General Policy Terms & Conditions
Here is a list of some of the key terms and conditions that you should be aware of before you decide to take out any policy with us. Please note that this list is non-exhaustive. You may refer to the respective policy contract for the full list of the policy terms and conditions.
Duty of Disclosure
You must disclose all material facts which you know or ought to know, otherwise your policy may be invalidated. You must ensure that the proposal form is completed accurately as it forms the basis of the insurance contract.
General insurance companies are required to enforce a 60-day Premium Warranty clause on most types of insurance covers except for motor, travel, insurance bonds, individual Personal Accident and Medical insurance policies.
Under the Premium Warranty clause, the Insured is required to pay the premiums charged for the insurance within 60 days from the effective date of insurance cover which is shown on the policy, cover note, and/or renewal certificates. If the premium is not paid by the 60th day, the insurance cover will be automatically cancelled from the 61st day and the insurer is entitled to the pro-rata premium on the period they have been on risk.
In the case of motor insurance, it has been prescribed by law that motor insurance cover can only be issued by insurers or their agents on a 'cash before cover' basis. This means that the premiums must be paid before a motor insurance cover note or policy can be issued. 'Cash before Cover' is also applicable to travel, insurance bonds, individual Personal Accident and Medical insurance policies.
Payment can be made by cash or credit card. Please insist on a receipt for the premium paid as proof of payment for future reference.
You must ensure that your policy is insured at the appropriate amount. You may select to insure your property on Market Value or Reinstatement Value basis:
• Market Value - we will pay the cost of repairing the damaged property less the amount for wear, tear, and depreciation.
• Reinstatement Value - we will pay the full cost of repairing the damaged property without any deductions being made for wear, tear, or depreciation, provided that the sum covered is adequate to cover the total cost of reinstating the property.
Effects of Under-Insurance or Over-Insurance
If the amount insured in your policy is lower than the actual value at the time of loss, you will be deemed as self-insuring for the difference, i.e. in the event of loss/damage, you will have to bear a proportional share of loss.
Should you insure your property at a higher sum than its actual value at the time of loss, the maximum compensation you will receive is the actual value which is the lesser amount than your sum insured.
Upon the happening of an accident which may give rise to a claim, you shall notify us immediately. Depending on the circumstances of the loss or claims made during the term of the policy, we may review the policy terms and conditions upon renewal or decline renewal.
Should you require additional information about Motor, Personal Accident, Medical, Home and Travel Insurance policies, you may also refer to the insuranceinfo booklets which are available at www.insuranceinfo.com.my or our branches, or you may contact us during operating hours from 8:30 am to 5 pm (Monday - Friday) at:
Customer Service Centre,
Berjaya Sompo Insurance Berhad (62605-U),
Level 36, Menara Bangkok Bank,
105, Jalan Ampang,
50450 Kuala Lumpur.
Berjaya Sompo Insurance Berhad is licensed under the Financial Services Act 2013 and regulated by Bank Negara Malaysia.