Full Address
158-3-7, Blok 158, Kompleks Maluri, Jalan Jejaka, Taman Maluri, Cheras, 55100 Kuala Lumpur, Malaysia.
Description
About JMBIM.....
As the Malaysia JMB Insurance Organization (JMBIM) of this challenging and exciting JMB insurance or Strata Title Insurance industry, JMBIM are committed to enhance professional standards and development of the strata title risk solution insurance industry in Malaysia.
Today, JMBIM stands proud as the custodian of professional standards and a leader and largest of providing JMB insurance or Strata Tile Insurance risk solution insurance services, education and training, and all others related strata title living risk improvement or safe prevention programmes in Malaysia.
Malaysia JMB Insurance Organization (JMBIM) aim to be the preferred choice for JMB insurance or Strata Title insurance marketing and servicing group, education and training for jmb insurance or strata title insurance product and services, JMBIM will fully ensure that JMBIM provide quality and relevant jmb insurance or strata title insurance solution services, insurance education and training programs with the right expertise and resources.
Malaysia JMB Insurance Organization (JMBIM) management team committed delivering the best and making a difference by adding value in JMB insurance or Strata Title insurance solution services.
The growth of the jmb insurance or strata title insurance industry and our JMBIM associate members is our inspiration and your full support is our catalyst to move forward in transforming the Malaysia JMB Insurance or Strata Title Insurance industry.
JMBIM look forward to your continued support and participation.
The JMBIM Difference
Loss prevention and claims advocacy
Customized and proactive response to service your needs
Strategic underwriting partnership with insurer and re-insurance facilities
Independent agency with access to specialty resources
Customized programs for general liability, excess liability and special property coverages
Customized Insurance Program
JMBIM delivers a comprehensive, customized insurance and risk management program designed to protect your assets, achieve operational efficiencies and attain your goals, because we have specialists in the following areas:
Program design
Risk transfer
Loss control
Claims management
Information Technology
While financing, ownership structures and management methods in the industry may change, the fundamental risk management issues remain the same. We understand the issues that focus on reducing the administrative burden and net cost of risk management efforts, among them:
Evidence of insurance issuance
Split billing for tenants or locations
Lease/contract review of insurance provisions
We tailor programs to fit your evolving needs.
Products and Services
Risk Consulting
To offer consulting services specifically designed for common interest properties.
Online Technology
Clients have access to our online Certificate of Insurance request center.
Excess Liability
Our specialized excess liability program offers broad coverage and high limits.
Directors & Officers Liability
We develop directors and officers programs customized for common interest communities.
Specialty Property Coverages
Our property programs are designed to meet association and statutory requirements.
Integrated Solution
We design an integrated program of sophisticated products and services to provide you with a complete management liability solution.
JMB - Joint Management Body
The Joint Management Body must insured the following strata title insurance:
1. Fire & All perils Insurance (Min perils Subsidence & Landslip, RSMD & BOW)
Building - For all the units that is individually own including all the common property.
In this case when the purchaser have a Loan with the Bank, the purchaser need not buy an additional insurance and can use the individual "Certificate of Insurance" issued from the Master policy.
It should include the following clauses:-
Reinstatement Value (valuation report by an accredited quantity surveyor at least once in 5 years)
Removal of Debris
Architect & surveyor Fee
Reinstatement Value (valuation report by an accredited quantity surveyor at least once in 5 years)
Removal of Debris
Architect & surveyor Fee
Rent Clause
2. Public Liability Insurance
Legal liability to pay compensation for accidental bodily injury or accidental damage to the property to the Visitors for using the common property of the Building.
Under Section 4 Establishment of a Joint Management Body
(2) The Body established by subsection (1) shall be a body corporate having perpetual succession and a common seal.
(3) The Body may sue and be sued in its name.
(4) The Body shall comprise the developer and the purchasers.
Interpretation:
As the JMB is a body corporate the volunteered committee members can now be sued by the purchasers for Breach of Duty. An E&O or a PL policy to protected the personal liability of the individual committee.
3. Error & Omission or Professional Liability Insurance
The Insurer will pay on behalf of any Insured all Damages resulting from any Claim for any Breach of Duty of the Insured.
N/B The policy should be placed immediately after the formation of the JMB.
Strata Title Risks Solution:
Products Offered:
Fire Insurance
Fire Consequential Loss
All Risk Insurance
All Risk Insurance
Crime Insurance ( Burglary & Money)
Plate Glass Insurance
Plate Glass Insurance
Machinery Breakdown Insurance
Public Liability Insurance
Property Terrorism
Error & Ommission or Professional Indemnity for Joint Management Body (JMB) or Management Corporation (MC)
Public Liability Insurance
Property Terrorism
Error & Ommission or Professional Indemnity for Joint Management Body (JMB) or Management Corporation (MC)
FIRE INSURANCE FOR STRATA-TITLED PROPERTIES
JMBIM understands the importance of protecting your property. Whether you are a condominium, cooperative or homeowner association, our team knows the challenges in securing and maintaining a comprehensive, cost-effective insurance program.
We develop customized risk management solutions for portfolios of all sizes and complexities. Our experts work extensively with:
Owners
Property managers
Developers
Facility managers/ Building Management Company
We provide a full range of integrated property and casualty insurance and risk management services including reviewing insurance provisions in association documents and interpreting new legislation, as well as ensuring that your program meets all new regulations. We also offer personal insurance and life and disability coverage for residents.
Joint Management Body (JMB) / Management Corporation (MC)
The Building & Common Property (Maintenance & Management) Act 2007 (Act 663) was enacted by the Malaysian government recently for the proper maintenance and management of buildings and the common property, after delivery of vacant possession of the premises to the purchasers but before the Management Corporation is formed. This new law came into force on April 12, 2007. It applies to Peninsular Malaysia and the Federal Territory of Labuan.
The JMB must be formed after 12 months delivery of vacant possession.
One of the most important duties of JMB is Insurance.
The powers and duties of the JMB are enumerated by Section 8 of the Act which stated
1. to insure and keep insured the building to the replacement value of the building against fire and such other risks as may be determined by the Body;
2. to apply insurance moneys received by the Body in respect of damage to the building for the rebuilding and reinstatement of that building;
3. The Body shall be deemed—
(a) for the purposes of effecting any insurance under paragraph (1)(c), to have an insurable interest in the building equal to its replacement value or any value as determined by the Body; and
(b) for the purposes of effecting any insurance under paragraph (1)(d), to have an insurable interest in the subject matter of the insurance.
Interpretation:
The Joint Management Body (JMB) must insured the following insurance:
1. Fire & All perils Insurance (Min perils Subsidence & Landslip, RSMD & BOW)
Building – For all the units that is individually own including all the common property.
In this case when the purchaser have a Loan with the Bank, the purchaser need not buy an additional insurance and can use the individual "Certificate of Insurance” issued from the Master policy.
It should include the following clauses:-
Reinstatement Value (valuation report by an accredited quantity surveyor at least once in 5 years)
Removal of Debris
Architect & surveyor Fee
Others (To be advice)
2. Public Liability Insurance
Legal liability to pay compensation for accidental bodily injury or accidental damage to the property to the Visitors for using the common property of the Building.
Under Section 4 Establishment of a Joint Management Body (JMB) / Management Corporation (MC)
(2) The Body established by subsection (1) shall be a body corporate having perpetual succession and a common seal.
(3) The Body may sue and be sued in its name.
(4) The Body shall comprise the developer and the purchasers.
Interpretation:
As the JMB is a body corporate the volunteered committee members can now be sued by the purchasers for Breach of Duty. An E&O or a PL policy to protected the personal liability of the individual committee.
3. Error & Omission or Professional Liability Insurance
The Insurer will pay on behalf of any Insured all Damages resulting from any Claim for any Breach of Duty of the Insured.
The policy should be placed immediately after the formation of the JMB.
Writing and Servicing insurance policies for condominiums, apartments and flats requites impeccable skills and know how. Insurer with over 100 years history and JMBIM powered by ACPG had more than 22 years of field experience, we have designed a comprehensive product that would meet your association’s unique needs.
JMBIM offer Strata Title Risks Solution: Malaysia Strata Title Insurance Package
1. Fire Insurance
2. All Risk Insurance
3. Crime Insurance ( Burglary & Money)
4. Fidelity Guarantee
5. Plate Glass Insurance
6. Machinery Breakdown Insurance
7. Public Liability Insurance
8. Professional Indemnity / Management Liability / Error & Omission (E&O) for Joint Management Body ( JMB) or Management Corporation (MC).
Location Map
Jalan Jejaka, Taman Maluri, Cheras, Federal Territory of Kuala Lumpur, Malaysia
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