Insurance for Commercial Vehicles

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Commercial Vehicles - Safety - Don't inflate the premium RM$$$$

Insurance firms shun 3rd party motor coverage

27 May 2009, By Malaysian Reserve (EXTRACT FROM PIAM NEWS)
Insurance companies are no longer willing to provide third party motor insurance under their banner, and instead are sending customers to a high-risk insurance pool run collectively by the industry under orders from the regulators. A recent decision by two local insurers to completely stop providing third party cover to commercial vehicles is set to see a higher volume of premium going towards the high-risk insurance pool called the Malaysian Motor Insurance Pool (MMIP), which had already seen a big jump last year. Even before the two local insurers made the decision, the motor insurance pool had collectively underwritten total gross premiums of RM13.33 million, which is four times more than the RM3.11 million in premiums in 2007. "That's a huge spike in the pool. It simply means that there is that much more insurance business that insurers do not want to touch. "This also means that general insurers will have to fork out more for the pool," an industry executive told The Malaysian Reserve. And the latest decision by the two insurers to completely shut out commercial vehicles is set to compound the situation. After the recent annual meeting of MMIP, executives believe premiums underwritten by the pool could more than double, with one source estimating that, moving forward, the pool could conduct as much as RM3 million of business in a month. "What no insurer wants to do, all must do. Hence, since no single insurer is willing to underwrite third party motor risk, it goes to the pool which is collectively underwritten by all 33 general insurance players in the country," said the executive. Major players in the motor insurance sector include Kurnia Insurance (M) Bhd, Allianz General Insurance Company (Malaysia) Bhd, AmG Insurance Bhd, Tokio Marine Insurans (M) Bhd, Pacific & Orient Insurance Co Bhd, Berjaya Sompo Insurance Bhd and Uni.Asia General Insurance Bhd. The high claims ratio has seen insurers steering clear from underwriting third party liability coverage, the minumum insurance cover mandated by the Road Transport Act 1987. Besides providing insurance protection against death and injury to third parties (which is provided under the 'Act Only' motor insurance policy), third party motor insurance also provides protection against other legal liabilities such as damage to the property of a third party (usually somebody else's car or motorcycle or a neighbour's gate) and certain specified legal costs. Under the third party cover, a policyholder may opt to include protection for loss or damage to his own vehicle due to fire or theft only. Over the years, Bank Negara Malaysia (BNM) and the Ministry of Finance have formed a pool established by insurance companies registered under the Insurance Act 1996 to provide motor insurance to vehicle owners who are unable to obtain insurance protection for their vehicles. It is also commonly referred to as the insurer of the last resort. This pool is managed by MMIP Services Sdn Bhd (MSSB), a subsidiary of MNRB Holdings Bhd (MNRB) incorporated in 2006. Among others, MSSB handles the administration, accounts, investment of the funds of the pool as well as the claims negotiations and settlements.

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什么是MMIP？

MMIP是一个高风险的保险池的运行由保险业集体受到监管机构的命令。
它提供汽车保险的困难车主获得正常的商业保险市场的汽车保险。 ('A" & "C" permit.)

风险管理中心是由MMIP服务私人有限公司（MSSB）的马国民再保险控股有限公司（马国民再保险）的子公司。

为MMIP所需的文件如下：

A）所需文件：
1。原保险的政策，还是延续以前的保险通告。
2。该车辆的登记证（双方原件）
3。一个业主的身份证（双面）副本。
4。填写完整保险投保书。
5。附加文件：
i）贸易板块：
a）该行业板块光盘正本。
ii）商用车：
a）对许可证（如果复制的话）。
b）在该车辆从Puspakom检查报告（复印件）。
iii）为公司拥有车型：
a）本公司的橡皮图章。
iv）对于私家车或10年以上摩托车：
一）从Puspakom或任何私人调节车辆检验报告的副本。
v）对于被保险人65岁以上：
1）被保险人的医疗报告正本。
b）支付：
1。您可以支付：

i）现金：款项可在柜台或
ii）支票：款项可在柜台（注：请准备支票抬头'MSSB - MMIP'写你的姓名，
身份证号，并在支票背面联络资料）。
重要通知：
•Uni.Asia一般保险有限公司是唯一一个提供服务的保险公司/代理的MMIP。
•该MMIP服务可于Uni.Asia总分支机构，作为如下
KL Main, Seremban, Melaka, Johor Bahru, Kuantan, Kuching, Miri, Kota Kinabalu, Penang, Sungai Petani, Ipoh.
•封闭的信息是准确的，截至目前的发布日期。你要确定是对所有需要的文件，以便一经递交你的申请。如需进一步查询，请联络他们的免费电话1-800-888-990

What is MMIP?

MMIP is a high-risk insurance pool that runs collectively by the insurance industry under the orders from the regulators. It provides motor insurance to vehicle owners with difficulty to obtain motor insurance from normal commercial insurance market.

The pool is managed by MMIP Services Sdn Bhd (MSSB), a subsidiary of MNRB Holdings Bhd (MNRB).

The documents required for MMIP are as follows:

A) Required Documents:

The Original Policy or Renewal Notice of the previous insurance.

The original copy of the Vehicle Registration Card (both sides)

A copy of the Owner’s NRIC (both sides).

A fully completed Proposal Form.

Additional Documents:

i)	For *Trade Plate*: a) The original copy of the trade plate disc.
ii)	For Commercial Vehicle: a) A copy of the permit (if any). b) A copy of the vehicle inspection report (from Puspakom).
iii)	For Company Owned Vehicle: a) The Company’s rubber-stamps.
iv)	For Private Cars or Motorcycles above 10 Years: a) A copy of the vehicle inspection report from Puspakom or Any Private Adjuster.
v)	For Insured above 65 Years Old: a) The original copy of the insured’s medical report.

B) Payment:

You can either pay by:

i)	Cash : Payment can be made at counter; or
ii)	Cheque : Payment can be made at counter (Note: Please prepare a cheque payable to ‘MSSB – MMIP’ and write your Name, NRIC No. and Contact Details on the reverse side of the cheque).

Important Notice:
• SPA/ Lonpac Insurance Berhad is only a servicing insurer/agent of MMIP.
• The MMIP service is available at 11 of the Participating branches, i.e. KL Main, Seremban, Melaka, Johor Bahru, Kuantan, Kuching, Miri, Kota Kinabalu, Penang, Sungai Petani and Ipoh.
• The information enclosed is currently accurate as at the date of publish. You are to ascertain that all of the documents required are in order upon submitting your application.

For further inquiries, please contact their toll free 016-2348808.

-------------------------------------------------------------------------------------------------Apakahnya MMIP?

MMIP adalah kumpulan insurans berisiko tinggi yang berjalan secara kolektif oleh industri insurans di bawah perintah dari regulator. Menyediakan insurans bagi pemilik kenderaan bermotor dengan kesulitan untuk mendapatkan insurans bermotor dari pasaran insurans jenis komersial/perdagangan ('A" atau "C" permit.)
Kolam risiko ini dikendalikan oleh MMIP Services Sdn Bhd (MSSB), anak syarikat dari MNRB Holdings Bhd (MNRB).

Dokumen-dokumen yang diperlukan untuk MMIP adalah sebagai berikut:

A) Dokumen yg.Harus dikemukakan:
1.Polisi Asli atau Kemas Perhatikan dari insurans dahulu.
2.Salinan asli dari Kenderaan Kad Pendaftaran (kedua sisi)
3.Salinan KTP Pemilik (dua sisi).
4.Satu borang Cadangan Insuran (Proposal) telah diisi penuh .
5.DokumenTambahan:

i)Plat Perdagangan: a) salinan asli dari disk pinggan perdagangan.
ii) Untuk Kenderaan Umum:
a) salinan kebenaran (jika ada).
b) salinan laporan pemeriksaan kenderaan (dari Puspakom).
iii) Untuk Kenderaan Milik Syarikat:
a) Cop getah Syarikat.
iv) Untuk Swasta kereta atau Motor di atas 10 Tahun:
a) salinan laporan pemeriksaan kenderaan dari Puspakom atau apapun Adjuster Swasta.
v)Untuk tertanggung umur 65 tahun keatas:

a) salinan asal laporan perubatan yang atas orang diinsurankan.

B) Bayaran:
1. Anda boleh membayar dengan:
i)Tunai: Pembayaran Tunai boleh dilakukan di kaunter; atau
ii) Cek: Pembayaran boleh dilakukan di kaunter (Nota: Sila menyiapkan cek untuk 'MSSB - MMIP' dan menulis Nama anda, No K/P dan Keterangan Hubungan talipon di bahagian belakang cek).

Notis penting:
• Uni.Asia General Insurance Bhd hanya melayani insurans / ejen MMIP.
• Perkhidmatan MMIP terdapat di 11 cabang Umum Syarikat Insuran Berkenaan, iaitu KL Utama, Seremban, Melaka, Johor Bahru, Kuantan, Kuching, Miri, Kota Kinabalu, Penang, Sungai Petani dan Ipoh.
• Maklumat yang dilampirkan saat ini tepat pada tarikh publikasikan. Anda untuk memastikan bahawa semua dokumen yang diperlukan agar pada saat menghantar aplikasi anda.
Untuk keterangan lebih lanjut, sila hubungi kami di 016-2348808.

Comments

Simon Poon - Aug 12, 2010 8:47 PM

If a monkey ran out to the road and create an accident resulting a damage car and death of a driver, what will the driver's family do? Sue the monkey's parent and the owner's of the monkeys, the highway authorities for allowing monkeys on the highways. mind tingling questions.

S.P. Agency

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