Type of Property Insurance:
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
As everyone knows that good security increase shareholder value, Cyber Security Insurance (CSI) is a ground-breaking solution designed to help businesses protect against cyber risk losses that may unexpectedly arise from cyber-attacks. As the number of applications, devices, computer, etc. increases, an organization becomes more vulnerable to attacks. The natural of the industry still has a long way to go to catch up with these threats and hence CSI is created to fulfil the need to hedge against the potentially devastating effects and help to mitigate the specific risks.
CSI covers the fees, expenses and legal costs associated with cyber breaches that occur after an organization has been hacked or from the theft or loss of client / employee information.
Specialty Insurance covers items that are special or unique. Many businesses utilize commercial specialty insurance for various reasons and its coverage is for those with special, unusual or difficult insurance needs, or for higher risk accounts.
Specialty Insurance complements your business insurance needs. BIB partners with our trusted network partners have first-hand experience in managing different type of speciality projects including construction and operational phase insurances for water, power and pipeline infrastructure in the South America region. We handpick committed and experienced professionals to build unrivalled service teams, recognising that industry expertise is essential to success.
We are a growing team with talent that understand the processes well involved in:
Under Specialty Insurance, we have the expertise to consult coverage for items that falls under below categories:-
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.
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.
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.
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.
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:-
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:-
Our strength lies in our prompt service delivery.
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.
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.
Type of Aviation Insurance:
It will pay benefits if a pilot is no longer able or permitted to fly due to a specified medical conditionThe Key benefits are:
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 +603-90782480 or kindly use our contact form.