MSIG Malaysia

As of December 2016, MSIG is the 2nd largest in Fire Insurance

Fight fire with fire insurance

Having that fire extinguisher alone will not suffice in the event of a raging fire that could threaten to burn down your building and goods. When you have a fire, the damage can go beyond just the burnt material that could bury a business under the soot for good.

Safeguard your business from the heat

MSIG one of the largest fire insurer in the country, has been insuring Malaysian building from small to large for over 100 years.

MSIG Fire Insurance policy provides coverage for buildings owned by the business, and in any event to protect the contents of your premises, such as machinery, equipment, stock, furniture against damages caused by Fire and/or Lightning.

  • Property to be insured may consists of the following:
    • Building
    • Property Rental
    • Plant and Machinery
    • Business Furniture, Fixtures and Fittings
    • Stock-in-trade
  • In addition, the following expenses due to an insured peril can also be insured:
    • Removal of Debris
  • The policy can be extended to cover the following perils:
    • Aircraft damage
    • Earthquake and volcanic eruption
    • Storm, tempest
    • Flood
    • Explosion
    • Impact damage
    • Bursting or overflowing of water tanks, apparatus or pipes
    • Bush / Lalang fire
    • Subsidence and Landslip
    • Spontaneous combustion
    • Riot strike and malicious damage
    • Damage by falling trees or branches and objects

We were fortunate to have purchased a Fire Policy from MSIG to protect our beauty saloon as recently, fire started at our neighbour’s kitchen (restaurant) and it began to spread. Fortunately, ‘Bomba’ (Fire Brigade) arrived on time to extinguish and kept the fire under control. The fire happened during the night whilst we were closed.
 
It was only in the morning that we discovered that our shop was affected when we arrived to start business. What a shock we had! Our saloon was covered in soot and some of the equipment along the wall adjoining the neighbour was damaged. The anguish and anxiety to clean up the mess and to think of repainting as well as to repurchase those equipment worried us. Thankfully, MSIG adjusters attended to the loss and our claim was settled at about RM15,000.
 
On the other hand, our neighbour was not so fortunate for the extinguishing process of the ‘Bomba’ (Fire Brigade) resulted in their premises being damaged by water could not be claimed as they did not purchase a Fire Policy.

We were surprised that the Fire policy we purchased for our business covers more than we expected.

MSIG Fire Policy Holder

  • Cost for repainting to the damaged walls.
  • Cost of reinstatement of damaged stocks.
  • Cost for cleaning up.
  • Cost of replacement of the equipment damaged by water/soot on a new for old basis.

The basic perils covered from a Fire policy are fire and lightning only. However, there are many other special perils which can be included with additional premium.

Do you have a Fire and Special Perils policy covering your tools of trade?  
Contact MSIG or your insurance Adviser for more details.

For simple shop houses and shop offices:

The Building Cost Calculator (BCC) is intended to use as a guide to help you in determining the estimated sum to be insured for your shop house or shop office.

You should review your sum insured and estimate the likely cost of rebuilding your shop house or shop office to its current specification.  This is to minimize the problem of under-insurance so that you will not be inadequately compensated in event of a loss.   

If you are buying a new shop house or shop office, it’s just as important that you estimate the potential cost of rebuilding it as this amount probably different from the price you had paid for the property. The estimated cost of rebuilding would be the Sum Insured on your policy.  

You are advised to consult an expert in rebuilding cost such as a registered valuer, quantity surveyor or licensed builder if your shop house or shop office has been extensively renovated and /or have unique non standard designs.

Please click to below link to PIAM website for the BCC calculator:

http://www.piam.org.my/consumer/industry/building-cost-calculator-bcc/

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