Products FAQ
What is the difference between an All Risks policy and an Equipment Insurance policy?
The All Risks policy covers the property insured against loss or damage by fire theft or any other accident or misfortune not otherwise excluded under the policy whereas the Equipment policy is a "named perils" policy i.e. the policy will only cover loss or damage to the insured property caused by specific perils as named in the policy such as accidental collision or overturning or collision or overturning consequent upon mechanical breakdown or consequent upon wear and tear, fire, external explosion, self-ignition, lightning, burglary, housebreaking or theft.
Claims FAQ
If I have two or more policies covering the same property, can I make a claim from each of the respective Insurer for the full amount of the loss?
Under the basic principle of contribution, each Insurer shall not be liable to pay or contribute more than its ratable proportion of such loss or damage.
What is an Excess?
Excess is the first amount of each and every loss or damage, which is to be borne by the Insured in the event of a claim.
E-Payment FAQ
Is it compulsory for a claimant/applicant to fill up the bank a/c section of the claim form? What if I do not wish to reveal my banking details - how do I get paid?
E-payment is the most efficient and safest form of payment. However, in the event you do not wish to receive payments directly to your bank account, you need not provide your bank account details. Payment will still be made to you in the form of cheque or bank draft.
I have previously claimed from an insurer and already provided my bank details. Do I need to re-submit all the bank supporting details to the insurer every time I submit a claim?
You can on the onset when you purchase a policy or policies, to advise us that you want all your claims to be settled via e-payment together with the supporting documents. With this arrangement you will not be required to inform us every time you make a claim. However, you must always remember to update your account details if there are any changes.
What if I die before the insurer pays out my claims proceeds and the bank has frozen my account? Where does the money go then?
All monies due to a policyholder in the event of his death will go to the administrators of his estate of his named beneficiaries.
Do I need to provide my bank account information separately for e-payment for each of my policy if I have more than one policy?
If you want all your payments to be paid to the same bank account, you need to indicate so to us at the point of submitting your claim form or when you purchase the policies.
Alternately, you can opt to assign different bank accounts for each of your policy maintained with the same insurance company. To do so, you will need to provide us with the details of the bank accounts for each of your policy.
If you have more than one insurance company, you will need to inform every insurance company separately as bank account information is not shared with your other insurance companies.
What will happen to funds that cannot be credited into my bank account?
If funds cannot be credited into your bank account due to, for example, incorrect bank account number, closed or inactive bank account, you will be informed to validate your bank account details. However, this may lead to unnecessary delay to the payment process. To avoid this issue, please ensure that your bank account is correct and active upon providing such information to us. Otherwise, arrangements will be made by us to remit the payment to you via cheque.
How will my bank account information be used and will it remain confidential?
Your bank account details and other related information:
- Will be used solely for the purpose of enabling payments to be credited directly into your bank account; and
- Is protected under the Banking and Financial Institutions Act (BAFIA) 1989 that strictly prohibits the disclosure of such information to any person unless customer or his personal representative has given written permission. It should be noted that by signing the relevant form to provide your bank account information, you are authorising the disclosure of your bank account information to parties' necessary to effect a payment to you, e.g. insurance company, financial institutions.
Will I be notified once the insurance company has made the payment?
Yes, a notification letter will be sent to you once your claim has been approved and the payment has been made. You are also encouraged to provide your email address for receiving electronic notification.
When will my bank account be credited?
Payment will be made electronically into your bank account as soon as your claim has been approved. Generally, funds will be made available in your bank account within the same day of payment. However, depending on the processes adopted by your bank, you may receive the payment on the same day or the next day.
Can I change my bank account information?
Yes, you are allowed to change your bank account details by submitting the relevant prescribed form together with the required supporting documents substantiating your request to us. No cost will be charged for this purpose.
Is there any restriction on the type of bank account that can be assigned for e-payment?
You can assign any of your existing active savings or current account held under your name or in the case of a joint account that has your name as one of the accountholders. The savings or current account must be maintained with one of the financial institutions offering MEPS Inter-Bank GIRO (IBG) service.
What are the required supporting documents if I choose to receive e-payment?
The following original documents are required for verification:
- NRIC, passport, or other acceptable identification documents; and
- A (a) bank statement; OR (b) bank account passbook; OR (c) bank slip; (d) details of your account printed from your bank's website that has been certified by your bank; OR (e) letter from your bank confirming your bank account details.
What do I have to do to receive funds via e-payment?
You must indicate in the claim form or inform us when you first take out a policy. You are required to provide your bank account information in writing or fill it up when you make your claim. The claim form is the document to be submitted with other necessary supporting documents when you make a claim.
If you have informed us of your intention to use e-payment when you first purchased a policy, you must remember to update or inform us if there are any changes to your bank account details.
Will there be any registration fee imposed if I want to use e-payment?
No, you can enjoy the service free of charge.
Why should I choose to receive funds via e-payment?
Faster - funds are available on the same day or latest by the following day of payment date.
Convenient – Save travelling time and deposit cheque at the bank as payments are credited directly into your bank account.
Security - misplaced, lost, fraud, or expired cheques will no longer be an issue.