Insurance contract whereby the insurer agrees to indemnify the insured in the event insured is held financially and legally liable for damage to another party’s property or injury to another person, arising from an accident due to the insured’s negligence in connection with the insured’s business or household operations or professional services.
The purpose of liability insurance is to pay for the cost of damages and defense cost resulting from the negligent acts or omissions of the Assured.
Types of Liability Insurance leagues:
COMPREHENSIVE GENERAL LIABILITY (CGL) INSURANCE
This policy answers for the legal liabilities of the insured arising out of accidents, in connection with the conduct of his business.
COMPREHENSIVE PERSONAL LIABILITY (CPL) INSURANCE
This policy answers for legal liability of the insured due to his negligence or the negligence of the member of his household.
ERRORS AND OMISSIONS
This policy designed to protect insurance and/or reinsurance brokers caused by error and omissions arising in connection with their duty as legal representative of the Insured.
DIRECTOR'S AND OFFICER'S (D&O) LIABILITY INSURANCE
This policy is designed to protect Directors and Officers of a corporation for any wrongful act committed by a director or officer.
PRODUCTS LIABILITY INSURANCE
This policy protects the Insured from damages arising from the products manufactured, distributed or sold by the Insured after such product has ceased to be in the custody or control of the Insured.
EMPLOYER'S LIABILITY INSURANCE
This policy answers for damages (Bodily Injury by Accident or by Disease) to any employee of the Insured during the course of his/her employment by the Insured in excess of the required employee benefit or insurance cover under Worker’s Compensation Law or any similar law.
PROFESSIONAL LIABILITY INSURANCE
This policy is designed to protect "Professional" for an error arising out of the "professional service" or the “work” performed in connection with his/her profession.
MANUFACTURER'S ERRORS AND OMISSIONS
This policy provides coverage for legal liabilities for financial loss to customers caused by the product manufactured by the Insured.
EXCESS AUTO LIABILITY
This policy covers for damages arising from accidents in connection with use of personal, hired, owned or non-owned vehicles. This coverage responds in excess of the required third party liability cover under the Motor Car Insurance.
MEDICAL MALPRACTICE INSURANCE
This policy covers liability arising from any failure to render medical services or an error in rendering medical services which resulted to death, sickness or bodily injury of the patient. This product is available both for hospital establishments and individual doctors.
EDUCATORS PROFESSIONAL LIABILITY INSURANCE
This policy covers liability of schools, educational institutions and academic professionals for breach of duty in the performance of or failure to perform educational services.
LAWYERS PROFESSIONAL INDEMNITY INSURANCE
This policy responds to liability from acts, errors or omissions of lawyers in the performance of his legal profession on behalf of their clients.
An insurance contract where the Insured is compensated for losses brought about by dishonest, fraudulent or felonious acts.
Types of Crime Insurance
BURGLARY AND HOUSEBREAKING
This policy covers property that were feloniously and forcibly taken from the declared premises of the Insured either private dwelling or business premises.
MONEY, SECURITIES AND PAYROLL COMPREHENSIVE POLICY
This policy covers for loss of money and securities of the Insured in the declared premises or money or securities being conveyed by a messenger, armored service provider, or any authorized employee of the insured, to the bank, office or any designated location.
This policy provides coverage for loss of money, checks and/or negotiable instruments or notes, while in a possession of the named employee, collector, messenger, etc. in the schedule, occasioned by any vehicular accident, robbery or theft while the money is in transit.
FIDELITY GUARANTEE INSURANCE
This policy protects the insured against dishonest employee/s and indemnifies the insured for financial losses directly sustained due to fraudulent or dishonest acts committed by any employee/s of the insured company.
COMPREHENSIVE DISHONESTY, DESTRUCTION & DISAPPEARANCE (DDD) INSURANCE
This insurance covers for loss, destruction, disappearance of money, securities, and other properties within the declared area of premises, or money and securities being conveyed from the Insured to a bank, office or any designated location.
BANKERS BLANKET BOND
A comprehensive insurance, specifically designed for banks, that provides protection for money, negotiable instruments and other valuable properties against crime risks such as theft (by employees or third parties) and robbery. It is extended to cover Electronic Computer Crime.
CARDHOLDER COMPREHENSIVE INSURANCE
This policy covers the unauthorized charges against the cardholder’s lost or stolen credit card, including unauthorized charges made through ATM withdrawal, in-store or on-line purchases with the cardholder’s payment card information even if the credit card was not lost or stolen.
Furthermore, it can provide cover for loss of cash, death or permanent disability due to robbery, hold-up, assault or other means of unlawful violent taking of cash withdrawn from an ATM machine.
PURCHASE PROTECTION INSURANCE
This insurance cover is for risk of fire, theft, burglary, robbery, hold-up or other kind of accidental loss or damage to items purchased via credit card within 15 days from date of purchase anywhere in the world.
With the operating environment for most industries now more digitally-connected, new exposures on huge first party and third party losses, business interruption and even regulatory civil fines and penalties should be of immediate concerns. Cyber-attacks and data breaches have been emerging as a serious problem worldwide with a huge estimated cost to the global economy.
WHAT IS CYBER INSURANCE?
Malayan’s Cyber Insurance intends to protect you from risks that are associated with e-business, the Internet, networks and information assets. It is intended to cover a variety of both liability and first party losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network.
Cyber Insurance bridges the gap of cover from a traditional property insurance and third party liability policies by covering the non-tangible assets such as data information as insured interest; and non-tangible third party property damage or emotional distress without physical injury (i.e. identity theft out of breach of data privacy) arising from computer system breach.
First Party Losses
- Direct or Extra Expenses such as costs of restoration of data, computer malware decontamination costs, crisis management, experts fees, extortion expenses, notification expenses
- Loss of Profit due to reputational loss and Increased Cost of Working in restoring the data, or due to loss of or inability to access the data
- Property damage to the computer system due to cyber attack
- Administrative Fines and Penalties
Third Party Losses
- Claims for damages brought by customers, consumers or outside business entities for damage they incurred as a result of the insured's breach of computer system
- Insured's legal liability whether agreed amicably (with the consent of the Insurer) awarded by arbitration or legal process, including defense costs
- Losses related to libel, slander, defamation and other media torts, as well as copyright, trademark and patent infringement
SECURE A QUOTE
- Duly accomplished signed and dated Cyber Insurance application form
- Claims Information for the past 5 years whether insured or not
- Other documents as stated in the application form