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Corporate Insurance for Corporations & SME’s:


Asset Class:



1. Fire & Named/ Allied Perils 


Fire insurance is an important policy that can protect your company’s assets against losses as a result of fire or its named perils. It is important to note that businesses that do not own the premises in which they operate can also cover fire on the contents and renovations etc. done at the premises.


What it offers:


A standard Fire Insurance policy will protect you against loss/damages caused by: 


  •       Lightning 
  •       Explosion
  •       Damage caused by water or fire extinguishing agents
  •       Damage resulting from attempts to gain access to the fire(e.gFire Dept/ Bomba)
  •      Smoke damage caused by fire


A fire policy can be expanded in terms of coverage by paying additional premium. An additional premium buys perils such as, which would otherwise not be covered should the event occur:


a. Aircraft damage 

b. Earthquake and volcanic eruptions 

c. Storm tempest

d. Flood 

e. Explosion

f. Impact damage 

g. Bursting or overflowing water tanks/pipes 

h. Electrical installation

i.  Bush & lalang fire 

j. Subsidence or landslip 

k.Spontaneous combustion 

l. Riot, strike and malicious damage 

m.Damage by falling trees or branches 

n. Sprinkler leakage




2. Fire Consequential Loss 


Fire Consequential Loss or Con Loss for short is as an Business Interruption insurance which covers and compensates losses suffered as a result of interruption to your business. 


What it offers:


Our Fire Consequential Loss Insurance will help defray your expenses and make good on your loss of profit following a fire or any other perils specified in your Fire Insurance policy.


Therefore, it is important to note that businesses must take up a Fire Consequential Loss Insurance with a Fire Insurance policy. This policy is also more relevant to manufacturing concerns as opposed to those in the service industry.


In addition, Con Loss can also indemnify against fees charged by public accountants who may be engaged to help prepare and certify documentary evidence in the fire damage and loss of profit claims process under a separate sub section called Accountants & Auditors fees. Another point to note is that Con Loss can also cover Salaries and Wages of your workforce according to your needs during the shut down of operations after a loss.




3. Burglary


What it offers:


A burglary policy insures your business against losses from burglary or attempted burglary. Specifically, with this policy, if either the property insured or your business premises are damaged because of the break-in, you're covered. However, the insurance is only in effect if damaged property is on the business premises specified in the policy at the time of break-in.


Types of property that can be insured are: 


  •       Stock  (Only stock levels above RM500k is eligible for stock declaration)
  •       Goods that are held in trust or on commission that you're responsible for 
  •            Furniture, office equipment, fixtures and fittings




 4. All Risks


An All Risks policy is used to cover assets of the company that are usually smaller in size and “portable” in nature. Although the policy is named as such, it does not mean that the asset will be covered under every circumstance, therefore the misnomer. It is however, a policy with the widest scope of cover.  Companies usually cover their PABX system, photocopiers, laptops etc. under this policy.


What it offers:


It covers such items of the company against losses such as:


  •        Fire & lightning 
  •       Theft by forcible & violent entry (e.g. breaking in)
  •       Accidental damage (e.g. item being dropped, knocked into thereby causing damage)
  •       Explosion


 plus any other peril specified


Standard exclusions such as stamps and coins, antiques, paintings and other works of art will apply.




5. Machines & Equipment  (All Risks Cover for Machineries)


What it offers:


This policy is designed to protect “immobile” pieces of commercial and industrial machinery such as extrusion, casting, moulding and offset machines. They are normally located on factory/ production premises and do not move around.


This policy will cover your equipment against:


  •        Fire & lightning 
  •       Theft by forcible & violent entry (e.g. breaking in)
  •       Accidental damage (e.g. item being dropped, knocked into thereby causing damage)
  •       Flood
  •      Explosion


plus any other peril specified.




6. Equipment All Risks 


What it offers:


Unlike the Machine & Equipment Insurance, which covers immobile equipment, this policy is designed to cover self-propelled mechanical vehicles such as tractors, forklifts, excavators and bulldozers.


Coverage includes the occurance of the following circumstances:


  • Accidental collision or overturning 
  • Fire, external explosion, self-ignition and lightning 
  • Theft or burglary 




7. Marine Cargo 


Marine cargo insurance is one of the most widely purchased insurance for companies that deals with trade, either internationally or domestically. Marine Cargo Insurance doesn't only cover goods being transported over sea but also over land and also by way of air transportation.


What it offers:


A Marine Cargo Insurance plan covers loss or damage to the goods concerned as a result of:


  • Risks associated with sea, air or overland transit 
  • War (while the goods is on the water only) 
  • Strikes 


plus any other cover afforded by the other clauses available e.g. ROD


Companies that require Marine insurance on a regular basis usually has their corporate insurance for Marine arranged on an “Open Cover” basis. This is when a master insurance policy is issued usually for a period of one year and individual certificates are issued on a “as and when needed” basis. This is to ease administration work and improve on the speed and efficiency of the process of arranging for this type of insurance.


Declarations are usually made on a monthly basis or quarterly basis by most clients and the cost for coverage for the month or quarter is billed accordingly.




8. Marine Hull 


What it offers:


The Marine Hull policy covers the hull (physical body of the vessel) inclusive of all machineries onboard the marine vessel against total or partial loss while the vessel is plying its route, under construction and repair. The loss could be caused by various perils named in the policy.




9. Money

Money insurance provides coverage in respect of loss of money from any cause whilst money is in the personal custody of the Insured’s authorised employees, during transit or at premises, whilst open for business and/or whilst kept in a locked safe overnight.

Personal Accident cover may be provided to any unnamed carrier entrusted to carry cash to and from the Bank.

What it offers:

Insurance is normally arranged to cover payments of salaries, wages or other earnings, collections of cash deposits/withdrawals to/from the bank and also cash kept in locked safe or drawer.

The are two limits under the policy.  One is for the limit of money in premises and the other limits for money in transit from one location to another.

Money means wages, salaries or collections in the form of cash, bank notes, cheques, currency notes, postal orders and money order.

Some noteworthy exclusion’s under the policy are:

  •       Loss arising from fraud or dishonesty of the            Insured’s employee (coverage can be arranged under Fidelity Guarantee)
  •       Shortage due to error or omission (e.g. negligence during cash count)
  •      Loss from any unattended vehicle (e.g. leaving payroll money under car seat)




10. Electronic Equipment Insurance (EEI)


The Electronic Equipment Insurance or EEI policy is a special policy tailor-made to cover companies with specialized computer equipment in a high technology driven industry. Coverage is extended beyond the “All Risks” scope to include the following:



What it offers:


Covers losses arising from:


  •        Fire, through all kinds of explosion, implosions, a direct stroke of lightning, crash of manned/unmanned flying object, as well as through extinguishing, demolishing, clearing or loss caused during these events
  •       Theft, Burglary or Robbery
  •      Water Damage from tap water, tide water, flooding, backwater, ground water, corrosion, steam, frost, ice drift, water/dampness and other types of liquid
  •       Human Beings/ other causes
  •    Negligence, untrained or improper handling, operational errors, intentional damage by third parties, malicious intent
  •     Technology in the sense of errors in construction, material defects, manufacturing discrepancies, over-voltage, induction, damage through indirect lightning
  •      Natural Phenomena/ Acts of God
  •      Storm, wind, storm, tide, hail, avalanche, rockslide and Acts of God
  •      Accidental Damage




11. Plate Glass

Plate glass insurance is a policy meant to cover plate glasses or fixed glass specifically meant for buildings with large areas of glass or for business premises with huge glass fronts, windows, doors or showcases. Not many people are aware of its existence but it can be very important policy in an insurance portfolio.

What it offers:

The policy covers breakage of any glass (including any print or ornamentation thereon if included) to the extent of the market value of the glass

Some noteworthy exclusion’s under this policy are:

  •     Breaking arising out of earthquake, volcanic eruption or war risks. 
  •          Breaking arising during removal or alteration to premises.
  •      Cost of frames or frameworks, cost of removing of any fittings, fixtures or other obstructions.
  •       Interruption or delay or loss of business or damage of any kind during the time between occurrence of breakage and replacement of glass.
  •       Damaged glass prior to inception of coverage.



12. Machinery Breakdown 


The Machinery Breakdown or MB policy is an excellent policy to cover damage(s) to machinery and can also be arranged to even include loss of profits i.e. MBLOP. The sum insured under this policy is usually determined by the current market replacement value of the damaged machinery (ies), including transportation costs, assembly and custom duties.



What it offers:


This policy covers all types of machinery and mechanical installations against sudden & unforeseen causes of breakdown.


Examples of sudden and unforeseen causes are:


  • Faulty material, design, construction and erection 
  • Vibration, maladjustment and misalignment 
  • Loosening of parts and defective lubrication 
  • Excessive electrical pressure and insulation failure 
  • Short circuiting or arching 
  • Carelessness, negligence or lack of skill while operating machinery
  • Damage from external impact or collision


 Extension of cover can be arranged by way paying of additional premium to cover: 


  •        Additional costs (overtime, express delivery freight rates and so on) incurred due to the breakdown 
  •       Surrounding property damage from flying debris  
  •             Loss of contents 




 13. Industrial All Risks


The IAR insurance covers any accidental physical loss destroyed or damage other than the excluded causes.

Qualifying requirement for an  IAR policy:

  •       The combined sum insured on Material Damage and Business Interruption at one location must exceed RM50 million.
  •       The risk to be insured must be submitted to Persatuan Insuran Am Malaysia's rating (PIAM) committee for a Special Rating.