On 19 July 2017, Chubb Insurance Malaysia Berhad (Chubb), announced the launch of JMB Elite® Package, its first non-tariff rated fire insurance policy developed under the phased liberalization of fire insurance in Malaysia.
The phased liberalization of fire insurance by Bank Negara Malaysia 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.
JMB Elite® Package is a property all-risks insurance policy specially designed to provide protection for entities like Joint Management Bodies (JMB) and Management Corporations (MC) which manage high-rise buildings and properties. Under the Strata Management Act, JMBs and MCs must ensure that their buildings are adequately insured.
Besides the standard all-risks cover, the JMB Elite® Package offers JMBs and MCs the option to apply for terrorism coverage that includes political violence for properties with high risk exposure. Besides that, a range of supplementary benefits ranging from cyber liability to personal accident coverage are also made available to provide additional protection for JMBs and MCs.
The key benefits of the JMB Elite® Package are as follows:
- 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.
According to Country President for Chubb in Malaysia, Steve Crouch: “As consumers and residents of high rise properties become more informed and discerning, the roles of JMBs and MCs have become increasingly demanding. 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.”
JMB Elite® Package is distributed via all Chubb agents and insurance brokers throughout Malaysia.
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide.
Chubb’s operation in Malaysia (Chubb Insurance Malaysia Berhad) provides a comprehensive range of general insurance solutions for large corporates, small and medium-sized businesses, as well as individuals through a multitude of distribution channels. In Malaysia, Chubb has a network of 23 branches and more than 2,500 agents.
More information can be found at www.chubb.com/my.