In Malaysia, every strata property such as condominiums and apartments must be managed by either a Joint Management Body (JMB) or a Management Corporation (MC) under the Strata Management Act 2013 Section 93(SMA 2013).
Both play an important role in ensuring the property is properly maintained, insured and protected for building structure and common areas.
Fire (Mandatory by law)
Burglary
Protect JMB/MC against loss or damage to property caused by theft involving forcible and violent entry from the premises.
Covered for office furniture, computers and electronic equipment, cctv monitors and control panels, maintenance tools and spare parts, electrical items, signboards or fitting in common areas.
Public Liability
Protect JMB/MC against claims from the public or residents for injury or property damage that happens in common areas. Covered for legal compensation, medical costs and defense expenses.
Fidelity Guarantee
Protect JMB/MC’s funds against loss due to dishonesty or fraud by employees or committee members handling money.
Money
Covers loss of money while transit or kept on the premises.
Plate Glass
Covers damage to large glass panels or glass doors in lobbies or shops within the property.
Personal Accident
Provides compensation for injury or death of employees, security guards or maintenance workers due to accidents while on duty.
Equipment All Risk
To protect the valuable electrical and mechanical equipment such as escalator and lift used in condominiums and apartments.
Error and Omission
To protect JMB/MC including their committee members and management staff against claims arising from negligent acts, errors or omission in the performance of their duties.