This notice is to explain some key points regarding the Building Insurance as provided by The Lakes Juristic Person.
In December 2012, the Managing Committee resolved, based on quotations from multiple insurance brokers, to change our insurance broker from Union Sime Darby to Chartis (AIG), as their quoted premium costs were lower than the competitors and their policy coverage was better.
In January 2013, the Managing Committee resolved, based on quotations from multiple insurance brokers, to remain with Chartis (AIG) as their quoted premium costs were lower than the competitors and their policy coverage was better.
The Industrial All Risks (IAR) and Public Liability (PL) insurance provided by The Lakes Juristic Person is, by law, required to cover only the Common Areas at The Lakes.
The main aspects of coverage are summarised below: