FOR COMMERCIAL INSURANCE
- How do the insurers computed premium for my company?
Answer: Insurance company will look at your nature of business, safety preventive measures, operations protocols, type of companies that are operating around your company and lastly past claims history.
- Why do the Insurers charged differently for a same product?
Answer: Each Insurer has preferred risk appetite for certain product under specific nature of business and therefore the insurer is able to provide competitive premium.
- Can my company place our insurance portfolio with more than 1 insurer?
Answer: Yes, you can. However, we may advise our client to place their entire portfolio under 1 insurer to achieve better premium.
- What is the recommended sum assured to insure for my company?
Answer: There are no tools or formulae to determine a right sum assured but rather based on the scale of the company, precedent claim cases and mandatory regulations.
Rule of thumb: “More is always better than less.”
- In the event of claim, how should my company react?
Answer: Reach out to our business consultant and together with the insurer, our consultant will guide your colleagues systematically with the claims procedure.
FOR PERSONAL INSURANCE
- If I already have 1 personal accident, can I buy additional?
Answer: Yes, you can as personal accident is a compensating policy and not reimbursing in nature.
- What is the maximum No Claims Discount (NCD) that I can achieved?
Answer: 50%. You will start accumulating NCD from 2nd policy year and should achieve 50% by the end of your 6th policy year if there is no 3rd party accident claim brought against your motor insurance policy.
- How do I know if I am entitled to Certificate of Merit (COM) for good driving
Answer: You can visit this link to check: http://www.police.gov.sg/e-services/find-out/certificate-of-merit
- Do I need to purchase a premier travel insurance plan?
Answer: It really depends on which country you are visiting to and the duration of stay. What we worry most are unexpected medical encounters and the bills involved to facilitate proper medical treatments instantly or medical evacuation to get you back to your country of origin.
- If my employer covered me under Corporate Travel Insurance, do I still need to purchase travel insurance for leisure trip?
Answer: Yes, you need. As your corporate travel insurance may not provide cover for your leisure trip.