A special insurance coverage
24/08/2006 The Star By Lim Chia Ying

SOME 470 households in Bandar Puteri 8 Puchong received burglary insurance of RM10,000 each recently to ensure protection for their homes and household contents.

The insurance policy was made possible to the contributing households who are members of Bandar Puteri 8 residents association (RA).

RA chairman Jeswant Singh said a small sum from the households’ monthly contribution of RM50 each was paid for the insurance premium, which provided residents with extra protection and coverage.

“Residents need not pay extra unless they want a double upgrade on the policy.

“There is no additional cost incurred because the coverage is funded by the RA,” said Jeswant during the agreement signing ceremony themed Total Risk Management Group Holder Advisory Solution with insurance company Mitsui Sumitomo Insurance Group (MSIG).

“Through the package, residents are assured of greater security while their properties will also be of higher value,” said Jeswant, adding that theirs was probably the first residents association in the country to have insurance for its residents.

“The RM10,000 policy will cover household contents like furniture, electrical appliances, as well as personal effects like watches and jewellery,” said MSIG’s representative agency and licensed financial planning firm, Oscar Wealth Advisory Sdn Bhd chief executive officer Sean Lee.

“This is the first time we have signed an agreement with a RA,” he added.