Liability Insurance Coverage and Policies in Malaysia
Liability Insurance in Malaysia
Liability insurance in Malaysia is used to pay for third party claims and legal costs for specific types of damages found to be caused by the insured party. The insurance company indemnifies and pays on behalf of the insured party.
This payment is made based on the Malaysian laws on liability and damages. The payment for claims is made once the claim is accepted by insurance company investigations or awarded by the Malaysian courts.
Types of Claims for Liabilities Coverage in Malaysia
The types of liabilities to third parties covered by law in Malaysia are:
- Injuries to people
- Death of people
- Damages to property
- Total loss of property
The payment is made, when these damages are found to be the result of lack of care on the part of business operations, project works, product statements or professional work.
Liability for Claims Based on Specific Type of Activities
Liability insurance is available for specific types of damages within Malaysia or specific territories. This enables:
- The legality of claims to be targeted to specific activities or misadventures
- The sum insured to be based on the legal precedence of compensation for that claim
- The cost of liability insurance is then controlled to the expected practices of the activity
The liability insurance taken in Malaysia will be easier and cost effective to implement. As these are in compliance with Malaysian laws and precedents. Which reduces legal time and costs in court with the insurers familiarity of Malaysian court rulings and awards.
Types of Liability Insurance Policies in Malaysia
List of Liability Insurance Policies
These are the common types of insurance policies that include liability coverage, issued by the main insurance companies in Malaysia.
- Public Liability Insurance Policy
- Workers Compensation Insurance Policy
- Product Liability Insurance Policy
- Food and Drinks Poisoning Insurance Policy
- Contractors All Risks Insurance Policy
- Erection All Risks Insurance Policy
- Marine Liability Insurance Policy
- Port Risks Insurance Policy
- Professional Indemnity Insurance Policy
- Passenger Liability Insurance Policy
Liability Insurance Policy Customized Coverage
These insurance policies will have:
- Sum insured and indemnified
- Liability covered and Indemnified
- Claims legal processes
Each liability insurance policy is customized to the insured party’s needs. The operations, works doing, track records, types of risks and perils faced or possible and many more.
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