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A Foreign Worker Bond (commonly known as security bond) is a commitment to reimburse the government if either you or your foreign worker violates or fail to adhere to the terms and conditions of the work permit. This bond typically takes the form of a banker's or insurer's guarantee. For each non-Malaysian Work Permit holder you employ, you are required to purchase a $5,000 security bond.
Yes, ECICS Motor Excess Protector Insurance covers Named Driver, Unnamed Driver or Young, Inexperienced or Elderly Excess. It does not cover excess for windscreen, sunroof or moonroof.
In principle, your NCD applies to you and not to your vehicle. For example, if you sell your vehicle and buy another one, you will retain your NCD. However, if you own more than one vehicle, you might have a different NCD for each vehicle. You should check the details with your insurer, but generally: Your NCD can- - Be transferred if you decide to switch insurer. - Be transferred to another vehicle you own, but it cannot be applied to more than one vehicle at any point in time. For example, if you have accumulated a 30% NCD while using one vehicle, it does not follow that the same NCD applies to any other vehicle that you own or decide to buy. In other words, you will have to earn the NCD for each vehicle separately Your NCD cannot- - be transferred to another person, except for your spouse and within the current insurer only. Transfer of NCD to your spouse will not be applicable if you renew your policy with another insurer.
The Family-NCD will not be affected as it follows the policy's claim experience. However, his past accident history will be taken into consideration when the Family NCD member get a new quote from us.
A No-Claim Discount (‘NCD’) is an entitlement given to you if no claim has been made under your policy for a year or more with the current/existing insurer. It reduces the premium you have to pay for the following year. This is your insurer's way of recognising and rewarding you for having been a careful driver. There is a standard followed by all insurers in setting the NCD, depending on your type of vehicle (private, commercial or motorcycle) and the period of insurance with no claim. The following table shows how the NCD is set by all insurers across the industry. Private Car Period of insurance with no claim Discount on renewal 1 year 10% 2 years 20% 3 years 30% 4 years 40% 5 years or longer 50% Motorcycle/Commercial Vehicle Period of insurance with no claim Discount on renewal 1 year 10% 2 years 15% 3 years or longer 20%
No, you are not able to purchase the Waiver of Counter Indemnity after policy has incepted.
Enhanced MaidAssure is a comprehensive insurance plan for your Foreign Domestic Worker (FDW) that covers the following benefits:- Accidental Death or Permanent Disablement,- Hospital & Surgical Expenses,- Replacement/Re-hiring Expenses,- Wages & Levy Reimbursement,- Repatriation Expenses,- Insurance bond guarantee.For more information, please refer to the policy wording. Alternatively, feel free to call us at +65 6206 5588, WhatsApp us at +65 8956 5588, or email us at [email protected].
We accept payment via Visa/Master Retail Debit or Credit Card online.
Yes, you can. We offer Waiver of Counter Indemnity as an optional add-on. With this, your liability on the $5,000 Security Bond is capped at $250, and the insurer covers the rest if the bond conditions are breached. However, this does not apply to any breach of bond conditions due to your negligence or fault.
To implement for MI policies, renewals or extensions with start date effective from:1 July 2023 (Stage 1)• Introduction of a co-payment element* for employers and insurers for amounts above $15,000, up to an annual claim limit of at least $60,0001 July 2025 (Stage 2)• Standardisation of allowable exclusion clauses• Introduction of age-differentiated premiums for those aged 50 and below, and those aged above 50• Requirement for insurers to reimburse hospitals directly upon the admissibility of the claimPlease visit MOM's website here for more information on the MI enhancements.
Yes, ECICS motorcycle insurance policy comes with complimentary No Claim Discount Protector. It is free for our customers as long as you have NCD 10% and above.
We do not cover usage for food, parcel or other delivery services.
Yes, it is illegal to use a vehicle in Singapore without a valid insurance cover. At a minimum, you must have third-party insurance, which covers injury or damage caused to other people and their property.
We have 3 plans to suit your needs. The Comprehensive plan covers loss or damage to your motorcycle, as well as third party liability for bodily injury and property damage.
Our policy covers you when you ride your motorcycle in West Malaysia, the Republic of Singapore and that part of Thailand within 80.5km of the border between Thailand and West Malaysia.
The moment the policy has lapsed/ceased, the Family NCD benefit will likewise cease. All earned Family-NCD will be forfeited. However, we understand that there could be various reasons why customers may temporarily not own a car therefore do consult us to see how we can help.
If there is a claim made under the policy, your NCD will be reduced as follows. Private Car Current NCD NCD after 1 Claim 50% 20% 40% 10% 30% and under 0% Motorcycle/Commercial Vehicle Current NCD NCD after 1 Claim 20%/15%/10% 0%
The premium of your car insurance policy is calculated based on the profiles of all the declared drivers including the named driver(s). Depending on the risk profiles of the drivers, the premium may remain the same, increase or decrease.
Proceed to any of our Approved Reporting Centres within 24 hours or by the next working day with a copy of the police report. We will proceed to process the Fire or Acts of Vandalism claims once investigation is completed. For Theft cases, as the police will need three months to complete their investigation therefore we will only pay out the claim after the investigation is completed.
A No-Claim Discount (‘NCD’) is an entitlement given to you if no claim has been made under your policy for a year or more with the current/existing insurer. It reduces the premium you have to pay for the following year. This is your insurer's way of recognising and rewarding you for having been a careful driver. There is a standard followed by all insurers in setting the NCD, depending on your type of vehicle (private, commercial or motorcycle) and the period of insurance with no claim. The following table shows how the NCD is set by all insurers across the industry. Private Car Period of insurance with no claim Discount on renewal 1 year 10% 2 years 20% 3 years 30% 4 years 40% 5 years or longer 50% Motorcycle/Commercial Vehicle Period of insurance with no claim Discount on renewal 1 year 10% 2 years 15% 3 years or longer 20%