Insurance is a means of transferring your possible financial losses to an Insurer as a result of lost/damaged asset or incurred liabilities due to negligence, error or omission in the cause of your daily activities.

It gives you peace of mind by making sure that you recover financially if the unexpected happens.

It is the amount that an individual or organization pays to an insurance company (insurer) in exchange for insurance coverage.

There are various types of insurance such as Motor Vehicle, Homeowner, Fire & Special Peril, Burglary, Personal Accident, Travel, Event, Marine etc.

Yes, there are compulsory insurance policies. They are:

1. Third Party Motor Vehicle Insurance
2. Builders Liability
3. Occupiers Liability
4. Health Care Professional Indemnity

Group Life Insurance etc.

There are three types of cover:
1. Comprehensive Cover
2. Third Party Fire and Theft and
3. Third Party Only

The minimum requirement by Law for vehicle insurance is Third Party Only policy.

The Third-party policy covers damage to third party properties and injury, or death caused to a third party. The comprehensive insurance policies cover accidental damage, fire incidence, and theft of the insured vehicle in addition to the benefits covered under the third party only policy resulting from the use of the vehicle.

It is the maximum amount that an Insurer will pay out in the event of a claim

Yes, if you have bundle insurance (multiple policy of different classes such as Homeowner, Fire & Special Peril, Motor Vehicle, Travel, etc.) Insurance company will grant you discount

1. Assess the risks you face
2. Identify your insurance need
3. Seek professional advice
4. Understand the policy type, terms and conditions
5. Consider your budget
6. Evaluate the Insurer’s reputation

Underinsurance is when the amount of insurance being purchased is less than the actual value of the asset, property or risk being insured. This can lead to financial shortfall in the event of claim, as the insurance payout will not be enough to cover the full extent of loss