FLATS, APARTMENTS, CONDOMINUIMS AND GATED AND GUARDED STRATA LANDED COMMUNITIES MANAGED BY A JOINT MANAGEMENT BODY (JMB) OR MANAGEMENT CORPORATION (MC)
You can buy this via
AIA life planner
WHAT IS THIS PRODUCT ABOUT
A-Essential JMB offers comprehensive and flexible coverage at an affordable premium to ensure that your management as a Joint Management Body (JMB)/Management Corporation (MC) and the residential property under your care is well protected against unexpected incidents.
This plan protects the building from any loss or damage due to fire and other perils. It also provides coverage against breakage of glass or damage to signage and signboard fitted to the insured building within the premises belonging to you as the JMB/MC.
Your management operation as the JMB/MC will be covered against financial loss due to theft, burglary or armed robbery, including loss of money in the premises belonging to the JMB/MC or while in transit. You will also be protected from any loss of money due to fraudulent act committed by your employees.
This plan protects you against legal liability for third party bodily injury or property damage, and any wrongful acts in your conduct as the JMB/MC. It also protects you against your liability at law to pay compensation on bodily injury sustained by your employees in the course of employment.
This plan covers you and your employees against any accidents resulting in death or permanent disablement.
PROTECTION FOR MACHINERY AND OFFICE EQUIPMENT
The plant, machineries and mechanical equipment under the responsibility of the JMB/MC will be protected against any unforeseen and sudden physical loss or damage caused by defects, faulty design, bad workmanship and etc. This plan also provides protection to the office equipments, computers and peripherals belonging to the JMB/MC against loss or damage by any accidental causes unless such perils are specifically excluded.
SUM INSURED- BUILDING COST CALCULATOR
If you wish to get the estimated rebuilding cost of your property to estimate the sum insured, you may use the Building Cost Calculator (BCC) on PIAM's website at the following link http://www.piam.org.my/consumer/industry/building-cost-calculator-bcc/ and complete the questionnaires provided. Please inform the Company if you wish to revise the sum insured. Any revision to the sum insured is subject to the Company's approval.
The BCC can be applied to property such as residential properties and simple shop houses/ offices. However, the BCC is not meant for use by individual unit owner of a non-landed property. For properties such as flat, apartment, service apartment, condominium, the BCC is available for use by the JMB of the Property only.
You may contact your AIA Life Planner or simply write in to the Company to revise the sum insured. However, please take note that the BCC only provides estimated figures and it does not guarantee the actual amount that your property would be insured for.
Like what you've read? This is purely a product summary. If you want more information about this product, please refer to our Product Disclosure Sheet or speak to an AIA Life Planner.
This product comes with Fixed and Flexi Plan that provides 11 comprehensive coverages.
For Fixed Plan and Flexi Plan, all sections are mandatory covers. For Flexi Plan, you are required to determine your desired sum insured for each benefit in Section A to K.
Duty of Disclosure - You must provide all the facts in your application form and during renewal, fully and faithfully.
Limitation of Cover: Sum Insured - Amount of sum insured is according to the Schedule of Benefits except for Fire (the sum insured must represent the Full Value of the property insured) and all sections in Flexi Plan. Group Personal Accident - limited to 15 persons only (applicable to Fixed Plan) or limited to the number of persons as specified in the Policy Schedule for a maximum of 30 (applicable to Flexi Plan), aged between 18 to 70 years old.
Underinsurance - You must ensure that the sum insured is adequate, otherwise, average condition will apply for under insurance at the time of loss. You will deem to be self-insuring for the difference.
Excess - is the amount of loss that you have to bear in the event of a claim.
If there is a loss or damage, please
Notify us immediately.
Submit all supporting documents to us.
Co-operate with the loss adjuster appointed by us to assess your claim.
For liability claims
Do not discuss compensation or admit any liability and negotiate settlement with the third party or his/her solicitor.
Submit all correspondences received from third party and/or his representative which are unanswered, to us.
This plan is available to flats, apartments, condominiums and gated and guarded strata landed communities managed by a Joint Management Body (JMB) or Management Corporation (MC). Only available for buildings classified as Class 1A construction.
Exclusions to Section A – Fire:
Theft during or after the occurrence of Fire;
Own fermentation, natural heating or spontaneous combustion (otherwise if insured);
Ionizing radiations or contamination by radioactivity from any nuclear fuel or nuclear waste;
War invasion, act of foreign enemy, hostilities or war-like operations;
Act of terrorism.
General Exclusions applicable to Section B to K (Burglary, Money, Public Liability, Plate Glass, Signage and Signboard, Employer's Liability, Group Personal Accident, Fidelity Guarantee, Machinery Breakdown, All Risks, and Errors and Omissions)
Loss or damage resulting or arising from any consequential loss;
Ionizing radiations or contamination of radioactivity from any nuclear fuel or nuclear waste;
War invasion, act of foreign enemy, hostilities, or war-like operations;