FIRE INSURANCE

Revised Rule For Declaration Policies

With effect from 1^st February 2009, member companies were required to calculate premiums based on 100% (previously at 75%) of the sum insured of stock-intrade at inception for policies attached with the Declaration Policies Clause. The implementation of the revised Declaration Policies rule has enabled better management of premium collection and eased administration costs of insurers.

NON-TARIFF

Marine Liability Insurance

The following documents have been legally vetted and are being finalized by the Non-Tariff Subcommittee for circulation to member companies for use as "Best Practice" wordings by early 2009:-

1. Liability (Carriers and Warehousemen) Policy
   
   
2. Freight Forwarders Liability Policy
   
   1. Cover Option 1 - Truckers' and Warehousemen's Liability
      
      
   2. Cover Option 2 - Liability Insurance in relation to Cargo
      
      
   3. Cover Option 3- Insurance in respect of Errors or Omissions and Liability to Authorities
      
      
   4. Cover Option 4 - Cost and Expense Insurance
   
   
3. Proposal Form for Freight Forwarders Liability Insurance
   
   
4. Bailee's Liability - Carriers and Warehousemen
   
   
1. The Legal Implications
   
   
2. The Insurance Policy
   
   
3. Risk Assessment and Underwriting Information



5. Bailee's Liability Insurance Proposal Form

Training Sessions

The Non-Tariff Subcommittee had planned for a series of training sessions for the industry on the liability, marine 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 in 2008:-

1. Directors and Officers Insurance - The Value of Directors and Officers (D&O) Insurance Policy in the current Corporate Environment - 26^th February 2008
   
   
2. Keys to Success in Medical Insurance - 13^th March 2008
   
   
3. Political Risks - 31^st March 2008
   
   
4. Aviation Risks (Underwriting Considerations and Risk Assessment) - 23^rd April 2008
   
   
5. Pricing of MHI Products including Underwriting Criteria - 30^th April 2008
   
   
6. Medical and Health Insurance Products - 23^rd May 2008
   
   
7. Various Aspects in the Marketing of Hospital and Surgical (H&S) Products and the Future Trends of Critical Illness - 10^thJuly 2008
   
   
8. Marine Hull Insurance - 25^th August 2008
   
   
9. Subsea Pipelines - Installation and Insurance - 19^th November 2008
   
   

Talk on the Various Aspects in the Marketing of H & S Products and the Future Trends of Critical Illness held on 10th July 2008 - Guest Speakers Ms. Tina Paap, RGA Asia Pacific Pty. Ltd. Australia (Centre) and Mr. Kevin Choong, Malaysian Assurance Alliance Bhd (Right)


Talk on Subsea Pipelines Installation and Insurance  19^th November 2008 - Guest Speakers: Mr. Jon Hill and Mr. John Harris, Braemar Steege Pte. Ltd, Singapore (Seated Left to Right)

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