Fire Takaful (Tariff) - Fire Protection For Business
Cover your financial loss caused by fire, lightning and explosion.
Fire outbreaks can happen at your business premises at any time. To ensure that you have all the financial support to recover from the losses, we have specially designed a Zurich Fire Takaful plan for businesses that offers coverage for your property in the event of its loss or damage due to fire, lightning and explosion.
Important Notice on Fire Takaful Cost Calculation
Under-insured / under-coverage for fire of your property can lead to inadequate compensation due to the application of average clause. To get a quick insurance / Takaful coverage estimate for your property (ie. residential properties, simple shop houses and shop offices), you may use the Building Cost Calculator, which is jointly developed by Persatuan Insurans Am Malaysia (PIAM) and the Malaysia Takaful Association (MTA). Do note that the calculator provides an estimate of the rebuilding cost of your property for evaluation purposes only, and does not guarantee the actual amount that the we may agree to cover your property for.
The fire takaful certificate covers losses or damages to your covered property i.e. the building and its contents; that are caused by fire, lightning or explosion of domestic boilers and gas used for domestic purposes only during the period of insurance.
You may extend your certificate to cover the following perils by giving additional contribution:
- Aircraft damage
- Earthquake and volcanic eruption
- Storm, tempest
- Flood
- Explosion
- Impact damage
- Bursting or overflowing of water tanks, apparatus or pipes
- Bush / lalang fire
- Subsidence and landslip
- Spontaneous combustion
- Sprinkler leakage
- Goods and stock undergoing any heating or drying process
- Riot, strike and malicious damage
- Damage by falling trees or branches and objects
Note: You need to renew your fire takaful certificate every year.
The coverage is based on the cost of restoring the damaged property or replacing it with a property that is similar in condition to that of the time when the loss occurred.
Fire Takaful coverage for your Business Property
The current cost of reconstructing the building back to its original form, minus deduction justified for betterment.
Betterment is an addition / alteration to your property which results in it being in a better condition than before the fire incident, for e.g. remodelling the kitchen with cabinets that are more expensive than the original cabinets.
Fire Takaful coverage for your Personal Belongings
The cost of replacing a new item, minus deduction for depreciation of value due to wear and tear. Your personal belongings include appliances, furniture and clothing.
| SUM COVERED | RATING |
| Above RM 50 million | Special Rating PIAM* Technical Rating Committee will determine the special rating |
| RM 10 million - RM 50 million | Self Rating The tariffed contribution rates are computed by Zurich using the self-rating structure provided by PIAM* |
| Below RM 10 million | Tariff Rating The tariffed contribution rates are as per Revised Fire Tariff (w.e.f. March 2013) |
* Persatuan Insurans Am Malaysia
Note: Other charges include commissions paid to the takaful agent, tax or other government levies and a stamp duty of RM 10.00.
Is Fire Takaful mandatory for businesses in Malaysia?
Yes, fire takaful certificate is mandatory for every brick-and-motor business establishment in Malaysia. To get maximum benefits with minimum and affordable contribution, you can check out the Zurich fire takaful plan for your business.
What is not covered in Fire Takaful (Tariff)?
The Zurich fire takaful certificate does not cover certain losses, such as:
- Earthquake, volcanic eruption and other convulsion of nature
- Typhoon, hurricane, tornado, cyclone or other atmospheric disturbance
- Subterranean Fire
- Burning of property by order of any public authority
- Explosion other than domestic explosion
- Bush/lalang fire
- Theft
- Spontaneous combustion
- War, Terrorism, Nuclear and Radioactivity Risks
- All other exclusions as per the fire certificate.
- Any other events prohibited by Shariah principles.
