MSIG Strata Title Insurance Kuala Lumpur

MSIG Strata Title Insurance Kuala Lumpur from Strata Title Insurance Kuala Lumpur

By: Strata Title Insurance Kuala Lumpur  26-05-2016
Keywords: Life Insurance, Motor Insurance, Insurance Agents and Brokers

Exclusively Designed for JMB's or MC only (Joint Management Body or Management Corporation), Strata Title Property Insurance and Property Management Liability Insurance Arranged by Malaysia JMB Insurance Organization (JMBIM) Your Trusted Malaysia Largest Strata Title Insurance and JMB Liability Insurance Risk Management Advisory Organization Strata Title Property Insurance and Property Management Liability Insurance The Building and Common Property (Maintenance and Management) Act 2007(" The Act") coming into force on 12 April 2007 in the Peninsular Malaysia. The powers and duties of the JMB are enumerated by Section 8 of the Act which stated 8. (1)(c) to insure and keep insured the building to the replacement value of the building against fire and such other risks as may be determined by the Body; 8. (1)(d) to apply insurance moneys received by the Body in respect of damage to the building for the rebuilding and reinstatement of that building; 8. (3) The Body shall be deemed— (a) for the purposes of effecting any insurance under paragraph (1)(c), to have an insurable interest in the building equal to its replacement value or any value as determined by the Body; and (b) for the purposes of effecting any insurance under paragraph (1)(d), to have an insurable interest in the subject matter of the insurance. Interpretation: The Joint Management Body must insured the following insurance: 1. Fire & All perils Insurance (Min perils Subsidence & Landslip, RSMD & BOW) Building - For all the units that is individually own including all the common property. In this case when the purchaser have a Loan with the Bank, the purchaser need not buy an additional insurance and can use the individual "Certificate of Insurance" issued from the Master policy. It should include the following clauses:- Reinstatement Value (valuation report by an accredited quantity surveyor at least once in 5 years) Removal of Debris Architect & surveyor Fee Rent Clause 2. Public Liability Insurance Legal liability to pay compensation for accidental bodily injury or accidental damage to the property to the Visitors for using the common property of the Building. Under Section 4 Establishment of a Joint Management Body (2) The Body established by subsection (1) shall be a body corporate having perpetual succession and a common seal. (3) The Body may sue and be sued in its name. (4) The Body shall comprise the developer and the purchasers. Interpretation: As the JMB is a body corporate the volunteered committee members can now be sued by the purchasers for Breach of Duty. An E&O or a PL policy to protected the personal liability of the individual committee. 3. Error & Ommission or Professional Liability Insurance The Insurer will pay on behalf of any Insured all Damages resulting from any Claim for any Breach of Duty of the Insured. N/B The policy should be placed immediately after the formation of the JMB. Malaysia JMB Insurance Organization (JMBIM) Your Trusted Malaysia Largest Strata Title and JMB Insurance Risk Management Advisory Organization Head Office 158-3-7, Blok 158, Kompleks Maluri, Jalan Jejaka, Taman Maluri, Cheras, 55100 Kuala Lumour, Malaysia. (O) +603-9286 3323 (F) +603-9282 3232 (E) [email protected] (W) www.jmbinsurance.com.my (FB) www.facebook.com/jmbinsurance

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The powers and duties of the JMB are enumerated by Section 8 of the Act which stated 8. (1)(c) to insure and keep insured the building to the replacement value of the building against fire and such other risks as may be determined by the Body. Malaysia JMB Insurance Organization (JMBIM) Your Trusted Malaysia Largest Strata Title and JMB Insurance Risk Management Advisory Organisation