Insured but not covered
-
ST 15 April 2007
If you take out a policy on personal item but don't wear or carry it, insurer may not cover its losses.
Bussiness Frank Fung had his Rolex watch stolen two years ago when theives broke open the safe in his office. but up until now, his insurance company had refuse to pay up arguing that because he insured the watch as a "personal belonging", he had to wear or carry it at all time it was loss.
so the next time if you see somebody wearing a flower vase or carrying a sword walking around, you know that those are insured personal belonging -
which insurance co.?
must read fine print properly lah
they damn yim jim one... -
How do you wear flower vase??
-
when you are a chio bu but does nothing in your office and your male boss thinks that you ar an excellent worker ?Originally posted by Hogzilla:How do you wear flower vase?? -
how many of us really read word by word on the policy neh? esp those ver very small fine prints...
-
me.Originally posted by Ah Cek:how many of us really read word by word on the policy neh? esp those ver very small fine prints...
i wun put my signature there unless i know bery well wat im signing for.
another reason is zhi ye bing......have to read EVERY word on the document im holding......... -
Then can the boss label a worker as a personal item and buy an insurance for him/her?Originally posted by LinYu:when you are a chio bu but does nothing in your office and your male boss thinks that you ar an excellent worker ?
Then when the worker die liao, how will the boss be compensated? -
next time i got thick thick contract docu, i will pass to you...help me to vet.Originally posted by FireIce:me.
i wun put my signature there unless i know bery well wat im signing for.
another reason is zhi ye bing......have to read EVERY word on the document im holding......... -
-
ok, i can send u my rates for proof-reading and editing laterOriginally posted by Ah Cek:next time i got thick thick contract docu, i will pass to you...help me to vet. -
rates subjected to prevailing GST?Originally posted by FireIce:ok, i can send u my rates for proof-reading and editing later -
yes, and 10% service charge bcos it's a serviceOriginally posted by Ah Cek:rates subjected to prevailing GST? -
ok, no problem b4 1 july.Originally posted by FireIce:yes, and 10% service charge bcos it's a service -
I do..but like FI said...sometimes...insurance companies very yim jim.Originally posted by Ah Cek:how many of us really read word by word on the policy neh? esp those ver very small fine prints...
Fang2 Bu4 Sheng4 Fang2. -
like that, my tv is also a personal belonging, kena stolen cannot claim??
how to wear tv? -
things like tv, vases, piano, rice-cooker are under home insurance.......
-
orh.. like that if i buy insurance on a crapload of jewellery which is all mine, i have to look like a pimp to be coveredOriginally posted by FireIce:things like tv, vases, piano, rice-cooker are under home insurance.......
-
no matter how dumb the terms and conditions, read every damn farking word!!!
and whenever in doubt, ASK!
financial advisors kamlan one ah -
-
dun buy the wrong one. there is one that insured only fixtures.Originally posted by FireIce:things like tv, vases, piano, rice-cooker are under home insurance....... -
Actually yea... like beckham was insured... I remember the most expensive is a baseball playe rin Japan insured for like 1million for the leg or hands forget.Originally posted by Hogzilla:Then can the boss label a worker as a personal item and buy an insurance for him/her?
Then when the worker die liao, how will the boss be compensated? -
Another case. ST Forum 1 May 2007
I AM a Singaporean undergoing further studies in London. On Jan 20, I was robbed by two men while on my way home. One knocked me over and took my wallet while the other fled with my bag containing my laptop and palmtop (costing about $3,000 in all).
I chased the assailant who had my wallet. He threw it back after taking £30 (S$91) in notes. However, the laptop and palmtop were never retrieved.
I felt relief when I remembered the NTUC Income Overseas Student PA Plan Insurance Policy my parents took up for me just before I left Singapore. Believing that I could claim the monetary loss from the robbery lessened the pain, though all my course work and personal information were lost.
However, my hope turned into despair on hearing that Income was not prepared to reimburse my loss. Apparently (from what I gathered from my parents) it covers only theft. If my room were to be broken into and my laptop stolen, I would be able to recover the cost. However, being robbed would not justify any such claim. I was awarded $300 as a result.
Looking at the policy, I do not understand why I am not eligible to make claims as the items I had lost were in my custody and a police report was made within 24 hours.
Heng Jun Li
London, United Kingdom -
ST forum 4 May 2007
NTUC Income replies
I REFER to the letter, 'Robbed in London but loss not covered by insurance' (ST, May 1), by Mr Heng Jun Li. Mr Heng was covered under an Overseas Student Personal Accident Insurance Plan at the time of the incident. The policy pays the insured amount in the event the insured overseas student meets with an accident resulting in death or total permanent disablement. It also pays for medical, evacuation and compassionate-visit expenses incurred because of the accident.
His policy also includes personal liability and loss of luggage or personal effects cover that compensates for the loss of accompanied luggage and personal effects arising as a result of fire, explosion, lightning, theft or accident while in the care, custody and control of a common carrier.
Property loss as a result of robbery is not covered under his policy.
We sympathise with Mr Heng over his unfortunate encounter in London that resulted in the loss of his electronic devices. Although he is not eligible to make a claim under his Overseas Student Personal Accident Insurance Plan, we have offered him an ex gratia payment of $300 to help defray his losses.
Freddy Neo
General Manager
NTUC Income -
ST Forum 4 May 2007
another caseI REFER to the letter by Mr Heng Jun Li, 'Robbed in London but loss not covered by insurance' (ST, May 1). I would like to share my claim experience with NTUC Income.
When I purchased a new and rather-expensive mobile phone last year, I decided to purchase from Income its Mobile Equipment Insurance Policy.
Unfortunately, my phone was stolen from my bag by a pickpocket a month later. I made a police report and filed a claim under the insurance policy.
However, Income informed me that to be eligible to make a claim the phone had to be either misplaced or taken from me in a robbery; theft was not covered.
Why should this be so? The purpose of buying insurance is to protect against unexpected losses.
Ng Ghim Siong