Overview

Under the Insurance Act 1996, all property in Malaysia must be insured with a licensed general insurer in Malaysia.

The property can be generally classified into 3 categories:

• Buildings (dwellings, factories, offices, shopping complexes, etc)
• Stock (raw materials, finished goods, packaging materials, etc)
• Contents (plant & machinery, furniture, fittings and fixtures, office equipment and tools, plans and documents, etc)

All the above are tangible assets belonging to the Insured or held in trust or for which the Insured is responsible. These assets are normally covered under a material damage insurance. When a loss occurs, the earning power of the Insured can be interrupted. This earning income lost can be protected by a Consequential Loss Insurance.