JMB Elite Package

The scarcity of land for development has resulted in the rapid development of strata title properties in Malaysia. Under the Strata Management Act, a statutory body -  Joint Management Body (JMB) or Management Corporation (MC) has to be formed to manage and maintain the sub-divided building and common property in the strata development such as Condominium, Apartment, Office or Shopping Mall. One of the many statutory duties that the JMB/MC has is to ensure the building is adequately insured. 

As a provider in the property risk market that focuses on underwriting insurance policies for high-rise buildings, Chubb has crafted a comprehensive and flexible insurance package, JMB Elite Package to cater to the varying risk management needs of the JMB/MC.

Coverage Highlights

Key Benefits

  • All-In-One Package
    A comprehensive flexible insurance plan that caters to your unique needs as JMB/MC. Bundling several policy coverages under one package:

    i. Offers all essential covers for the JMB/MC under one policy;

    ii. Saves time in managing documents when it comes to policy renewal.

  • All Risk Coverage
    This policy covers loss or damage to property insured from all risks except those specifically excluded.

  • Terrorism/Sabotage and Political Violence
    This optional extension provides coverage against property damage due to terrorism/sabotage or political violence as well as financial relief if your business or operation is interrupted as a result of such event.

  • Consequential Loss Coverage
    This covers both JMB/MC and Unit Owners for loss of rent or if temporary accommodation is required due to property damage caused by insured perils covered under All Risk Coverage. 

  • Indemnity Cover Against Unintentional Privacy Infringement & Cyber Attack
    This extension protects JMB/MC against liability loss due to unintentional infringement of privacy right and misuse of confidential information by an unauthorized party; as well as failure to prevent an unauthorized party from accessing the computer systems.

  • Employment Practices Liability
    This section covers JMB/MC against financial loss arising from violation of the Industrial Relations Act 1967 relating to an employee, such as wrongful dismissal.

Please refer to the policy contract for the full details of benefits, terms and exclusions that are applicable. The information provided here is a brief summary for quick and easy reference. The exact terms and conditions that apply are stated in the policy contract.

Have a question or need more information?

Contact us to find out how we can help you get covered against potential risks