A-Essential Home

The BCC is introduced to address under-insurance of building Fire and House Owner policies so that policyholders would not be inadequately compensated due to changes on their property value.

The BCC is a tool which provides estimated rebuilding cost based on the information provided by the home owners to estimate the sum insured.

The BCC can be applied to properties such as residential properties and simple shop houses/offices. However, the BCC is not meant for use by individual unit owners of a non-landed property. For properties such as flats, apartments, service apartments, condominiums, the BCC is only available for use by the Joint Management Body of the Property.

Please click here to access the BCC.

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.

1. Duty of Disclosure - You must give all the facts in your application form and during renewal, fully and faithfully.You must ensure that your property is insured at the appropriate amount and you should also disclose fully all material facts e.g. any previous claims, occupations etc.
2. Insured Value/Sum Insured - Ensure your property is adequately insured at all times, and take into account the renovations and enhancements made to your property.
3. Average Condition - If the amount insured in your insurance policy is less than the rebuilding cost (i.e. under-insurance), you are deemed to be self-insuring the difference. The average condition will apply in the event of a claim.
4. Responsibility for Purchase of Insurance - If you are buying a property from a developer and the property is under the construction stage, the insurance of the property is the responsibility of the developer. You only need to insure the property upon receipt of vacant possession from the developer.

If there's a loss or damage, please:

• Notify us immediately
• Notify the fire brigade for loss or damage by fire
• Make a police report for loss or damage by theft and attempted theft
• Submit all supporting documents to us
• Cooperate with the loss adjuster appointed by us to assess your claim

For liability claims:

• Do not discuss compensation or admit any liabilities and negotiate settlements with the third party and/or his/her solicitor.
• Submit all correspondences received from third party and/or his/her representatives, unanswered, to us.