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Other Investments => Insurance => Topic started by: aspenvit on October 22, 2013, 05:19:40 PM

Title: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 22, 2013, 05:19:40 PM
DID U ALL NOTICE THIS?  :sweat: :sweat: :sweat: :sweat: :sweat: :sweat: :sweat: :sweat: :sweat: :sweat:

HELL, THIS HAS HAPPENED OVER LAST 1 YEAR WITHOUT OUR CONSENT.

THOSE FIRE INSURANCES ARE MAD COMPULSORY BY THE BANKS, BUT HELL, THEY SIMPLY INCREASE THE PREMIUMS WITHOUT INFORMING US.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 22, 2013, 05:26:14 PM
WELL. THEY WILL SAID, WHEN U BOUGHT A PROPERTY, IT IS IN THE STATE OF VACANT POCESSION , SO IT IS CHEAPER.  ONCE IT IS OCCUPIED, THE RISK OF FIRE IS HIGHER, THEREFORE THE PREMIUM IS HIGHER.  BUT HELL, THIS IS THE NEW THINGS THAT THE INSURANCE COMPANIES COME UP TO CHARGE US MORE, AND THIS HAS ONLY BEGUN SINCE LAST YEAR.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 22, 2013, 10:22:56 PM
THE BANKS ARE TYING UP WITH THE INSURANCE COMPANIES TO RIP US OFF. DO WE HAVE A CHOICE TO CHOOSE OUR OWN FIRE INSURANCE? NOT THAT I KNOW OF.

DO WE HAVE A SAY IN HOW MUCH THE FIRE INSURANCE PREMIUM SHOULD BE? NO WE DON'T.

I BORROWED RM 900K LOAN FROM THE BANK. THE BANK INSURED MY PROPERTY AT A SUM OF 800K, AND I HAVE TO PAY A PREMIUM OF RM 2K+PER YEAR FOR A VACANT SHOTLOT.  THIS IS REALLY CRAZY.  THE FIRE INSURANCE ONLY COVER FOR THE DAMAGE TO THE BUILDING STRUCTURE, NOT ITS CONTENT. WHAT KIND OF FIRE CAN BURN DOWN A SHOPLOT AND COSTING RM 800K TO REPAIR THE BRUILDING STRUCTURE? I CAN INVITE THE INSURANCE COMPANY TO SET FIRE TO MY SHOP AND SEE HOW MUCH IT WOULD COST TO REPAIR IT, RM 20K THE MOST.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 22, 2013, 10:35:02 PM
THEY INCREASED THE PREMIUMS BY >100% OVER THE LAST YEAR. THIS IS CRAZY. I DON'T KNOW WHY THE PREMIUMS INCREASED, BUT BEFORE THAT HAPPENED, I RECEIVED CALLS FROM THE INSURANCE COMPANY ASKING ME WHETHER THE BUILDING IS OCCUPIED OR NOT, AND WHAT IT IS USED FOR. SO I HAVE BEEN HONEST IN TELLING THE INSURANCE COMPANY. BUT HELL FOLLOWS. AND MIND U, THERE IS NOT EVEN ANY EXPLOSIVE OR VOLATILE FLAMMABLE MATERIALS STORED IN THE BUILDING.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Tahi Lalat Franchis on October 22, 2013, 11:22:22 PM
U may bring this problem to the attention of Bank Negara
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 08:06:03 AM
Do we have a right to choose our own insurance company for the building structure fire insurance if the building is financed by the bank?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 08:26:16 AM
Do we have a right to choose our own insurance company for the building structure fire insurance if the building is financed by the bank?


I CALLED MY BANK OFFICER AND WAS TOLD THAT WE CANNOT CHOOSE OUR OWN INSURANCE COMPANY BUT HE CAN APPEAL A LOWER PREMIUM FOR ME.

SOMETHING IS WRONG THERE.  WHERE IS THE ANTI-MONOPOLY LAW  HERE?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 08:32:26 AM
Like that might as well triple, quadruple  or increase 50 times our insurance premium, since we cannot choose our own insurance company. 

Do u see the conflict of interest there?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: cashflow technology on October 23, 2013, 08:38:36 AM
U may bring this problem to the attention of Bank Negara

 :thumbsup:

dON'T LET them bully us.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 08:55:59 AM
:thumbsup:

dON'T LET them bully us.

I AM WAITING TO SEE WHAT THE BANK CAN DO FOR ME, BEFORE I HOLD A PRESS CONFERENCE, COMPLAIN TO DAP, COMPLAIN TO CONSUMER AFFAIRS, AND THE BANK NEGARA.

WHEN THAT INSURANCE COMPANY DOUBLED MY PREMIUM, I KEPT QUIET.  THEN I BOUGHT A NEW PROPERTY RECENTLY.   THE PREMIUM IS 10 TIMES MORE EXPENSIVE THAN MY OLD PREMIUMS FOR MY OTHER PROPERTIES.  THE SUM ASSURED BECOMES 4 TIMES HIGHER THAN MY OLD POLICIES, BUT THE PREMIUM IS 10 TIMES HIGHER.  THE INSURANCE COMPANY OR THE BANK IS GETTING GREEDIER AND GREEDIER.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: katak@hensem on October 23, 2013, 08:58:27 AM
I AM WAITING TO SEE WHAT THE BANK CAN DO FOR ME, BEFORE I HOLD A PRESS CONFERENCE, COMPLAIN TO DAP, COMPLAIN TO CONSUMER AFFAIRS, AND THE BANK NEGARA.

WHEN THAT INSURANCE COMPANY DOUBLED MY PREMIUM, I KEPT QUIET.  THEN I BOUGHT A NEW PROPERTY RECENTLY.   THE PREMIUM IS 10 TIMES MORE EXPENSIVE THAN MY OLD PREMIUMS FOR MY OTHER PROPERTIES.  THE SUM ASSURED BECOMES 4 TIMES HIGHER THAN MY OLD POLICIES, BUT THE PREMIUM IS 10 TIMES HIGHER.  THE INSURANCE COMPANY OR THE BANK IS GETTING GREEDIER AND GREEDIER.


 :D :D :D :D :D :D :D :D
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 11:44:27 AM
WALAU EH, AFTER I READ THE POLICY CLOSELY THE PREMIUM INCREASED TO TRIPLE MY PREVIOUS PREMIUM.

previously i was paying RM 200.80 per annum, this year i am paying RM 620 per annum.  WTF.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 11:55:26 AM
I AM FURIOUS NOW.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: bourse on October 23, 2013, 01:29:23 PM
Let share my case here.

My housing loan settled.  When I buy the fire insurance, the agent told me that the premium cost must be able to rebuild the house. Just in case the house totally burn down.

If I short insured also ok, but the material to build the house will only going up, then i might need to top up the balance.

So, my fire insurance is definitely higher than my original purchase price.   :'(
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 03:11:37 PM
THEY INCREASED THE PREMIUMS BY >100% OVER THE LAST YEAR. THIS IS CRAZY. I DON'T KNOW WHY THE PREMIUMS INCREASED, BUT BEFORE THAT HAPPENED, I RECEIVED CALLS FROM THE INSURANCE COMPANY ASKING ME WHETHER THE BUILDING IS OCCUPIED OR NOT, AND WHAT IT IS USED FOR. SO I HAVE BEEN HONEST IN TELLING THE INSURANCE COMPANY. BUT HELL FOLLOWS. AND MIND U, THERE IS NOT EVEN ANY EXPLOSIVE OR VOLATILE FLAMMABLE MATERIALS STORED IN THE BUILDING.

just got confirmation from a bank officer that yes, the insurance companies have started to charge or enforce different premium rates for vacant possession and occupied possession, starting this year.

He also tell me that all insurance companies are charging the same fixed rates for vacant possession and occupied possession. 

Okay.  Now who give them the permit to charge all the same rates? Bank Negara? Why anti-monopoly law does not apply to insurance companies? Why Airasia and Mas cannot cooperate while the insurance companies can?

As I said, the premium that they charge for occupied possession is ridiculously high, 3x higher that the vacant possession.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 03:20:40 PM
Can someone enlighten me on one more thing.

Let say the market value of a property is RM 1 million.

If I insure the property structure against fire with an insured sum of RM 0.5 million.

if a fire broke out and the cost of repair is RM 100k. Is the insurance company liable to pay me RM 100k, or just RM50k?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: InsiderSS on October 23, 2013, 03:38:59 PM
adjustor needs to check cause and whether 100k is justified. excess u pay
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 03:41:14 PM
adjustor needs to check cause and whether 100k is justified. excess u pay

u haven't answered my question.  Excess not significant, right?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: katak@hensem on October 23, 2013, 03:48:12 PM
No need pay, you say not protected. if pay, you also complain expensive. then what you want me to do?  :D :D :D :D
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 03:53:01 PM
No need pay, you say not protected. if pay, you also complain expensive. then what you want me to do?  :D :D :D :D

i already asked bank whether i can do away the fire insurance and take the risk myself, but the bank says cannot.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 03:56:31 PM
when there is no competition, of course it will be expensive.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: katak@hensem on October 23, 2013, 03:56:55 PM
i already asked bank whether i can do away the fire insurance and take the risk myself, but the bank says cannot.

the insurance not only cover you ma. maybe your part only kena a little bit, but your neighbour completely bungkus.  :D :D :D :D

now you say bear the responsibility, but when the real thing happens, you refuse to compensate your neighbour ma.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: InsiderSS on October 23, 2013, 03:58:29 PM
u took bank loan, of course need insurance. boh kor leng bank trust you to take the risk when you dont even have the money to buy the property with cash/
my friend, common sense leh.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: katak@hensem on October 23, 2013, 04:00:55 PM
u took bank loan, of course need insurance. boh kor leng bank trust you to take the risk when you dont even have the money to buy the property with cash/
my friend, common sense leh.

true also ma..... that's why insurance always exist lo. you pay small money for big money.  :D :D :D
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Baby on October 23, 2013, 04:08:17 PM
u buy properties using loan ... meaning the property is own by bank until u pay your loan fully mar.
Tecnically bank need u to insure the proeperty to insured the loan lor.
Otherwise proepety burnt down, u no money to pay bank, bank end up with no money and no property lor.

If u own the whole shoplot meaning finish paying loan ... than is up to u to say how much want to insured lor.
Because if burnt down not insured ... nobody care. It is your shoplot mar.

So, no money dunt learn ppl to buy property lor ... buy share ... cheaper and hassle free.
Anyone got buy insurance to insured their share or not ... u know lar ... share also can get burnt mar.

 :giggle: :giggle: :giggle:
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: K$ngK$ng on October 23, 2013, 04:10:48 PM
buy cash no issue anymore. But if you have tones of goods amd machinery inside bette to buy insurance.  :D :D
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 04:28:10 PM
THE POINT IS, THEY NEVER IMPLEMENTED VACANT POSSESSION OR OCCUPIED POSSESSION BEFORE AND YET THEY SURVIVE WELL ON IT.  NOW THAT THEY TRIPLED THE PREMIUM BUT THE THE RISK REMAIN THE SAME.

THE POINT IS THERE SHOULD BE COMPETITION IN INSURANCE BUSINESSES AND NO MONOPOLY.
 
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: InsiderSS on October 23, 2013, 04:30:17 PM
depends on which bank u take loan. If u take loan from uob, then uniasia insurance lo, hong leong bank then hong leong assurance lo....
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: katak@hensem on October 23, 2013, 04:31:18 PM
THE POINT IS, THEY NEVER IMPLEMENTED VACANT POSSESSION OR OCCUPIED POSSESSION BEFORE AND YET THEY SURVIVE WELL ON IT.  NOW THAT THEY TRIPLED THE PREMIUM BUT THE THE RISK REMAIN THE SAME.

THE POINT IS THERE SHOULD BE COMPETITION IN INSURANCE BUSINESSES AND NO MONOPOLY.
 

did you consider that the price of your property is not the same like it used to be 10 years ago? your house is not car ma, the sum insured will only go higher.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 04:39:05 PM
did you consider that the price of your property is not the same like it used to be 10 years ago? your house is not car ma, the sum insured will only go higher.

OK THE COST OF REPAIR WILL GO UP A BIT DUE TO MATERIAL COST AND LABOUR COST, BUT DEFINITELY LESS THAT 50% OVER THE LAST 10 YEARS.  IT IS THE LAND PRICE THAT IS GETTING MORE EXPENSIVE EXPONENTIALLY.

THIS DOES NOT JUSTIFY INCREASE OF PREMIUM UP TO 300%.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: katak@hensem on October 23, 2013, 04:56:58 PM
OK THE COST OF REPAIR WILL GO UP A BIT DUE TO MATERIAL COST AND LABOUR COST, BUT DEFINITELY LESS THAT 50% OVER THE LAST 10 YEARS.  IT IS THE LAND PRICE THAT IS GETTING MORE EXPENSIVE EXPONENTIALLY.

THIS DOES NOT JUSTIFY INCREASE OF PREMIUM UP TO 300%.

Maybe that tells you the price of everything will increase up to 300% soon?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: katak@hensem on October 23, 2013, 05:05:07 PM
Why don't you make a stop to the nearest bank and ask them for a breakdown?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 23, 2013, 05:24:48 PM
THE NEXT POINT IS THAT RECENT YEARS THE BANK HAD STEALTHILY JACKED UP THE COMPULSORY SUM INSURED WITHOUT EVER INFORMING US. 7-10 YEARS AGO, THE PROPERTIES THAT I BOUGHT WITH THE AMOUNT BORROWED FROM BANK OF RM 700K, SUM INSURED WAS ONLY RM 250K. RECENTLY I BORROWED RM 1 MILLION FROM BANK BUT THE SUM INSURED IS RM 900K FOR THIS PROPERTY, THEREFORE THE PREMIUM IS ALSO SKY HIGH.

IN SHORT, THE BANK IS NOT ONLY JACKING UP THE PREMIUM PER SUM INSURED, BUT ALSO THE SUM INSURED AS WELL, LEADING TO 10X HIGHER PREMIUM PAYABLE NOW.

AS I MENTIONED BEFORE, WHAT ON EARTH CAN THE REPAIR COST OF A EMPTY SHOP LOT WITH ONLY 4 WALLS AND A ROOF, COSTING UP TO RM 900K?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 25, 2013, 08:32:26 AM
Can someone enlighten me on one more thing.

Let say the market value of a property is RM 1 million.

If I insure the property structure against fire with an insured sum of RM 0.5 million.

if a fire broke out and the cost of repair is RM 100k. Is the insurance company liable to pay me RM 100k, or just RM50k?

ANYONE KNOW THE ANSWER TO THIS?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: cashflow technology on October 25, 2013, 08:54:31 AM
ANYONE KNOW THE ANSWER TO THIS?


Only 50 K.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 25, 2013, 09:21:39 AM
Only 50 K.

TQ.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on October 25, 2013, 09:46:29 AM
Maybe that tells you the price of everything will increase up to 300% soon?

WELL, THE SALARY OF SARAWAK'S MINISTERS AND YBS HAVE INCREASED 300% THIS YEAR. 

AND THE GOV IS SAYING IT CAN OR THE SELECTED PEOPLES CAN INCREASE PRICES, BUT YOU PEOPLES CANNOT.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: kllim11200 on October 31, 2013, 09:11:40 AM
WALAU EH, AFTER I READ THE POLICY CLOSELY THE PREMIUM INCREASED TO TRIPLE MY PREVIOUS PREMIUM.

previously i was paying RM 200.80 per annum, this year i am paying RM 620 per annum.  WTF.


Hello aspenvit,
The increase in premium is primarily due to your property has increased in value. As such the premium you pay is based on the value of the property where the sum insured has increased.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: kllim11200 on October 31, 2013, 09:14:34 AM
ANYONE KNOW THE ANSWER TO THIS?


50k. Condition of average applies when there is a presence of under insurance
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: U.K. on December 12, 2013, 03:18:44 PM
DID U ALL NOTICE THIS?  :sweat: :sweat: :sweat: :sweat: :sweat: :sweat: :sweat: :sweat: :sweat: :sweat:

HELL, THIS HAS HAPPENED OVER LAST 1 YEAR WITHOUT OUR CONSENT.

THOSE FIRE INSURANCES ARE MAD COMPULSORY BY THE BANKS, BUT HELL, THEY SIMPLY INCREASE THE PREMIUMS WITHOUT INFORMING US.


Because you just keep quiet and never voice out your disagreement publicly to the the bank. That's why the bank take it for granted to charge you more money. You can stage a protest outside the bank or write a complaint letter to major newspapers. Gather more people who disagree with the hike and voice out collectively.  :nod:
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on December 12, 2013, 03:32:26 PM
Because you just keep quiet and never voice out your disagreement publicly to the the bank. That's why the bank take it for granted to charge you more money. You can stage a protest outside the bank or write a complaint letter to major newspapers. Gather more people who disagree with the hike and voice out collectively.  :nod:

ACTUALLY I DEALT WITH THE BANK DIRECTLY ALREADY, IT AGREES CUT THE SUM INSURED FROM 900 K TO 500 K FOR ME. SO I KEEP QUIET FOR NOW. 

BUT BUT BUT, THEIR OCCUPIED POSSESSION INSURANCE COVERAGE RATE ARE WAY TOO EXPENSIVE. I LEAVE THAT JOB FOR OTHERS TO PROTEST. 
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on December 12, 2013, 03:41:56 PM
I STUDIES THEIR FIRE INSURANCE RATE AND COMPARED WITH PERSONAL ACCIDENT RATE, THEY ARE ABOUT THE SAME. I GUESS THE FIRE OCCURRENCE RATE AND PERSONAL ACCIDENT RATE MUST BE THE SAME.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: U.K. on December 12, 2013, 03:44:52 PM
ACTUALLY I DEALT WITH THE BANK DIRECTLY ALREADY, IT AGREES CUT THE SUM INSURED FROM 900 K TO 500 K FOR ME. SO I KEEP QUIET FOR NOW. 

BUT BUT BUT, THEIR OCCUPIED POSSESSION INSURANCE COVERAGE RATE ARE WAY TOO EXPENSIVE. I LEAVE THAT JOB FOR OTHERS TO PROTEST. 

how much do you have to pay after revising the sum insured to 500k?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: alexc8 on December 12, 2013, 03:46:38 PM
don' listen to the bank...they are out to make a killing....insure the building only not including the land

building cost is 180 psf ;)
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on December 12, 2013, 03:58:26 PM
don' listen to the bank...they are out to make a killing....insure the building only not including the land

building cost is 180 psf ;)

TRUE ALSO.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on December 12, 2013, 04:03:33 PM
THE NEXT POINT IS THAT RECENT YEARS THE BANK HAD STEALTHILY JACKED UP THE COMPULSORY SUM INSURED WITHOUT EVER INFORMING US. 7-10 YEARS AGO, THE PROPERTIES THAT I BOUGHT WITH THE AMOUNT BORROWED FROM BANK OF RM 700K, SUM INSURED WAS ONLY RM 250K. RECENTLY I BORROWED RM 1 MILLION FROM BANK BUT THE SUM INSURED IS RM 900K FOR THIS PROPERTY, THEREFORE THE PREMIUM IS ALSO SKY HIGH.

IN SHORT, THE BANK IS NOT ONLY JACKING UP THE PREMIUM PER SUM INSURED, BUT ALSO THE SUM INSURED AS WELL, LEADING TO 10X HIGHER PREMIUM PAYABLE NOW.

AS I MENTIONED BEFORE, WHAT ON EARTH CAN THE REPAIR COST OF A EMPTY SHOP LOT WITH ONLY 4 WALLS AND A ROOF, COSTING UP TO RM 900K?

Your point is extremely reasonable.

Bankers and insurance salesmen will disagree because your point would hurt their commission.

Yes, the land is the priciest part of the whole asset.
And assuming there is massive inferno to burn down everything into the ground and turn to fine dust, the land being the priciest portion of the whole asset, will remain intact.
So for the sinful insurance company to insure very close to the whole asset value is not justified.
And of course when money is involved, sin and sinfulness will be the nature of the conduct, through ripoffs, scams, etc.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: U.K. on December 12, 2013, 04:11:05 PM
Your point is extremely reasonable.

Bankers and insurance salesmen will disagree because your point would hurt their commission.

Yes, the land is the priciest part of the whole asset.
And assuming there is massive inferno to burn down everything into the ground and turn to fine dust, the land being the priciest portion of the whole asset, will remain intact.
So for the sinful insurance company to insure very close to the whole asset value is not justified.
And of course when money is involved, sin and sinfulness will be the nature of the conduct, through ripoffs, scams, etc.

Banks and insurance companies are very sinful businesses. I agree also.  :D
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on December 12, 2013, 05:16:57 PM
I GOT CONFIRMATION FROM BANK ALSO THAT THE INCREASE IN PREMIUM OF ABOUT 200% IS DUE TO A CHANGE OF STATUS FROM VACANT POSSESSION TO OCCUPIED POSSESSION.


Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on December 12, 2013, 05:40:25 PM
The banks always make unscrupulous changes to the rules and implement unfair policies to boost their zero value-added services.

Form example, when you buy a house, they will charge you some hundreds of RM as fee to inspect the property, which is simply done by traveling to the property and do a visual inspection and take some photos of it at different angle.
The banks and lawyer firms charge various exorbitant fees on minor things like background check, status check, or whatever check that by right is very cheap.
Anti-competition condition in the industry motivates the banks and lawyer firms to be unscrupulous.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: U.K. on December 12, 2013, 05:50:52 PM
The banks always make unscrupulous changes to the rules and implement unfair policies to boost their zero value-added services.

Form example, when you buy a house, they will charge you some hundreds of RM as fee to inspect the property, which is simply done by traveling to the property and do a visual inspection and take some photos of it at different angle.
The banks and lawyer firms charge various exorbitant fees on minor things like background check, status check, or whatever check that by right is very cheap.
Anti-competition condition in the industry motivates the banks and lawyer firms to be unscrupulous.

The inspection and valuation is done and charged by a 3rd party property valuation company, not the bank.
But the bank makes it compulsory for the purchaser to buy all kinds of insurance (MLTA/ MRTA, fire insurance) and get the property price evaluated before approving the loan. (Bank want to protect their interests...)
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 21, 2014, 08:00:11 PM
The inspection and valuation is done and charged by a 3rd party property valuation company, not the bank.
But the bank makes it compulsory for the purchaser to buy all kinds of insurance (MLTA/ MRTA, fire insurance) and get the property price evaluated before approving the loan. (Bank want to protect their interests...)

Aisey, U.K., wa tarak nampak lu punya response jadi lama tak balas.
Actually the valuation and property inspection are done by the bank staff, believe me.
The bank staff calls the valuer and ask for the market price os so and so property type and size in so and so location and the valuer will tell the market value for the bank to evaluate whether the home mortgage loan amount is reasonable.
Then the bank staff will travel by bike or car along with camera to the property and take some snapshot at the front, side, back and surrounding (most importantly the picture must clearly show the house number).
The valuer that tell the bank staff of the market value actually earns nothing.
They earn money only when a written report is required by the valuer.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 21, 2014, 08:03:52 PM
Aisey, U.K., wa tarak nampak lu punya response jadi lama tak balas.
Actually the valuation and property inspection are done by the bank staff, believe me.
The bank staff calls the valuer and ask for the market price os so and so property type and size in so and so location and the valuer will tell the market value for the bank to evaluate whether the home mortgage loan amount is reasonable.
Then the bank staff will travel by bike or car along with camera to the property and take some snapshot at the front, side, back and surrounding (most importantly the picture must clearly show the house number).
The valuer that tell the bank staff of the market value actually earns nothing.
They earn money only when a written report is required by the valuer.

1. The bank incurs telephone bill by calling the valuer, probably just a few cents.
2. The bank incurs transport cost by the staff traveling to the property to take snapshot, depending on the distance, may be 80 cents per km.
3. The bank earns some several hundreds from the customer by informing the customers of so and so valuation as if they are done by professionals but is actually not.

So cost is less than RM5 but charge the customers >RM250++ for property valuation and inspection.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: aspenvit on February 21, 2014, 08:33:10 PM
THE BANK HAS REDUCED MY SUM INSURED FROM RM800K TO RM500K BUT STILL FAILED TO NOTICE THAT I ASKED FOR THE CONVERSION FROM OCCUPIED POSSESSION TO VACANT POSSESSION, WHICH WILL RESULT IN MUCH GREATER PREMIUM REDUCTION THAN REDUCING THE SUM INSURED ALONE.

APPEAL IS STILL IN PROGRESS.
 
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: iiinvestsmart on February 21, 2014, 08:43:33 PM
Aisey, U.K., wa tarak nampak lu punya response jadi lama tak balas.
Actually the valuation and property inspection are done by the bank staff, believe me.
The bank staff calls the valuer and ask for the market price os so and so property type and size in so and so location and the valuer will tell the market value for the bank to evaluate whether the home mortgage loan amount is reasonable.
Then the bank staff will travel by bike or car along with camera to the property and take some snapshot at the front, side, back and surrounding (most importantly the picture must clearly show the house number).
The valuer that tell the bank staff of the market value actually earns nothing.
They earn money only when a written report is required by the valuer.


This method sounds too casual and careless.
Dorky may wish to check with the banks.
I am pretty sure, they will get a valuation report however simple in writing.
For this simple report, they probably has to pay a few hundred.
Better to check the actual process.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 21, 2014, 09:49:52 PM

This method sounds too casual and careless.
Dorky may wish to check with the banks.
I am pretty sure, they will get a valuation report however simple in writing.
For this simple report, they probably has to pay a few hundred.
Better to check the actual process.

Sounds too casual and careless eh?
What about if I tell you last time individual bank branches are required to approve/reject loan within 3 days after collecting all the relevant documents according to ISO standard and banks can actually intentionally delay approval/rejection beyond 3 days and still pass the ISO standard?
Only this time approval/rejection decisions are done centrally that the outcome of a loan can be known within 3 days.
What if I tell you there are some bank officers that know the property/car salesperson may forge false salary slips and still get along with it with one eye closed just so more loans can be granted?
You may need to check for self assurance, but not me.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: iiinvestsmart on February 22, 2014, 12:30:33 PM
Sounds too casual and careless eh?
What about if I tell you last time individual bank branches are required to approve/reject loan within 3 days after collecting all the relevant documents according to ISO standard and banks can actually intentionally delay approval/rejection beyond 3 days and still pass the ISO standard?
Only this time approval/rejection decisions are done centrally that the outcome of a loan can be known within 3 days.
What if I tell you there are some bank officers that know the property/car salesperson may forge false salary slips and still get along with it with one eye closed just so more loans can be granted?
You may need to check for self assurance, but not me.


When I meet my friends in the banking sector, I will asked them.   :)
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 12:44:02 PM

When I meet my friends in the banking sector, I will asked them.   :)

Please do.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 12:47:48 PM

When I meet my friends in the banking sector, I will asked them.   :)

And make sure never to accept simple answers like "No lah. Where got?" and then stop there.
Probe further.
Tell them you got such information from a very reliable ex-insider.
If they are honest friends, they will hesitate first but then will tell you the truth.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Name Change on February 22, 2014, 01:38:32 PM
And make sure never to accept simple answers like "No lah. Where got?" and then stop there.
Probe further.
Tell them you got such information from a very reliable ex-insider.
If they are honest friends, they will hesitate first but then will tell you the truth.

LOOKS LIKE YOU NEVER WORKED!

BANK OFFICER ===> WHEN ASKED A STUPID QUESTION  ===========> BLANK STARE ..........DID NOT HEAR IT...........NO REPLY.....TALK ABOUT OTHER THINGS....
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 02:30:21 PM
LOOKS LIKE YOU NEVER WORKED!

BANK OFFICER ===> WHEN ASKED A STUPID QUESTION  ===========> BLANK STARE ..........DID NOT HEAR IT...........NO REPLY.....TALK ABOUT OTHER THINGS....

 ::) ::) ::)
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: iiinvestsmart on February 22, 2014, 02:51:06 PM
LOOKS LIKE YOU NEVER WORKED!

BANK OFFICER ===> WHEN ASKED A STUPID QUESTION  ===========> BLANK STARE ..........DID NOT HEAR IT...........NO REPLY.....TALK ABOUT OTHER THINGS....


Let us be nicer to co cky Dorky.   :)


When I meet my friends in the banking sector, I will asked them.   :)


!.  Yes, the bank manager definitely need to have the property valued, by the valuer.  It will usually take about 2 weeks to get this valuation.

2.  Yes, the bank manager has discretion in not having the valuer involved for properties less than $500,000.  But then, how many properties are now less than $500,000.  Even then, the bank manager, most of them, would feel uneasy not to have the property valued by the valuer.  They preferred the valuer's role to avoid complicity in the future.

Common sense will tell us that in matters concerning money and loan, valuation has a place.  It would be extremely surprising should this important process can be by-passed.

Looks like the CFA student is kurang matang.   :( :cash:
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: stockraider on February 22, 2014, 03:03:06 PM

Let us be nicer to co cky Dorky.   :)


!.  Yes, the bank manager definitely need to have the property valued, by the valuer.  It will usually take about 2 weeks to get this valuation.

2.  Yes, the bank manager has discretion in not having the valuer involved for properties less than $500,000.  But then, how many properties are now less than $500,000.  Even then, the bank manager, most of them, would feel uneasy not to have the property valued by the valuer.  They preferred the valuer's role to avoid complicity in the future.

Common sense will tell us that in matters concerning money and loan, valuation has a place.  It would be extremely surprising should this important process can be by-passed.

Looks like the CFA student is kurang matang.   :( :cash:


not correctloh......u must xtract out the land value & building cost mah......!!
Suppose u own house 22 x 75 terrace house in Bandar utama.....value at Rm 1 million.
U don buy Rm 1 million insurance.....u cover max say Rm 450k for the building components & fitting only mah....!!
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 03:08:24 PM

Let us be nicer to co cky Dorky.   :)


!.  Yes, the bank manager definitely need to have the property valued, by the valuer.  It will usually take about 2 weeks to get this valuation.

2.  Yes, the bank manager has discretion in not having the valuer involved for properties less than $500,000.  But then, how many properties are now less than $500,000.  Even then, the bank manager, most of them, would feel uneasy not to have the property valued by the valuer.  They preferred the valuer's role to avoid complicity in the future.

Common sense will tell us that in matters concerning money and loan, valuation has a place.  It would be extremely surprising should this important process can be by-passed.

Looks like the CFA student is kurang matang.   :( :cash:


You will only know a fraction of the story.
And I thought you are already familiar with the banking industry, but I guess I was dead wrong.

Don't forget, you are kurang matang too.  ;)
And also kurang educated.  :D
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 03:16:23 PM

Common sense will tell us that in matters concerning money and loan, valuation has a place.  It would be extremely surprising should this important process can be by-passed.


Ahem, sorry to say this but I honestly don't think you have much common sense.

Those who knows, will know. Those who don't know, but know a bit, will think he knows a lot.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: iiinvestsmart on February 22, 2014, 03:22:12 PM
Ahem, sorry to say this but I honestly don't think you have much common sense.

Those who knows, will know. Those who don't know, but know a bit, will think he knows a lot.

I had lunch with a very senior bank manager who shared this.   :handshake: :cash:


If only you are less co cky Dorky.   :)
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Name Change on February 22, 2014, 03:27:07 PM
Ahem, sorry to say this but I honestly don't think you have much common sense.

Those who knows, will know. Those who don't know, but know a bit, will think he knows a lot.

property need to be insured ?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Name Change on February 22, 2014, 03:30:15 PM
You will only know a fraction of the story.
And I thought you are already familiar with the banking industry, but I guess I was dead wrong.

Don't forget, you are kurang matang too.  ;)
And also kurang educated.  :D

CAN BOTH OF YOU PASS BY ONE DAY...JUST ONE DAY WITHOUT CALLING EACH OTHER NAMES ?
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 03:31:34 PM
I had lunch with a very senior bank manager who shared this.   :handshake: :cash:


If only you are less co cky Dorky.   :)

I thought you're smart, but again I was proven dead wrong.

Try to really focus all your mental and intellectual power to understand exactly 100% of the statement below.

You may need to check for self assurance, but not me.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 03:38:40 PM
If only 3i was polite to me instead of calling me a CFA student who is kurang matang (regardless of how he sees me, as how I myself see him), I would have discuss with him more.
Alas, as a famous quote goes "If you expect the World to be fair to you coz you are fair to the World; then you expect the Lion not to eat you coz you dun eat Lion."

 :phew: :phew: :phew:
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: iiinvestsmart on February 22, 2014, 03:45:14 PM
If only 3i was polite to me instead of calling me a CFA student who is kurang matang (regardless of how he sees me, as how I myself see him), I would have discuss with him more.
Alas, as a famous quote goes "If you expect the World to be fair to you coz you are fair to the World; then you expect the Lion not to eat you coz you dun eat Lion."

 :phew: :phew: :phew:



I would be very surprised that the bank managers or his staff can just give a value to the properties they are going to give a loan / mortgage on without transparency in their valuations.

As I correctly judged, it is only common sense that a valuation has to be done.   Rightly, the valuer is involved.  They have to prepare a valuation report which then forms a part of the whole application process.

That is the "kurang matang" part. 

As also mentioned, the bank managers have the discretion to do his/her own valuations for properties less than $500,000 for some banks.  However, many are also reluctant to do so on their own (that is not willing to take this responsibility.).  They often still get a proper valuation done by the valuer.



Common sense should guide us in our thinking.  Having access to people with expert knowledge on the subject helps further. 
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 03:51:43 PM


I would be very surprised that the bank managers or his staff can just give a value to the properties they are going to give a loan / mortgage on without transparency in their valuations.

As I correctly judged, it is only common sense that a valuation has to be done.   Rightly, the valuer is involved.  They have to prepare a valuation report which then forms a part of the whole application process.

That is the "kurang matang" part. 

As also mentioned, the bank managers have the discretion to do his/her own valuations for properties less than $500,000 for some banks.  However, many are also reluctant to do so on their own (that is not willing to take this responsibility.).  They often still get a proper valuation done by the valuer.

Common sense should guide us in our thinking.  Having access to people with expert knowledge on the subject helps further. 

I have no obligation to correct any misunderstanding of a person being rude to me.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Name Change on February 22, 2014, 03:52:46 PM
DORKY ?   :shake:

on the balance of probab_ility; 3i is correct in this particular instance!

Round 1001 to 3i !

Combatants please retire to your corners!

Come out fighting on the next round please !

 :nod:
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: iiinvestsmart on February 22, 2014, 03:53:30 PM
DORKY ?   :shake:

on the balance of probab_ility; 3i is correct in this particular instance!

Round 1001 to 3i !

Combatants please retire to your corners!

Come out fighting on the next round please !

 :nod:


I just had lunch with the senior bank manager.   :)
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: warren buffet on February 22, 2014, 03:54:22 PM
bat zhi not ngam... :D
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 03:54:35 PM
DORKY ?   :shake:

on the balance of probab_ility; 3i is correct in this particular instance!

Round 1001 to 3i !

Combatants please retire to your corners!

Come out fighting on the next round please !

 :nod:

A not-so-smart person would disclose far more than necessary.
I rather prefer to "lose" this round.  ;)
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 03:55:05 PM

I just had lunch with the senior bank manager.   :)

Insignificant.
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 04:00:34 PM
Ah Bing Ah: Halo, Ah Lian Ah. This Monday buy one hundred thousand shares of XYZ ah.

Ah Lian Ah: Why ah? What so good with super ultra PN17 penny XYZ shares ah?

Ah Bing Ah: Because I just had lunch with a senior manager and he told me this.

 :D :D :D
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Name Change on February 22, 2014, 04:01:12 PM
Insignificant.

you mean having lunch with me is insignificant?

walau ! eh !

 
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: iiinvestsmart on February 22, 2014, 04:02:43 PM
DORKY ?   :shake:

on the balance of probab_ility; 3i is correct in this particular instance!

Round 1001 to 3i !

Combatants please retire to your corners!

Come out fighting on the next round please !

 :nod:

Thanks for pointing out the obvious.
I happened to have lunch with this senior bank manager today and asked him on this matter.
Sometimes, it would be nice to see co cky Dorky be a bit more humble.
Why does she have to lie, rather than just admit that she doesn't know sometimes?   :D
Never mind.  How can we have so much fun otherwise?   :D :D :D :giggle:


I just had lunch with the senior bank manager.   :)
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 04:16:18 PM
Sometimes, it would be nice to see 3i be less sarcastic and more civilized.
Why does she have to be so rude, rather than just be polite so to promote further discussion?
Never mind.  A wise man would ask where and how Dorky got his information, while a fool (and doesn't realize he is a fool) would straight away brush off contradicting statements as kurang matang.
To really expect a bank manager to reveal the skeleton in the closet (chau si, "hal busuk") of the bank in lunch is certainly uncommon sense to me.  ;)
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: iiinvestsmart on February 22, 2014, 04:20:05 PM
Sometimes, it would be nice to see 3i be less sarcastic and more civilized.
Why does she have to be so rude, rather than just be polite so to promote further discussion?
Never mind.  A wise man would ask where and how Dorky got his information, while a fool (and doesn't realize he is a fool) would straight away brush off contradicting statements as kurang matang.
To really expect a bank manager to reveal the skeleton in the closet (chau si, "hal busuk") of the bank in lunch is certainly uncommon sense to me.  ;)


On the issue of valuation, the bank manager said he has to get a valuer to do so, though he has the discretion , reluctantly exercised, to give a value to properties less than $500,000.   

Let us move on from this subject.    :cash:
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Name Change on February 22, 2014, 04:23:31 PM
Sometimes, it would be nice to see 3i be less sarcastic and more civilized.
Why does she have to be so rude, rather than just be polite so to promote further discussion?
Never mind.  A wise man would ask where and how Dorky got his information, while a fool (and doesn't realize he is a fool) would straight away brush off contradicting statements as kurang matang.
To really expect a bank manager to reveal the skeleton in the closet (chau si, "hal busuk") of the bank in lunch is certainly uncommon sense to me.  ;)


THAT WAS VERY COMMON 30 YEARS AGO!

NOWADAYS THE GEN Y ARE VERY CHICKEN!

I HIGHLY DOUBT IT THAT THEY WILL TAKE THE RISK AND PUT THEIR CHICKEN LEHER TO BE SLIT AND BLOOD POURED OUT!

SO ROUND 1001 TO 3I !

30 YEARS AGO WILL BE ROUND 1001 TO DORKY !

JUST DOES NOT HAPPEN NOW!
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: Dorky on February 22, 2014, 04:24:01 PM

On the issue of valuation, the bank manager said he has to get a valuer to do so, though he has the discretion , reluctantly exercised, to give a value to properties less than $500,000.   

Let us move on from this subject.    :cash:

 ::) :think:

Blah blah blah...
Yadda yadda yadda...

Against me, it is pointless for you to "mati ayam tendang penutup nasi".
Title: Re: PROPERTIES FIRE INSURANCE >DOUBLED FOR NO APPARENT REASON & WITHOUT OUR CONSENT
Post by: deva74 on January 19, 2015, 11:05:35 AM
Though the post is old and not been read for time, i thought it best to put some misconceptions right.

1. Premiums for Fire Policy in Malaysia is tariff rated (exception is for Industrial Risks where the Sum Insured is in excess of RM 300 Million). Premium is fixed by PIAM. No one knows exactly what fomula they use to determine the tariff but the fire tariff has been pretty static for more than 10 years now. If you analyse the Financials of all the Insurance companies in Malaysia- you would notice that the most profitable portfolio is Fire.

Within the tariff there is different premium for occupied and unoccupied premises.

2. When you insure your building you need to insure against cost of reconstruction. You can google some quantity surveyor reports online like Langdon Seah who issue an annual guide on construction cost. In your example where you borrow RM 1 Million for a property with market value of RM 1.2 Million and reconstruction cost of RM 350K - you only insure for RM 350K. Even if you insure for RM 500K for example and if there is 50% loss - you will be indemnified the full loss amount i,e RM 175K as you have over insured and there is no under insurance at all.

Hope this clears the air - as i note that persons with absolutely no knowledge on Insurance Practice in Malaysia had misguided you with the wrong information.

However if you are unhappy with the tariff rated premium - please convey your dissatisfaction to both BNM and MyCC ( the COmpetition Commission) - though for the time being nothing can be done - if the voices are loud enough - hopefully the proposed detariffication will be hastened.

Kind regards,