Protecting one’s properties from possible risks should be indispensable to all property owners. Unforeseen events can happen, and the least that one can do to is to have his / her properties insured. But as there are numerous insurance companies and products available in the market, it has become a challenge for consumers to decide which company to consider, what insurance features to look for, and when to purchase. To give property owners a clearer perspective on the basics of choosing the right insurance, Malayan Insurance Sales Division Head, Mr. Jun U. Cotoco, gives his insights and answers some of the most important questions about getting an insurance.
1. What should a client look for in an insurance coverage?
Make sure that you are fully insured for all the risks that you are exposed to. For example, machineries should be insured with machinery breakdown coverage on top of the usual property coverage. Ask your preferred insurance agent or insurance company to assist you in determining your insurable risks and to make sure that you have the proper and adequate coverage.
2. What’s something most consumers tend to overlook?
Although a critical part of the insurance contract, the policy terms and conditions are oftentimes neglected by the policy owner. It is a relatively common incident when the insured, not having read these fine prints, are unaware of what to expect from the insurer, and of their duties and responsibilities as the insured. As an example, many policy owners are surprised that they have to shoulder a deductible in case of a claim. They are also unaware of their responsibilities as an Insured, as well as their duty to declare all material information that affects how the insurer views the risk.
3. What pertinent question should clients ask their insurance company?
One of the most important information to inquire with the insurance companies is their reinsurance support. Check if these are reputable and stable reinsurers. You need to make sure that your insurance company will be able to pay when a fortuitous event arises.
4. When is the best time to get a non-life insurance?
Get insurance as soon as you become exposed to the risk. A property insurance should be secured and in place as soon as construction has been turned over to the project owner. Vehicles should be insured before they leave the dealership.
5. Why should clients spend money on non-life insurance? Isn’t life insurance enough?
Generally, life insurance provides benefit upon your death. Non-life insurance, on the other hand, pays for losses and damages from everything else valuable other than life. For this reason, non-life insurance is actually not an expense but a good investment. You only need to pay a relatively small annual premium to transfer the risk to the insurance companies, as opposed to absorbing significant financial losses during fortuitous events when uninsured.
6. How can consumers make sure they’re getting the best coverage?
Purchase your insurance from reputable insurance companies that have been tried and tested. This ensures that they have the claims paying ability, as you will only realize the benefits once there is a loss. Malayan Insurance has been in the industry for 87 years and has been the number 1 non-life insurance company for 47 years.
In choosing the right insurance, stability of the company is a prime consideration. Ranked by the Insurance Commission as the leading non-life insurer in the country for 47 years, Malayan Insurance keeps its promise of offering the best protection for the insuring public — now, and in the years to come.
For your insurance requirements, please visit www.malayan.com or call 242-8888.
