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Risk Mangement Essay

4031 words - 17 pages

TRIMESTER 3, 2012/2013

BFN 2094
Corporate Risk Management
Lecturer: Miss. Kwan Jing Hui

Major Assignment
Commercial Property Insurance

Yap Shoon Eu | 1102700243 |
Tan Yi Ling | 1102700899 |
Lee Jia Kee | 1102701272 |
Kong Yoong Kwang | 1102701903 |
Cho Der Hwa | 1102700103 |
Loh Jian Li | 1102701693 |


1.0 Overview and Objectives 1
1.1 Objectives ……………………………………………………..1
1.2 Overview………………………………………………………2
2.0 Scope of Coverage and Pricing Policy 3
2.1 Scope of Coverage………………………….…………………3
2.2 Pricing Policy…………………………………………………7
3.0 Relation to Current Practice in Malaysia 11
4.0 The Growth of ...view middle of the document...

Fire consequential loss is an insurance that have to taken up together with fire insurance. It provides coverage against financial loss as a result of fire and its insured danger covered under the fire insurance.
If your property was robbed, Burglary & Robber Insurance will covers the loss or damage that caused by burglary or robbery. Burglary & Robber Insurance covers the loss of damage to the insured items, as well as damage caused to the building or any stuffs of the premises. Plate Glass Insurance provides cover for breakages of any plate glass including any writing or decoration due to any incident. This insurance also compensates for any boarding up required pending the replacement of the broken glass.
Employers' Liability Insurance provides indemnity to the Insured against liability at law for compensation costs of body injured or illness sustained by any person who under a contract of a company. Public Liability Insurance is an insurance to covers the compensation of accidental body injury or accidental damage to the public that caused by negligence of the insured or employees or by any defect in the premises owned.
In Malaysia, only Tokio Marine Group provided all the Commercial Property Insurances. Meanwhile AIA Malaysia, OCAC and Zurich Insurance provided few parts of Commercial Property Insurances and other insurers didn’t provide any of it.

1.2 Objective
Commercial Property Insurance help businesses pay to repair or replace buildings, structures, and contents that are damaged, destroyed, or lost that caused by different situations. Commercial property insurance will cover the loss under these few situations: man-made disasters, natural disasters and decline in property value.
Man-made disasters are those disasters that caused by human being, for example vandalism, theft, robber, fire and so on. If one of these happened to your business property, the insurance will covers all the lost.
In some countries, there are a lot of natural disasters, such as earthquake, hurricane, tornado, blizzard and so on. Although in Malaysia there is no earthquake or blizzard, however, thunderstorm, landslip and tsunami are always happen in our countries and these natural disasters can bring a huge lost to us. Thus, commercial property insurance helps us to cover the lost that caused by the natural disasters.
Commercial property insurance also covers the loss of depreciation of property value. For example, if you bought a property in an area and the area happened some tragedy like murder or accident and caused the value of property in that area declined, commercial property insurance will covers the loss of it.

2.0 Scope of Coverage and Pricing Policy
2.1 Scope of Coverage
Commercial property insurance policies generally fall into three categories which are basic form policies, the broad form policies and special form policies.
* Basic form policies
-Usually cover common risks such as damaged caused by fire,...

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