a completed wash over is an urgent task for the occupant. All those unattended houses, the expensive items is the prime target – a riot by the drug addict when the water subsided. Isn’t a nightmare?

How shall we protect ourselves, instead of waiting for the donor or government handout which is insufficient and takes an age to receive? Prevention is the better cure, help ourselves. No point in crying the split milk later.!

The following extension clauses highly recommend for the householder or house owner policy when entering a contract of insurance.

Flood extension with a rating of 0.086%, you need to pay an additional premium of $860.00 for the sum insured of $1 000 000.00. The insurer shall compensate your flood damage to house structure or home contents.

Flood, means:

The overflowing of water or deviate from its normal path either due to heavy downpour over a long duration, storm or man make the disaster such as deforestation.

Inundation from the public main supply or any flash flood water accumulation hails from outside the insured building.

Exclude the loss or damage caused by subsidence or landslip.

To complement the flood cover, the insured to add the subsidence or landslip extension clause. After the heavy convention rainfall, the soil turns soften especially with the root of acts the fastener of the loose soil. Condominiums collapsed like a matchbox.  The Malaysian Highland tower is a good example due to subsidence and landslip.

Subsidence and landslip cover rating 0.081% for the standard cover. By paying an additional premium of $810.00 for the clause with sum insured of $ 1 000 000.00, you would have the peace of mind in the event of loss of damage to your sweet home.

The standard cover exclusion clause: Loss or damage

  1. The Swimming pools, terraces, patios, drives footpaths, walls, and gates or fences unless the building, its outbuildings or garages damaged by the same cause and at the same time.
  2. The movement of solid floor slabs unless the foundation beneath the external walls of the Buildings damaged by the same cause and simultaneously
  3. Occur or in consequence of coastal and river erosion. Demolish or alter structure or repair, defective design, and poor construct foundations.
  4. No liability for the insurer in respect of each and every loss, 5% of the total sum insured or $25 000.00 whichever is the lower, after applying the law of average.

However, delete the standard cover by paying an additional premium of 25% loading for the outbuilding like fence, gate and walking path, dog kernel and parking porch and swimming pool costs $500 000.00. The additional premium for the sum insured of $500 000.00 would be ($500 000 x 0.081% + 25% loading to delete the item 1) $506.25. Thus we derive the final total premium for the extension peril would be ($810.00 + 506.25) = $1 316.25

Damage by Falling Trees or Branches and Objects

A misfortunate during the recent Penang the worst flood of the 3 decades, the victim’s heart bleeding with blood found out not only the house been submerged with water, but also the falling branches and tree fall on the house the car parked in the car porch causing severe damage. Generally speaking,  a normal to see an insured claim for the loss or damage only realize that agent did not carry out the professional duty.

Wise move to cover the building and your car with such peril. By having said that, although it is a painful lesson learned, nevertheless, one can insure this peril during the next renewal with a rating of 0.01%.  Pay $100.00 for your property  with a sum insured of $1 000 000.00

This Policy includes loss or damage to the property or to walls, gates, and fences directly damage due to falling trees or branches. The insured shall bear the $250.00 for each and any loss or damage. Don’t waste to claim when the claim falls below $250.00. If the claim is $ 3 000.00, the insurer pays you $2 750.00 the full and final settlement of the claim. You are the insurer for the first $250.00

Claim Flood Damage to Home Insurance for Penang Flood of Decades 5

Removal of the debris (with the separated sum insured)

After the flood water had receded, what a remain was a messy muddy floor. It is an eyesore to see floor carpet with mud, filthy muddy stagnant water. Life has to go on. Has your ever think the cleaning process when hired worker to clean? What is the cost of this trying time? The cleaning company would demand an exorbitant fee for the laborious task which is in great demand. Do you check your policy for the removal of debris clause?

The additional sum insured can incorporate forming part of the sum insured with a separated sum. Be specific it depends on the size of the building and number of the floor. It can cost easily at $5 000.00 upward.

The insurer pays the insured for the costs and expenses necessarily incurred with the prior approval from insurance company
(a) removal of debris
(b) dismantling and/or demolishing
(c) shoring up or propping of the portion of property damaged or destroyed fire or by any other peril hereby insured
against. (Items (b) and (c) above deemed to delete when neither Buildings nor machinery is
insured)

If the insured does not has a separated sum insured for the removal of debris, the insurer will bear 10% liability for the total sum insured. In the case of the Penang flood, the insured can claim up to $100,000 for cleaning up the mess out the sum insured of $1 000 000.00 provided flood extension clause printed in the policy.
Lazada MalaysiaClaim Flood Damage to Home Insurance for Penang Flood of Decades 6

Rent clause – not to overlook.

a) Applicable to owner non-occupier to the premise, if the building is unfit for occupation due fire or other insured peril, the owner for the rental loss shall not exceed the total sum insured. Let say a monthly rental $2 000.00, loss of rental for 6 months can recover  from insurer of $12 000.00

b) Applicable to owner occupier the premises, if the Penang flood destroyed the building, the insured need to find another alternative home for 1 year before a new home ready to move in. Rental of the similar standard home cost $1000 per month, 12 months means the underwriter will pay $12 000.00 to insured.

How to claim flood damage to home insurance.

  • Stay claim, the insured shall make a police report first.
  • Immediately inform the agent or insurer via telephone follow with an email to them. Any unreasonable delays may prejudice your case. If the invisible agent is not available during the critical moment which quite a true fact in Malaysia, go straight to report to insurer directly.
  • Don’t ever seek or consult the coffee shop fair-weather friend for an opinion. Don’t waste your hard earn money to hire a lawyer, as it is a straightforward case, not a liability whereby need a court hearing.
  • Liaise with the independent adjuster arrange by the insurer, let them has a thorough inspection of the whole scene, ask for their approval for any minor repair to mitigate further loss.
  • Study closely the whole policy with the insurance agent for any exclusion and excess clause.  Any doubts please refer to the insurer’s advice.
  • Take a video clip of the damaged item for the adjuster inspection. Keep all the minor repair receipt. The video clip is utmost important for the claim dispute.
  • Duly completed sign original claim form with the repair invoice to the insurer and copy to the adjuster to expedite the claim. Ask for the acknowledgment of receiving the entire claim document to avoid undue delay.
  • Don’t sign any counteroffer by the insurer unless you fully satisfied with the final claim. You can read more on the How to claim Hurricane damage to your property

How to Claim Hurriance Damage to Your Property

How to Claim Hurriance Damage to Your Property

How to claim Hurriance damage to your property, if you have sustained a heavy loss or damage.

Damage from Hurricane Irma

If a storm damages your property, It is the wise choice you to report your claim directly to your insurer. They will have a claims agents accessible 24 hours a day. Note down the contact number before the storm. You might not connect to either internet or mobile phone access after the storm.

  • The Insurer will assign an adjuster to get in touch with you at the number you gave on your claim report, so make sure to give an insurer to contact you.
  • The insurer typically sends the adjuster priority to extremely damaged properties.
  • If your home or business is uninhabitable or you move elsewhere briefly, make certain to tell the insurer where you can reachable.

In the event that you sustain a minor damaged, please try to remain tolerant. When the adjuster contacted you, please take note the vital information like their hame, office contact number and the claim report number.  Likewise, ask the adjuster what the next course of action you should take it and when he/she will be back in contact with you. Ask the agent any inquiries you may have about your claim. How to Claim Hurriance Damage to Your Property 7

Make Temporary Repairs. Take photographs or video recordings.

  • If you damaged home or business, please make immediate repairs to mitigate the loss and to protect your safety.
  • Keep all your receipts, the insurer will request them at a later date.
  • Keep damaged items for the adjuster to examine later. Try not to dispose of damaged goods.
  • Temporarily repairs like tarping your rooftop, remove a tree from your home, and repair broken windows.
  • Take photographs as well as recordings of the damaged,  including recording your damaged personal items. This will expedite your claim.

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Try not to make Permanent Repairs

Try not to make permanent repairs to your home until your adjuster has examined your damaged. If you have doubt, please call the insurer.

Begin setting up a Personal Property Inventory

  • Try not to discard the damaged items until the adjuster has seen them, especially premium good. The damaged personal belongings, your adjuster will ask you for a personal property inventory. This is a listing of the damaged items and their value(s)
  • We recommend you achieve this on a room-by-room basis and list it down with detail description. List the “Replacement Cost” of everything and its genuine cash value. Replacement cost is the thing that it would cost today to substitute an item with the resemblance. Genuine Cash Value the item is truly worth subsequent to deducting for wear and tear.
  • Enclose any documentation you can (receipts, photographs,
    canceled the checkbook, financial records, guarantee booklets, and so forth.)

Your adjuster may have particular forms they will give you.

Be Cautious of repair scam

  • Resist the temptation to sign up with the repair contractor that appears at your door. You should not sign repair contract or assignment of benefits. This is giving away your right to the contractor and may affect the claim later.This could cause lost control the cash paid by the insurer. Respectable repair contractor won’t expect you to sign an agreement that included the assign of benefits.
  • The assignments of Benefits scams are the main source of rising insurance premium, and fraud sees hurricane aftermath a golden chance to prey on desperate homeowners.We suggest that you call your insurer or adjuster to report the damaged claim and decide the next ideal approach.

Emergency Relief Centre

A storm severely damaged your home, please liaise the local authority for next nearest emergency relief center.

Sign up for online policy access

Nowadays, it is an e information, all insurers have the online policy access, it is vital to sign up this offering. Tracking your claim status reduced your stress after suffering a tragedy.

Talk about claim with the adjuster

The insurer expects a huge amount of claims. Please patient, it is normal for an insurer dealing priority on the extremely damaged cases.

Frequent Asked Questions

  1. How does a Hurricane deductible function?

Irma is presently a tropical storm, and a storm deductible will apply to any damage to your home or business asset. The Hurricane deductible only applies if a hurricane watch or warning issues in any part of an affected area and ends 72 hours from the time the warning or watch terminates.

With a hurricane deductible, the homeowner is liable for this deductible. The covered damage that exceeds your deductible will pay by the insurer. Generally, hurricane deductibles range from 2% to 10% of the insured value of the home.  So, if your home insures for $400,000 with a 2% hurricane deductible, your hurricane deductible is $8,000.

This is an annual deductible, so if you have 2 different hurricane losses in one calendar year and you already exceeded your deductible during the 1st hurricane, you will not have to pay a deductible during the rest of the policy period.

2. Will my car insurance cover damage to my car?

If you purchased a comprehensive policy with flood extension, both hurricane damage and flooding cover your car your car insurance company. A comprehensive deductible will apply.

3. Will my homeowner’s policy cover flood damage?

A homeowners policy covers the wind and hurricane damage if it inclusive in the policy. If the blown roof and then the rain pours into the building that would be covered by the wind portion of your policy.

Rising groundwater from a storm surge or hurricane considers a flood. Flood damage is not covered by standard homeowners or business insurance policy unless you have the flood extension clause in your policy.a hurricane in most the commonwealth nations, unlike the USA having 2 separate coverages.

4. Will my homeowner’s policy cover trees down?

Most homeowners and business packages provide for removal of trees or branches that have fallen on your structures. The insurer doesn’t pay for removal of trees or debris that blew into your or fell in your yard without damaging anything.

5. My house is uninhabitable. What do I do?

To begin with, let us say we know this is hard and trying time while you are homeless. Please call the insurer for the arrangement for the temporary shelter in a decent home befits for your current damage lifestyle home.

Loss of Use: This is to reimburse you for extra expenses and temporary housing incur. Generally, the temporary housing amount based on the fair rental value of your home or apartment during your displacement period. Additional expenses include expenses that you would not normally incur, such as additional petrol mileage, electricity consumption, generators, electrical, phone or food expenses over and above your usual costs. It is not the obligation for the insurer to pay you the limit upfront. You must incur the extra expense and provide proof of loss in form of receipts or invoices for reimbursement from them.

Need an attorney to claim for hurricane damage

Unfortunately, insurer and their adjusters are not in the business of paying out claims. Generally, the insurer’s trained adjuster attempts to negotiate the minimum of claim or deny it outright based the exclusion in the policy. You might not aware of this, but for the adjuster, this process starts when you phone to file a claim. Understandably, you might suffer from stress or tension due to damages or losses caused by typhoon Irma, however, you ought to remember the fact that every question you answer could be an element in determining if a claim is successful. The insurer doesn’t care in case you stress or confused when you informed, they’ll blissfully use it against you later.

While you honestly in reporting a loss to your insurance company, you have the right under the Federal Constitutions. The adjuster is a trained expert; you aren’t. A house owner without the full understanding of the policy coverage will at the mercy of the insurer when claiming a loss. It is sensible to consult your lawyer to prevent a claim being denied or short payment. Once the damage was done, it is more difficult for a lawyer which you hired after your claim denied to effectively recovering for you. Keep in mind; it is compulsory for all insurers to provide you with an updated copy of your insurance policy inclusive of all amendments and endorsements.

As said above, do not discuss your loss till you’re absolutely prepared to do so. This means having a complete copy of your policy in front of you so that you are aware the coverage. Understand it before you speak your claim with your insurer.

If you do decide to contact your insurer, be sure you take the following steps before contacting your insurance company. Remember there is no rush and normally, you have few weeks to file a claim after a loss which includes Hurricane Irma.

How to Claim Hurriance Damage to Your Property

8 THINGS YOU MUST KNOW BEFORE FILING A CLAIM FOR HURRICANE DAMAGE

  • Read and understand your entire homeowner’s insurance policy together with any endorsements and amendments.

Do not record over the smartphone. Do not comply with offer a recorded or sworn declaration over the phone. Ask to offer one in person or in writing. Don’t forget to consult with an attorney first. PUBLIC ADJUSTERS aren’t legal professionals.

      • Communicate in writing if you wish. Try to make certain most of your conversation is in writing. When you have a telephone conversation and follow it up with an email or a fax.
      • List down and everything lost or damaged. Create a list of all damaged belongings such as any personal items. Please ensure to consist of the brand name, model, and accurate description of all claimed items. Include all items irrespective of how small.
      • Document all damages. Don’t only photograph the damage, but additionally, make sure every picture is both time-stamped or logged with the date and time when it was taken.
      • Witnesses are crucial. List down everyone who witnessed the losses and may testify to how the losses came about. This includes the names of any contractors or different employees who do the repairs.
      • Keep a logbook of contact with your insurance company. Take down the first and last name of everyone you speak to from your insurance company, the date you spoke to them, and what you spoke to them about.
      • Accumulate your past information. If possible take all records any previous maintenance or inspections of your private home. This will make it greater tough for the insurer to assert the preexisting or unrelated damage.

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Your Thoughts

As usual, I would love to hear any thoughts or questions that you have in the comments section below.

Email me at myonlineinsurances@gmail.com.

Thank.
How to Claim Hurriance Damage to Your Property 8


Loss of Profit insurance why agent shy away

Loss of Profit insurance why agent shy away

Loss of Profit insurance why agent shy away?

The Loss of profit insurance sounds an alien phrase to the majority of the agent, nevertheless, it brings a profitable for an underwriting profit for the year-end. Despite the fact it is a complementary policy to the fire insurance for the existing client, the agent silence on this as if it is a taboo subject to even those veterans. Stumbling across an agent serving an insured for the past 2 decades, never raise the issue on this loss of profit insurance. Consequently, he would out of business for the following year, when a knowledgeable, armed competitor edged over the business.

Industrious to learn this subject, without the Accounting, grasping to analyze and digest this subject is a tremendous task for me. Enrolling in the class whereby I was the eldest peer among the student half of my age. Doubling hard, sacrificing my family time, enrolling for another 3 subjects for Australian Institute of Insurance via self-study. Passed 4 with  3 credit another with a distinction in addition working in a public listed insurance company and managing my logistic firm. No Labor, No Gain is my philosophy. Firmly believe the saying learning begins at the womb, ending at the tomb.

What is Loss of Profit Insurance?

Well, in basic terms, loss of profit insurance ensures your business having a decent income when impossible operation at full capacity with declining revenue as you normally would and the subsequent loss of profits 

So, essentially, it covers the loss of profit your business will suffer consequences damage from an insured peril. Insured perils typically include fire, floods, hurricanes, storms, earthquakes or volcanic eruption.

The types of events impact where it’s possible to halt your business operations for a period or operate at a lower capacity, typically result in a loss of profit. It ranges from between being a minor blip on your business’s earning potential radar to completely obliterating your business.

Interpreting the coverage

An insurance policy is an evident contract between the insured and the insurer, spells out the right and duties between them, particularly, specifies the circumstances under which the insurer will pay the insured. And if the insured or anyone wants to know the coverage provided by the insurer, by finding the answer in the policy. 

Policy couched in legal terms and phrases, not surprisingly few people including agents actually read and understand it. Such a situation judge an advocate of creative insurance marketing should not condone. After all one of the basic selling skills is product knowledge, indeed “Know the product” is one of the commandments practiced religiously by disciples of “creative selling” or “high impact selling”.

Is a problem for Malaysian scenario, not just food for thought?

Agents generally lack in-depth product knowledge that they are selling. The lacking not only blunts one’s competitive edge but also prevents one from reaping opportunities offer. Apparently, one contributing factors is the tangible aspect of the insurance product in the form of a legal document, undoubted hard read and understand due to the lengthy sentence full of technical jargon words. Both the insured and the agent, gratefully, they could spare the effort to read the policy. Another reason, many insureds show little interest in the exact coverage offered under such policy until they come to a crunch when a claim arises. Such apathy coupled the incompetence of many agents to explain the policy coverage fluently resulting in unjustified criticism that insurance product hides in a black box and you probably won’t know what is inside until there is a claim.

Loss of profit, what to cover in my next coming post?

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Life insurance claims nursing tutor silences husband

Love is blind, life insurance claims nursing tutor silences husband perpetually for debt settling, happening in our neighboring a land of smile. Cool-blooded nursing tutor silenced her 6 months, husband, a grisly horror life insurance claim due to extravaganza compulsive buying branded bag and customized designer shoe. It is un unjust society where the murder had scot-free to another nation by bribing the concerned authority, a criminal proof plan. Love at sight meeting for this metrosexual couple at a posh hotel lobby, promptly married within a month. It ended with a most unnoticed traceable tragedy. Devil with an Angel dressing, let us be alert and aware such white- collar culprit.

Love at first sight marriage

King and Queen of the day, after the grand and blissful celebration on a luxury yacht, cruising along the city main river with all colleagues, 14 days overseas honeymoon follow suit, envy by many.

The dust has settled and back to their normal lifestyle. A faithful wife to her husband by night, a diligent nurse at the hospital by day, with her loving and career, minded spouse. She prepared the breakfast and cooking their meal happily together, a good neighbor in their gated community suburban residences. The 29 years old wife loved shopping during the weekend, having a soft spot for bag and shoe with her spouse in tow with bags of victory good. Born with a silver spoon, finally, her flamboyant life bares the true color to her husband, often ending with gruesome quarreling.

Dead 

Her spouse did not rise up after she finished preparing his breakfast before off to the bank at 7.30 a.m. daily. Lying motionless on the king-side bed, she confirmed that her loving hubby dies of naturally dead at the age of 32, subsequently, not suspicious case, no need for a postmortem.

Exorbitant Claim

Instantly, after the funeral over, she went straight to the insurer filing a claim of her late husband life policy, as she was the main beneficiary. $ 1 million exorbitant sums insured for a young bank manager arose of a doubtful claim as the policy inception date less than a year. The insurer called a team of expert to handle such a huge quantum of claim collaborating with the bank and the insurance agent and a famed pathologist.

Confirmed by the agent the nurse approached him to have a policy on the life of her husband. Over the moon, the agent let her filled up all the proposal form and duly signed by the insured, payment with her own credit card.

I let my hand handle this fraud claim when the insurance company requesting to solve this mysterious claim. In the proposal form for a large inquiry for a lump sum insured, she wrote 8 years of marriage which later by the registrar of marriage clarifying the marriage of 6 months. The forensic document analysis had verified that she fabricated her husband signature.

The final verdict

Cremation of corpse did not deter the finding cyanide toxin from the ash of her late husband by a forensic pathologist. Neighbor provision shop she frequents saying she daily buying fresh cassava leaf to make a drink for her husband in the morning. Coupling the smoking habit like a chimney stressful job as fund manager of a foreign bank, indeed a low torturing poison death to him. The final verdict he died of consuming cassava leaf juice blended with some tobacco leaves accumulates of cyanide toxin in his body.

Compulsive Spender

The insurer checked with the credit card company about the spending behavior revealing a compulsive spender weekly on her bag and shoes amounting $1500 a month. Earning $1200 a month, she indeed grossly overspent, thus there is a saying woman complaining not having enough shoe to wear, never enough filling up her wardrobe.

Knowing that she failed to claim the insurance money, she escaped to other nation by bribing those corrupted officer concerned. A sobbing true story the downfall of prominent foreign Ivy graduated nursing tutor and a young innocent bank manager had gone forever due to the compulsive buying behavior.

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The Fast claim on equipment breakdown insurance

The Fast claim on equipment breakdown insurance

 The Fast claim on equipment breakdown insurance. Generally speaking, most of the household has a numerous of equipment at home. It can be kitchen electrical appliances, air-condition, robotic vacuum cleaner or lawn movie machinery. Likewise, it is the same for a factory using equipment for fast production.

Mega Risk Insurance

A plastics molded manufacturer insured their factory building, machinery, and loss of profit insurance with me. The Bank provided the loan facilities to insured, but not keen to cover this high-risk upon completed the premise. I was called to handle this mega risk for a special rating instead of following the fire tariff. An engineer from the HQ came down to survey the premises and recommend the special rating for PIAM approval after testing all the sprinkler system, water tank vortex, water hydrant, fire extinguisher and the firefighting squad team.

We have a whole day discussion how much coverage was required for the risk.

Machinery Coverage

Since all the machinery was imported directly from Japan. I need the original invoices to convert from Japanese Yen to Malaysian Ringgit.

“All the machinery is worth around RM10 million, it is best to cover this amount,” I advised the owner.

“I think we should cover less than this amount less say 20% depreciation.” the accountant said.

“Why? I asked him.

“The machinery would depreciate at least 10 to 20% after a year. We will write down for say 10% of depreciation based on our accounting system.”

“In insurance term, we “appreciate” for your used machinery less than 5 years old, provided that you have to cover the sum insured based on the original invoice value.  We will apply average in the event of the claim”

“What do you mean the word average”

“Average is a penalty, same like the franchise in marine insurance.”

“You mean deduction from the claim,’

“Yes, Mr. Accountant, as all the machinery imported from Japan directly, I will add the adjusting and replacement cost value clauses. It is free of charge.”

What is replacement cost value?

Replacement Cost Value is the amount it would cost to repair or replace an item with one of like kind and quality as the original – in today’s market without deduction for depreciation.

3 years later, a short circuit completed blazed the one unit of the equipment into the charcoal black. It was a total loss, the machinery needed to import from Japan. The Japanese Yen had appreciated more around 35% against Malaysia Ringgit.

“Jamin, we would like to claim the total loss for this unit of a machinery of RM100 000.00 as we have the coverage.” the owner called me.

“Please do not worry, the insurer will pay you the full amount. Please request a copy of performance invoice from Japan along with duly signed and completed the claim form and forward to us.”

The final verdict

The owner called and invited me for a business lunch after I personally handed over the cheque amounting to RM135 000 for the total loss claim. If the owner agreed with his accountant to cover Rm90 000 for the said equipment just to save an insignificant amount on premium. The claim would be RM90 000/135000 x 100% = 66.60%. The average rule applies Rm90 000 x 66.60% = Rm59 940 would be the final claim amount. Do you want to have insurer pay you RM135 000 or RM59 940?

Why extra?

Why RM135 000 instead of the original price of RM 100 000.  It is due to the replacement cost value at the current market price without any deduction for depreciation. The reader can also claim the household electrical appliances for new for old replacement. 

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The Fast claim on equipment breakdown insurance 19

Claim insurance damage on fallen tree and branches

Claim insurance damage on fallen tree and branches

Claim insurance damage on fallen tree and branches. The atmospheric warm has gradually increased the earth temperature by a few degrees over 5 decades. It is mainly due to the massive deforestation by human economic activities. Having said this, Malaysian generally does not like to plant the tree around their house compound. They often worry about who is going to pay for their property damage due to the fallen tree or branches? Is it a naive question?Claim insurance damage on fallen tree and branches 20

Neighbor’s fallen tree

” Jamin, my neighbor house damaged by his own fallen tree last night during the heavy downpour coupling the strong wind, very fortunate, the tree does hit my root, otherwise I will sue him for compensation. Anyway, he deserved it as I did warning when we moved into our new house.” he sarcastically told me in the afternoon high tea.

” Peter, don’t be so mean to your neighbor, did you help him to clear the debris removal of the fallen tree?

“Sorry, it is none of my business, he asked for it.”

“Peter, your neighbor does he claim his fire insurance”

“Jamin, you mean we can claim fire insurance? What does the fallen tree have anything to with it?

“Yes, of course, did you remember when my house’s one of the Rhur trees big branches hit my rooftop during the last month strong wind?.

“Yes, I do”

“Ask your neighbor to contact me if he needs a helping hand.”

My own fallen tree

It was in 2014, my family slept around midnight after outstation long distance travel. I heard a loud noise hitting my roof echo silence night. We took no notice of it and continuing our sleep.

The next morning, we discovered that one the 2 feet in diameter branches with almost 30ft long hit the edge of the roof. We suffered no injury.

My family panicked. I told my son took the from Canon camera out from the dry box with the 18-200mm zoom len.

I took the fallen branches from the main trunk and the damaged roof of the various position including the close-up images.

The logger cut the branches with the removal of branches debris.  I called a handyman to repair the damaged edge roofing. Since it occurred on Saturday, in order to mitigate the further loss, I immediately instructed them to do within a day.

On Morning day I informed the insurer about the loss claim. They formed me the fire insurance claim form.

Claim Documents 

I submitted the following the documents to claim the loss due to fallen branches.

1.) The duly completed claim form signed by me.

2.) All the images snapped by me and I emailed to the insurer.

3.) The original bills of repairing roofing, the sawing of the 2 ft diameter log and the removal of the debris of the branches and broken tiles.

4.) I photocopied of my bank account.

Claim Approved

After one week, I received the approval offer letter RM (4750-250) = RM4 500.00 for the final settlement. A few days later, I checked my bank account, the insurer had already bank in the claim amount.  In less than 14 days, my claim was all settled.

DAMAGE BY FALLING TREES OR BRANCHES AND OBJECTS THEREFROM

Rate: 0.010%

By paying an additional premium, the insurer shall extend to include loss or damage to the property to walls, gates, and fences around directly resulting from damage by falling trees or branches and objects.

The insurer shall be borne an excess of RM250.00 of each and every claim as ascertained after the application of any condition of average.

Applying all the policy incorporated herein. Any loss or damage shall be deemed to be a loss or damaged by fire.

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Storm and tempest cover house on Fire insurance

Storm and tempest cover house on Fire insurance

Storm and tempest cover house on Fire insurance. I was away for 2 months having a tour to Sarawak state during the Chinese New Year. I had a good time at the Kapit for cool forest stay and Sibu for the Foochow-style cooking steam fish. The Kanowit town for the longhouse stays etched in my memory.  Kuching snapping scenic sunset pictures of thousand at the waterfront.

One of my old buddies called to me when I back to Johor.

Inquiry

“Jamin, did you receive my WhatsApp video on the zinc roof dangling dangerously at my 2 story factory?

“Mr. X, when and how it happens?

“The wind blown off the zinc roof on 14 Feb night, I discover the next morning?

“Did you do any repair?

“No, I make inquiries with one insurer’s branch manager and another veteran agent with 3 decades of insurance experiences. Both agreed that it is not payable.”

“Why?”

“As the zinc roof still dangling by the side of the wall, the workmanship or rather upkeep or maintenance shall not be payable in the fire insurance policy.

Policy study

“Don’t worry, please email the policy jacket to me, after reading throughout the policy, I shall advise you what to do.” I consoled him

After study the policy content, I called Mr. X

“Please get a handyman to repair the zinc roof immediately to mitigate further loss. Also get the repair bill for claim purpose. Meanwhile, I shall liaise with the insurer for the claim form and information about the loss claim. Even though it is almost two months has lapsed, you still entitled for the genuine claim.

Claim approval

I helped the insured to complete the claim form, and enclosed the repair invoice via registered post to the insurer. 2 weeks later the claim was approved less excess of RM200.

The insured called me for a meal and asked me how I did it, why other gave the negative feedback answer. In this stage, I reserved my comment because the 2 persons mentioned earlier also my friends. One of them happened to me my insurance mentor when I joined this industry.

What are Storm and Tempest?

A storm is defined as a violent atmospheric disturbance that produces severe winds, accompanied by rain, snow or hail or by thunder and lightning.

A tempest is an exceptionally severe storm. Do we still recall the British hurricane of October 1987?

Storm and Tempest cover means to you

A storm or tempest damages your property.  You are protected against the potentially very costly repairs. In the above case, if the insured does not repair the zinc roof, gradually, the wiring system will get wet and soak in the rain water.  A short circuit will prevail soon causing more damages and lead to a huge claim.

Coverage

Storm and Tempest cover allows you to claim for damages that occur due to a severe weather event. It includes damage to the building structure or to items within the building damaged by the storm.  For example office equipment affected by a leak from, or collapse of, an otherwise sound flat roof.

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Bank misrepresents consumer putting insurer at risk

Bank misrepresents consumer putting insurer at risk

Bank misrepresents consumer putting insurer at risk. The bank is making an excess profit out of ignorance consumer’s expenses and putting the insurer at risk especially in the underdeveloped nation. There is a lack of the law and regulation to govern the bank activity.

Freight Forwarder.

The freight forwarder besides handling the logistic of the client’s cargo, also,  advises the purchase of marine insurance. Batu Pahat manufacturers imported textile cotton yarn from Taiwan and Pakistan.  Export the garment and knitted apparel to Europe and North America respectively via Singapore port.  When the import shipment arrived at the port,  after the customs’ inspection, the FCL was then break bulk into 20′ or 40′ lorry before conveyance to its destination.

2 Insurance Policies

One need to have the bill of lading, invoice, packing list, insurance policy and the customs’ form for customs declaration purpose. I often noticed that there were 2 insurance policies enclosed.

Bank misrepresents

I later found out the reason for 2 policies coverage for the same consignment.  When the bank issued a letter of credit. It also helped customers to buy the marines policy. The 1st policy was to cover for the sea voyage and the 2nd policy for inland transit after Singapore customs’ clearance at the destination, the local practice for years.

Claim repudiate

One importer purchased mainly on Fob term, there was another policy from a local insurer to cover the inland transit. It protected her shipment from accident damage. She did not want to repeat the same ill fate as her elder brother.

 

The electronic part imported from Taiwan totally damaged at the midway to the factory. The insurer repudiated his claim stating the coverage only up to port only, and not to his factory.

” This is weird, I am sure you know XYZ company, we pay the full claim for the electronic part that accidentally damaged at the highway,” I explained to my potential client.

” Oh… you are only to handle the marine insurance for them. When are you free to drop by my office to discuss the cargo insurance?”

International Trade term

If you buy on a CIF term, it is fine with the same insurer for 2 separated policies. Buy on FOB term, there is a foreign insurer to cover the sea voyage. The local insurer has a disadvantage covering the inland transit. Who knows if there is any invisible damaged during the sea adventure.  The best advice to have the cargo thoroughly examined before loading.

There is a charge of opening a letter of credit, another 2 insurance premiums to pay. Thus the bank is making an excess profit out of the client’s ignorance.

The solution

I advised all my clients for both the importer and exporter for CIF term. The “Warehouse to warehouse clause” must insert into the policy.  It must an All risk or ICC “A” to protect themselves, It is also a win-win situation for both insured and insurer. It saves a substantial amount of insurance premium. Also, it is much more convenient to deal one insurer and not two. No more any finger-pointing when a claim occurs.

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Claim and underwriting Rosewood Coffin Scratch

Claim and underwriting Rosewood Coffin Scratch

Claim and underwriting rosewood coffin scratch. It was one of the weird kind of cargo that I had to underwrite during my 23  years working experience in the general insurance industry.

Introduction

My partner of second handed imported car tire from Japan and South Korea Mr. Leong of Singapore called me on Monday, April fool morning to underwrite a shipment of 2 exorbitant coffins.

“Can I have the detail of this shipment? I asked him.

“Please liaise with the producer, Mr. James at Ho Chi Minh City, Vietnam shortly, he is expecting your call urgently, as the shipment is ready.”

“Good morning, Mr. JAMES, I am Jamin, Mr. Leong partner from Singapore. Can I have the detail of this consignment?”

Customised order

“My client, a business tycoon from Singapore has called to make this customized rosewood coffin with dragon and phoenix carving on both sides for his elderly parent. We use the high-quality craftsmanship for the carving. Indeed a filial son to his parent. It is hand carving by 10 craftsmen for 3 months to complete a coffin. We take total 6 months to finish the whole the assignment. Rosewood must be more than 100 years old to make such exclusive coffin.There is a sparkling of gold dust sprinkle on the carving to give a shiny beam look. Later the coffin would be cremated.

Tailor made

“What other requirement or special clauses for this cargo.?

“The client would not accept any scratch on the outer surface of the carving or any other part of the wooden surface. It means to bring in bad omen or misfortune for the descendants. It is due to this clause, no insurer in Vietnam dare to cover this type of risky adventure. Is it alright with you?”

“Mr. James, it is fine with me, but I need you to follow strictly my instructions before the shipment.”

Pre-shipment survey

1. A Switzerland cargo surveyor was needed to inspect the packing before stuffing into the flat rack container.
2. The surveyor had to take a detailed close-up video clip on every inch of the cargo especially the dragon and phoenix carving.
3. A dendrochronologist’s verification report that the age of the rosewood must be more than 100 years based on the ring of the wood.
4. Double layer corrugated box outside and styrofoam on the inside for packing purposes.
5. The coffin must be wrapped with the air tight thick plastic bag to prevent moisturized of the wood.
6. A professional handler must be supervised the stuffing of the container.
7. There must be protective foam stuffing in between the container.
8. A 30% was added to the invoiced valued of S$2 million to determine the sum insured.

Policy issued

I issued the policy with following clauses:-

ICC “A” clause
Constructive total loss if container dropped into the sea
Loading and unloading
Hijacking and Armed robbery especially open sea near the Southern Philippines and Indonesia.
Strike riot and malicious damage.
Warehouse to warehouse clause.
Scratched and dented.

Claim

The cargo arrived Singapore sound. The mishap happened during customs inspection. One of the professional handlers had accidently pierced through the double layer hard carton paperboard with his long knife. There was a visible scratch on the dragon head of this exquisite coffin.

I had to file a claim using the earlier video clip done by the pre-shipment surveyor at Vietnam.It was negligent of the freight forwarder carried out their duty without utmost care.
The claim amount was $1.3 million less an excess as stating the marine insurance policy. It was an agreed value policy. Of course, there was a salvage value for this kind of high quality and costly rosewood.

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