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Property

Type of Property Insurance:

To indemnify the Insured against loss of or damage to property insured as specifically described in the policy caused by :-
Fire, Lightning and Domestic Explosion and other selected extraneous perils (if any)
Loss of Profit revenue due to interruption or interference with in consequence or damages indemnifiable under Fire Policy

Section 1 - Material Damage
Accidental Physical Loss, Destruction or Damage from causes not excluded under the policy

Section 2 - Business Interruption
Loss of Profit due to interruption or interference with in consequence or damages indemnifiable under Section 1

Financial Lines

Company directors and officers are subject to substantial risk of personal liability associated with their management responsibilities to the company and its shareholders. Professionals are accountable to a multitude of third parties who can put them at considerable personal financial risk because of the type and quality of service rendered. The company is also subject to substantial fraud and dishonesty internally.

We, as your insurance broker and risk management consultant will assist you to develop and structure a comprehensive insurance program to suit your business and minimise your exposure in this challenging and highly regulated industry.

BIB offers a comprehensive suite of insurance products to meet these demands.

To provide financial protection for directors and officers of a company against claims arising from allegations of wrongful acts whilst acting in their capacity as a director or officer.
To provide cover for securities claims made against controlling shareholders, selling shareholders and underwriters who may get drawn into litigation arising out of capital raisings.

Offers protection against losses (first party) caused by employees and external crimes committed by third parties.

Offers protection for professional advices and services. Providing individuals and companies from bearing the full cost of defending against a negligent claim made by a client / third part and damages awarded in such a civil lawsuit.

To provide coverage for losses arising from criminal acts committed by employees or third parties.

Casualty

To protect the insured against any third party liability for bodily injuries or property damages that may arise out of the Insured and/ or the Insured’s workers’ negligence at the Insured premises and/or at the third party premises
Comprehensive General Liability is a broader form of coverage as it can be extended to include Contractual Liability, Waiver of Subrogation, Broad form of Principal Existing Property Extension, Excess Automobile Coverage etc.

Employers Liability protects businesses against the costs of compensating employees who are injured or have fallen ill in the course of their work. It also covers associated costs such as claimants' legal fees and the costs of defending the action

Protects the business from claims related to the manufacture or sale of products and goods to the public.

Construction / Engineering

The Contractor All Risk Insurance provides coverage against any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded.
Workmen Compensation indemnifies the Insured against all sums for which the Insured shall be liable to pay compensation to any employee for personal injury sustained by accident or disease arising out of and in the course of his employment

The Erection All Risk Insurance provides coverage against any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded.

Delay in Start-Up or Advance Loss of Profit indemnifies the actual loss of gross profit sustained as a result of delayed commencement of business operations caused by an accident covered under the Contractor All Risks (CAR) policy or the Erection All Risks (EAR) policy.

Machinery Breakdown provides insurance cover for sudden and unforeseen physical damage or loss to the insured machine whilst either at work or rest and during cleaning, inspection, over-hauling or removal to another position within the premises. It covers all accidental damage or loss from any causes except those specifically excluded in the policy.

Machinery Breakdown Loss of Profit is designed to provide coverage for loss of gross profit due to business interruption caused by an accident indemnifiable under Machinery Breakdown Insurance.

Boiler & Pressure Vessel Insurance provides coverage for Boiler or Pressure Vessel caused by and solely due to explosion of any boiler or pressure vessel insured whilst in the course of ordinary use.

Deterioration of Stock Insurance provides coverage against loss due to deterioration of stock in the cold-storage rooms following from material damages to the refrigeration plant which is indemnifiable under the Machinery Breakdown Insurance.

Provides protection against sudden and unforeseen physical loss or damage to storage tanks caused by bursting, splitting, rupture or collapse.

Employee Benefits

Health coverage protects you from health and financial risks

No one plans to get sick or hurt, but most people need medical care at some point. Health insurance covers these costs and offers many other important benefits. As medical care advances and treatments increase, health care costs also increase.

You need health insurance because you cannot predict what your medical bills will be. In some years, your costs may be low. In other years, you may have very high medical expenses. If you have health insurance, you will have peace of mind in knowing that you are protected from most of these costs.

However, if claims keep increasing premium will keep increasing as well. To ensure that you manage your medical cost in the most cost efficient manner, we have vast experience and expertise to formulate meaningful and cost-effective employee benefit programmes that are integral to remuneration packages and employee retention.

Areas of expertise

We are a one stop solution provider for your employee benefits program needs for any number of headcounts.

Currently, we are actively managing employee benefit program for many major corporates in the following areas:-

  • Group Hospital and Surgical Insurance
    • Covers medical expenses whilst confined in hospital due to illness or accidental reasons
  • Comprehensive Insured Medical Coverage:-
    • Group Hospital and Surgical Insurance
    • Outpatient GP
    • Outpatient Specialist
    • Dental
    • Maternity
  • Group Term Life Insurance
    • 24 hours and worldwide coverage on death or permanent disablement due to natural and/or accidental causes
  • Group Personal Accident Insurance
    • 24 hours and worldwide coverage on death or permanent disablement due to accidental reasons
  • Keyman Policy Insurance
    • Protects your financial interests on the lives of key Personnel
  • Business Travel Insurance
    • 24 hours and worldwide coverage for frequent travellers with high limits on medical expenses, evacuation and repatriation and personal liability
  • Post Retirement Insurance/Private retirement scheme
    • Medical and Retirement benefits

We believe that servicing our client is crucial and it is utmost important in managing any scheme, especially when it involves human life. At BIB, our professional team will provide you with the following value added services to expert solutions in managing the following areas:-

  • Review of Policies Coverage
    • Policies are reviewed for coverage in relation to scope of cover. We analyze the utilization claim and establish the utilization trend to negotiate competitive premium.
  • Competitive Pricing
    • We review premiums being paid to make sure they are cost effective, competitively priced and are within the industry norm and market rate.
  • Periodic reviews-Cost Containment
    • We will manage the program by having periodic reviews with client, insurer and third party provider to ensure that services are delivered promptly and efficiently. We review the utilization and ensure cost containment.
  • Complaint Management
    • We will ensure all feedback from client is investigated, justified and resolved promptly.
  • Data Management
    • We will ensure all employee data are updated timely to ensure no delay in issuance of medical cards and updates to insurer.
  • Claims Management
    • The claims and account servicing team at BIB have extensive experience in the area of claims management. Ultimately, claims collection is a test of our product and the rationale for its purchase so we take pride and place considerable emphasis on this aspect of our service

Our strength lies in our prompt service delivery.

Takaful Broking Services

BIB Insurance Sdn Bhd is a licensed Takaful brokers and can deal with all Takaful operators and has access to different types of certificates of coverage wordings

The Labuan subsidiary of BIB Insurance Brokers Sdn Bhd is also licensed to provide takaful broking services in respect of treaty reinsurance, facultative reinsurance and rent a takaful captive facility.

Marine

Insurance covering loss and/or damage of cargo whilst in transit.
Provides cover for all moveable goods that are the subject of the insured’s trade including raw materials, semi-finished and finished goods. The goods are covered at all times whether in transit or in store.

It protects the risk of incurring unknown costs related to weight discrepancies between loading and discharge.

Marine Hull and Machinery Insurance covers loss or damage to hull and machinery.

The policy responds for time lost by the vessel, as a result of physical loss or damage, so long as the loss resulted from an Insured Peril.

This cover provides additional insurance, in the event of the vessel becoming a total loss. The policy provides insurance against the loss of revenue and increased costs arising out of an incident that is covered under the Hull & Machinery Insurance.

Insurance for the mortgagees (banks or financial institutions) for outstanding monies due to them in the event of non-payment of claim under a Hull & Machinery and/or Increased Value policy following a breach of warranty by the operators of the vessel.

This type of insurance covers a vessel whilst it is under construction. During that period, it is exposed to risks such as fire, tidal wave or failure to launch. It is also exposed to collision and sinking on a trial trip. The builders’ risk insurance affected by shipyards provides cover against all such risks.

Marine liability is insurance for liability or property damage to a third party, whilst engaged in marine related operations.

To protect the ship owner's interests against claims from third parties to which the ship owner is liable to compensate third party losses.

Political risk and Trade Credit

Trade Credit Insurance provides you with coverage against the risk of your buyers defaulting on payment for goods or services rendered by you as the Seller as a result of commercial and/or political risks.
Political risk insurance provide protection investors to safeguard investments in overseas markets against unpredictable losses due to specified political risk perils.

Oil & Gas

All risk coverage for offshore and onshore property. Optional coverage for transit, third party liability, marine liability, excess liability, Hull and Machinery, loss of production, loss of hire etc.
Physical damage or physical loss to the subject matter forming a permanent part of the proposed property being constructed. It includes third party liabilities directly relating to the fabrication and/or installation work.

Aviation Insurance

Type of Aviation Insurance:

This policy provides you with comprehensive cover for any type of aircraft, from glider to commercial airliner. It is specifically designed to protect against loss or damage to your aircraft; and against third party or passenger liability arising from an accident.
The risks covered are:
  • Damage of the aircraft;
  • Life or health damage to third persons;
  • Property damage or loss of to third persons;
  • Environmental contamination.

It will pay benefits if a pilot is no longer able or permitted to fly due to a specified medical condition

The Key benefits are:
  • Lump sum payment;
  • Monthly temporary benefit option
  • Worldwide cover

Provides coverage for liability for damage to aircraft whilst in insured’s custody; and liability arising from the sale of aircraft products or the provision of aviation services.

To find out more on how we can assist you, please call us at +603-21413422 or kindly use our contact form.

Personal Insurance