MARINE/MISCELLANEOUS INSURANCE

Professional Indemnity Cover for Security Firms
The Marine/Miscellaneous Insurance Sub-committee completed the formulation of underwriting guidelines including standard proposal forms, policy/endorsement wordings and rating guide for PI cover for Security Firms in February 2008. These have been circulated to member companies for adoption as best practice standards for the insurance of firms providing security services.

Bond Underwriting Guidelines
- Immigration Bonds for Foreign Workers
Following approval from BNM, insurers are now allowed to issue bonds for foreign workers up to RM500,000 (the previous limit was RM250,000) per employer on insurer's net retention subject to the maximum limit of exposure of total bond business not exceeding 5% of the total gross premium of the insurance company concerned.

Formation of Specialist Admiralty Court
The Association has conveyed its support to the Bar Council's proposal to establish a Specialist Admiralty Court, which was raised during the National Maritime Conference held in March 2007. The Conference unanimously agreed that it is vital that in order to engender global confidence in Malaysia as a maritime nation, she must have a judicial and legal system of quality, independence and speed to resolve maritime disputes.

Training Sessions
The Marine/Miscellaneous Insurance Sub-committee and the Medical Health Insurance sub-committee have drawn-up a series of training sessions for the industry on the liability and medical insurance classes in order to promote better understanding and enhance the skills of industry personnel in these classes of insurance.

The following training sessions were conducted:-

1. Professional Indemnity Insurance - 23^rd April 2007
2. Underwriting of Directors and Officers Liability Insurance and its Current Trends - 19^th June 2007
3. Comprehensive General Liability - 11^th September 2007
4. Portfolio Analysis for Medical Insurance - 30^th October 2007.
5. Directors and Officers Insurance - The Value of Directors and Officer (D&O) Insurance Policy in current Corporate Environment - 26^th February 2008.
6. Keys to Success on Medical Insurance - 13^th March 2008.
7. Political Risk - 31^st March 2008.

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