Did you know that the Workmen Injury Compensation Insurance (W.I.C) has been amended and since January 1, 2020, there have been some newly applied changes? What are these changes that have come into effect and how will they impact your employees and impact your business when it is partially enforce this coming September 2020 ?

To prepare you in advance and help you understand the key changes to WICA 2020. We have enclosed an overview insights for your understanding.

Inport & Export

- Marine Cargo Insurance ( Air , Sea , Land)
Vehicles

- Motor Fleet
For Logistics Warehouse Provider

- Warehouse & Bailers' Liability Insurance
Adding Value to Your Business with Keyman Insurance.

Having key person insurance in place may make it easier to get certain types of financing or credit from banks, or infusions of capital from investors, because it helps to lower business risks. If your company merges or goes public, you may be required to have key person insurance on top executives. Taking out key person insurance makes a definitive statement to the employee about his or her importance to the company. This can strengthen relationships and help in retaining these key people. You also have the option of offering part of a payout to the employee’s family. This makes the coverage part of the employee’s benefits package.
Does Your Small Business Need Key Person Insurance Protection?

Take a good look at your business and determine if you have key people who are irreplaceable or whose contributions are so crucial that without them, the business might just fall apart. While large businesses often have many experienced executives that could take up the slack, most small businesses depend on a few individuals to make the business work. This is why key person insurance protection is especially important for maturing small businesses. How much insurance you purchase will depend on your financial needs balanced against what you can afford in premiums.
Is Keyman Insurance very expensive ?

The insurance can be very affordable depending on how much is the sum insured and the product inplace for this strategy, all and all it depends on the company's financial position and the health of the key person .
Minimum Entry Limit

Customised for SMEs of all group size with a minimum of 2 employees .
No Surgurical Cap

Customised for SMEs of all group size with a minimum of 2 employees .
Hassle Free Adminstrative During Claims

User Friendly Mobile App - Outpatient claims may be submitted through our mobile application and online web portal
High Entry Age

High entry age up to 70 years old
Medical Condition Disregard
Adding Value to Your Business with Keyman Insurance.

Having key person insurance in place may make it easier to get certain types of financing or credit from banks, or infusions of capital from investors, because it helps to lower business risks. If your company merges or goes public, you may be required to have key person insurance on top executives. Taking out key person insurance makes a definitive statement to the employee about his or her importance to the company. This can strengthen relationships and help in retaining these key people. You also have the option of offering part of a payout to the employee’s family. This makes the coverage part of the employee’s benefits package.
Does Your Small Business Need Key Person Insurance Protection?

Take a good look at your business and determine if you have key people who are irreplaceable or whose contributions are so crucial that without them, the business might just fall apart. While large businesses often have many experienced executives that could take up the slack, most small businesses depend on a few individuals to make the business work. This is why key person insurance protection is especially important for maturing small businesses. How much insurance you purchase will depend on your financial needs balanced against what you can afford in premiums.
Is Keyman Insurance very expensive ?

The insurance can be very affordable depending on how much is the sum insured and the product inplace for this strategy, all and all it depends on the company's financial position and the health of the key person .
Staying in HDB

HDB’s mandatory fire insurance covers fixtures and fittings, but it doesn’t cover renovations. If your flat has been extensively renovated, you should get home insurance to complement the fire insurance.
Staying in Condominium

Pay attention to personal liability coverage, particularly if your neighbouring unit(s) are being rented out. The landlord may come after you for lost rental income, if their tenants are forced to move out after your fire or flooding.
Staying in Landed Property

It’s strongly advisable to always use all-risk insurance for landed property, as there are just many more things that can go wrong with a property of this size. Take note of temporary accommodation and storage pay outs – chances are, you have a bigger family or much bulkier items, compared to the average home owner. That could mean greater need for storage and temporary housing. Also, look out for debris removal limits: landed properties can reach up to five-digit sums for debris removal.
Does home insurance cover my luxury items / collections ?

Enter your answer here
1. Increase in compensation and medical expenses limits.
3. Light duties will be claimable.

Employees on light duties due to work injuries will be compensated for their lost earnings based on their Average Monthly Earnings (AME). Employers will also have to report any instance of light duty or medical leave moving forward. Compulsory reporting to MOM within 10 days for all work related - accidents. (** ex : MC/ light duties / injury / death** )
2. Mandatory to cover all manual employees & non-manual employees with an earnings of $2,600 & below (monthly)."

The salary threshold for non-manual employees requiring work injury compensation insurance will be increased to from $1600 to $2600 (monthly wages). Insurance coverage for all manual employees, regardless of salary are still complusory.
4. Comprehensive Insurance Policy

Most of the WIC insurance policies now exclude coverage for some risky work scenarios such as height restrictions , contract value , welding works etc . It would be too late when these employers realise that they had to bear the cost of compensation even though they bought insurance. WEF Sept 2020 , a prescribed core set of standard terms for WICA-compliant policies, employers will be assured of complete coverage - no exclusion for their WICA liabilities. Please note that Common Law ($10 million coverage) might be excluded from WIC policies wef of Jan 2021. However, please check with your agent during renewal as each insurer varies.
How To Proceed With A Claim ?

STEP 1. Contact us / your servicing manger . STEP 2. Submit your accident report to the MOM via the MOM iReport Online Reporting System at http://www.mom.gov.sg/iReport. STEP 3 .Email the MOM IReport together with the required documents to uwa@universalwealth.com.sg for us to process the claims accordingly.
How To Proceed With A Claim ?

STEP 1. Contact us / your servicing manger . STEP 2. An independent adjusters to look into the matter, when necessary. NOTE: It is also necessary for you to take immediate action to mitigate the loss by taking necessary measures to minimise and/or prevent further loss/damage.
What Documents Do I Need To Submit?

1.Fully completed claim form. 2. Photographs of the damaged property 3. CCTV footage showing the incident/loss, if availablePurchased invoices/receipts of the damaged/lost 4. Property Assessment report from repairer on the cause and extent of damage Repair /replacement quotations of the damaged/lost property (Please submit the quotations for our approval before making any repairs/replacement) 5. Accounting records of money lost, if applicable Police report (burglary, robbery or theft) - must be made within 24 hours of the incident As circumstances will be different from claim to claim we may request for additional information or supporting documents which are specific to a claim if require.
What Documents Do I Need To Submit?

1.Fully completed claim form. 2.Medical reports / Inpatient Discharge Summary / Medical note from attending doctor Original medical bills and/or medical certificates / Medical appointment card. 3. Any original receipts / documents to evidence payment of wages. 4. Clinical Abstract form duly signed by the injured worker / Work Permit or NRIC. As circumstances will be different from claim to claim we may request for additional information or supporting documents which are specific to a claim if require.
Useful Advisory - Accident Report

- Establish the facts of the accident when the details of the incident are still fresh in the memory of the parties involved. -Take photographs of the scene to ensure that an accurate first-hand account is available. - Record statements from the parties involved including co-workers and any other witnesses at the scene. - This is especially important if the parties involved are foreign workers who may no longer be in your employ later. - If the accident involves equipment or structures, do not throw away anything until our appointed surveyor has surveyed the scene. Take photographs of the affected equipment or structure before anything is removed. This will help to establish how the accident happened.
Useful Advisory - Accident Report

- Establish the facts of the accident when the details of the incident are still fresh in the memory of the parties involved. -Take photographs of the scene to ensure that an accurate first-hand account is available. - Record statements from the parties involved including co-workers and any other witnesses at the scene. - This is especially important if the parties involved are foreign workers who may no longer be in your employ later. - If the accident involves equipment or structures, do not throw away anything until our appointed surveyor has surveyed the scene. Take photographs of the affected equipment or structure before anything is removed. This will help to establish how the accident happened.
What To Do Upon A Third Party Legal Liability Claim?

1. Let us / your servicing agent know as soon as possible if you receive any thrid party legal claim against you for us to provide immediate support if necessary. 2. Do not admit liability or sign any document agreeing to pay for damages as this may make you personally liable for the damages. 3. Do not reply to any documents received from third parties and forward the documents to us immediately for our assessment and follow up. 4. If you receive a Writ of Summons you must notify us / respective insurance claim division immediately - any delay on your part may make it more difficult to handle the claim. We will need to evaluate each case on its own merits and handle the claims accordingly. 5. Failure to respond to a Writ of Summons will result in Interlocutory Judgment being entered against you. If this happens, your claim will be prejudiced and you may not be covered under your policy. Any additional costs incurred to set aside the judgment will be borne by your company.
What To Do When You Receive A Common Law Claim / Legal Letter ?

Common Law Claims 1. Let us / your servicing agent know as soon as possible if the injured worker or his lawyer starts a common law claim against you so that we can investigate the matter early. 2. Do not admit liability or sign any document agreeing to pay for damages as this may make you personally liable for the damages. 3. Do not reply to any documents received from third parties and forward the documents to us immediately for our assessment and follow up. 4. If you receive a Writ of Summons you must notify us / respective insurance claim division immediately - any delay on your part may make it more difficult to handle the claim. We will need to evaluate each case on its own merits and handle the claims accordingly. 5. Failure to respond to a Writ of Summons will result in Interlocutory Judgment being entered against you. If this happens, your claim will be prejudiced and you may not be covered under your policy. Any additional costs incurred to set aside the judgment will be borne by your company.
What Should I Do When A Fire / Break-in / Property Damages Happens?

1. Contact Civil Defense immediately during a fire outbreak 2. Lodge a police report immediately if your property is lost/damaged by theft/break-in or if a criminal malicious act is involved. 3. Take neccessary action to mitigate the any further damages & loss under safety conditions.
Cheque Payment

Payable To: Universal Wealth Assurance Ageency Pte Ltd Mailing Address : Universal Wealth Assurance Agency Pte Ltd 103 Penang Road #03-06 , Singapore 238467 ***Please indicate your policy number & Company Name at the back of the cheque.
Corporate PayNow

Key in our Unique Entity Number (UEN) 201536266E and make transaction anytime at your convience. Please be reminder to indicate your Policy Number / Company Name under the reference section.
Bank Transfer

Beneficary Name: Universal Wealth Assurance Agency Pte Ltd Bank's Name : MAYBANK Account Number : 0 4 1 6 1 0 7 5 1 4 9 **Please indicate the policy number / name of policy owner under the reference section .
Direct to our Insurer Partners

Check out the available options to pay payment direct: LIBERTY INSURANCE TOKIO MARINE INSURANCE CHUBB INSURANCE SOMPO INSURANCE
Convid 19 Support - Premium Payment Initiatives

In time of crisis, your insurance policy will have play an important role to provide you with financial capital for your losses, enabling your business to rebuild after fires, disasters and accidents, paying for liability claims, and more. Like challenges of the past, we will get through this together and emerge stronger. Detailed installment options to be updated soon...
Renovation Works

Contractor All Risk Project Workmen Injury Compensation
Construction / Civil Engineering Works

Enter your answer here
Performance Bonds

Enter your answer here

WEF 1 SEPTEMBER 2020

WEF 1 JANUARY 2021

Inport & Export

- Marine Cargo Insurance ( Air , Sea , Land)
Vehicles

- Motor Fleet
For Logistics Warehouse Provider

- Warehouse & Bailers' Liability Insurance
Adding Value to Your Business with Keyman Insurance.

Having key person insurance in place may make it easier to get certain types of financing or credit from banks, or infusions of capital from investors, because it helps to lower business risks. If your company merges or goes public, you may be required to have key person insurance on top executives. Taking out key person insurance makes a definitive statement to the employee about his or her importance to the company. This can strengthen relationships and help in retaining these key people. You also have the option of offering part of a payout to the employee’s family. This makes the coverage part of the employee’s benefits package.
Does Your Small Business Need Key Person Insurance Protection?

Take a good look at your business and determine if you have key people who are irreplaceable or whose contributions are so crucial that without them, the business might just fall apart. While large businesses often have many experienced executives that could take up the slack, most small businesses depend on a few individuals to make the business work. This is why key person insurance protection is especially important for maturing small businesses. How much insurance you purchase will depend on your financial needs balanced against what you can afford in premiums.
Is Keyman Insurance very expensive ?

The insurance can be very affordable depending on how much is the sum insured and the product inplace for this strategy, all and all it depends on the company's financial position and the health of the key person .
Minimum Entry Limit

Customised for SMEs of all group size with a minimum of 2 employees .
No Surgurical Cap

Customised for SMEs of all group size with a minimum of 2 employees .
Hassle Free Adminstrative During Claims

User Friendly Mobile App - Outpatient claims may be submitted through our mobile application and online web portal
High Entry Age

High entry age up to 70 years old
Medical Condition Disregard
Adding Value to Your Business with Keyman Insurance.

Having key person insurance in place may make it easier to get certain types of financing or credit from banks, or infusions of capital from investors, because it helps to lower business risks. If your company merges or goes public, you may be required to have key person insurance on top executives. Taking out key person insurance makes a definitive statement to the employee about his or her importance to the company. This can strengthen relationships and help in retaining these key people. You also have the option of offering part of a payout to the employee’s family. This makes the coverage part of the employee’s benefits package.
Does Your Small Business Need Key Person Insurance Protection?

Take a good look at your business and determine if you have key people who are irreplaceable or whose contributions are so crucial that without them, the business might just fall apart. While large businesses often have many experienced executives that could take up the slack, most small businesses depend on a few individuals to make the business work. This is why key person insurance protection is especially important for maturing small businesses. How much insurance you purchase will depend on your financial needs balanced against what you can afford in premiums.
Is Keyman Insurance very expensive ?

The insurance can be very affordable depending on how much is the sum insured and the product inplace for this strategy, all and all it depends on the company's financial position and the health of the key person .
Staying in HDB

HDB’s mandatory fire insurance covers fixtures and fittings, but it doesn’t cover renovations. If your flat has been extensively renovated, you should get home insurance to complement the fire insurance.
Staying in Condominium

Pay attention to personal liability coverage, particularly if your neighbouring unit(s) are being rented out. The landlord may come after you for lost rental income, if their tenants are forced to move out after your fire or flooding.
Staying in Landed Property

It’s strongly advisable to always use all-risk insurance for landed property, as there are just many more things that can go wrong with a property of this size. Take note of temporary accommodation and storage pay outs – chances are, you have a bigger family or much bulkier items, compared to the average home owner. That could mean greater need for storage and temporary housing. Also, look out for debris removal limits: landed properties can reach up to five-digit sums for debris removal.
Does home insurance cover my luxury items / collections ?

Enter your answer here
1. Increase in compensation and medical expenses limits.
3. Light duties will be claimable.

Employees on light duties due to work injuries will be compensated for their lost earnings based on their Average Monthly Earnings (AME). Employers will also have to report any instance of light duty or medical leave moving forward. Compulsory reporting to MOM within 10 days for all work related - accidents. (** ex : MC/ light duties / injury / death** )
2. Mandatory to cover all manual employees & non-manual employees with an earnings of $2,600 & below (monthly)."

The salary threshold for non-manual employees requiring work injury compensation insurance will be increased to from $1600 to $2600 (monthly wages). Insurance coverage for all manual employees, regardless of salary are still complusory.
4. Comprehensive Insurance Policy

Most of the WIC insurance policies now exclude coverage for some risky work scenarios such as height restrictions , contract value , welding works etc . It would be too late when these employers realise that they had to bear the cost of compensation even though they bought insurance. WEF Sept 2020 , a prescribed core set of standard terms for WICA-compliant policies, employers will be assured of complete coverage - no exclusion for their WICA liabilities. Please note that Common Law ($10 million coverage) might be excluded from WIC policies wef of Jan 2021. However, please check with your agent during renewal as each insurer varies.
How To Proceed With A Claim ?

STEP 1. Contact us / your servicing manger . STEP 2. Submit your accident report to the MOM via the MOM iReport Online Reporting System at http://www.mom.gov.sg/iReport. STEP 3 .Email the MOM IReport together with the required documents to uwa@universalwealth.com.sg for us to process the claims accordingly.
How To Proceed With A Claim ?

STEP 1. Contact us / your servicing manger . STEP 2. An independent adjusters to look into the matter, when necessary. NOTE: It is also necessary for you to take immediate action to mitigate the loss by taking necessary measures to minimise and/or prevent further loss/damage.
What Documents Do I Need To Submit?

1.Fully completed claim form. 2. Photographs of the damaged property 3. CCTV footage showing the incident/loss, if availablePurchased invoices/receipts of the damaged/lost 4. Property Assessment report from repairer on the cause and extent of damage Repair /replacement quotations of the damaged/lost property (Please submit the quotations for our approval before making any repairs/replacement) 5. Accounting records of money lost, if applicable Police report (burglary, robbery or theft) - must be made within 24 hours of the incident As circumstances will be different from claim to claim we may request for additional information or supporting documents which are specific to a claim if require.
What Documents Do I Need To Submit?

1.Fully completed claim form. 2.Medical reports / Inpatient Discharge Summary / Medical note from attending doctor Original medical bills and/or medical certificates / Medical appointment card. 3. Any original receipts / documents to evidence payment of wages. 4. Clinical Abstract form duly signed by the injured worker / Work Permit or NRIC. As circumstances will be different from claim to claim we may request for additional information or supporting documents which are specific to a claim if require.
Useful Advisory - Accident Report

- Establish the facts of the accident when the details of the incident are still fresh in the memory of the parties involved. -Take photographs of the scene to ensure that an accurate first-hand account is available. - Record statements from the parties involved including co-workers and any other witnesses at the scene. - This is especially important if the parties involved are foreign workers who may no longer be in your employ later. - If the accident involves equipment or structures, do not throw away anything until our appointed surveyor has surveyed the scene. Take photographs of the affected equipment or structure before anything is removed. This will help to establish how the accident happened.
Useful Advisory - Accident Report

- Establish the facts of the accident when the details of the incident are still fresh in the memory of the parties involved. -Take photographs of the scene to ensure that an accurate first-hand account is available. - Record statements from the parties involved including co-workers and any other witnesses at the scene. - This is especially important if the parties involved are foreign workers who may no longer be in your employ later. - If the accident involves equipment or structures, do not throw away anything until our appointed surveyor has surveyed the scene. Take photographs of the affected equipment or structure before anything is removed. This will help to establish how the accident happened.
What To Do Upon A Third Party Legal Liability Claim?

1. Let us / your servicing agent know as soon as possible if you receive any thrid party legal claim against you for us to provide immediate support if necessary. 2. Do not admit liability or sign any document agreeing to pay for damages as this may make you personally liable for the damages. 3. Do not reply to any documents received from third parties and forward the documents to us immediately for our assessment and follow up. 4. If you receive a Writ of Summons you must notify us / respective insurance claim division immediately - any delay on your part may make it more difficult to handle the claim. We will need to evaluate each case on its own merits and handle the claims accordingly. 5. Failure to respond to a Writ of Summons will result in Interlocutory Judgment being entered against you. If this happens, your claim will be prejudiced and you may not be covered under your policy. Any additional costs incurred to set aside the judgment will be borne by your company.
What To Do When You Receive A Common Law Claim / Legal Letter ?

Common Law Claims 1. Let us / your servicing agent know as soon as possible if the injured worker or his lawyer starts a common law claim against you so that we can investigate the matter early. 2. Do not admit liability or sign any document agreeing to pay for damages as this may make you personally liable for the damages. 3. Do not reply to any documents received from third parties and forward the documents to us immediately for our assessment and follow up. 4. If you receive a Writ of Summons you must notify us / respective insurance claim division immediately - any delay on your part may make it more difficult to handle the claim. We will need to evaluate each case on its own merits and handle the claims accordingly. 5. Failure to respond to a Writ of Summons will result in Interlocutory Judgment being entered against you. If this happens, your claim will be prejudiced and you may not be covered under your policy. Any additional costs incurred to set aside the judgment will be borne by your company.
What Should I Do When A Fire / Break-in / Property Damages Happens?

1. Contact Civil Defense immediately during a fire outbreak 2. Lodge a police report immediately if your property is lost/damaged by theft/break-in or if a criminal malicious act is involved. 3. Take neccessary action to mitigate the any further damages & loss under safety conditions.
Cheque Payment

Payable To: Universal Wealth Assurance Ageency Pte Ltd Mailing Address : Universal Wealth Assurance Agency Pte Ltd 103 Penang Road #03-06 , Singapore 238467 ***Please indicate your policy number & Company Name at the back of the cheque.
Corporate PayNow

Key in our Unique Entity Number (UEN) 201536266E and make transaction anytime at your convience. Please be reminder to indicate your Policy Number / Company Name under the reference section.
Bank Transfer

Beneficary Name: Universal Wealth Assurance Agency Pte Ltd Bank's Name : MAYBANK Account Number : 0 4 1 6 1 0 7 5 1 4 9 **Please indicate the policy number / name of policy owner under the reference section .
Direct to our Insurer Partners

Check out the available options to pay payment direct: LIBERTY INSURANCE TOKIO MARINE INSURANCE CHUBB INSURANCE SOMPO INSURANCE
Convid 19 Support - Premium Payment Initiatives

In time of crisis, your insurance policy will have play an important role to provide you with financial capital for your losses, enabling your business to rebuild after fires, disasters and accidents, paying for liability claims, and more. Like challenges of the past, we will get through this together and emerge stronger. Detailed installment options to be updated soon...
Renovation Works

Contractor All Risk Project Workmen Injury Compensation
Construction / Civil Engineering Works

Enter your answer here
Performance Bonds

Enter your answer here

kisspng-logistics-transportation-managem

WHAT CAN YOU EXPECT FROM THESE CHANGES ?

REPORTING OF WORK-RELATED INCIDENT

Employers are required to report to MOM and their insurers of any work accident resulting in employee’s death, hospitalisation or any instance of medical leave or light duties , within 10 days of the accident. ** irregardless of the number of days of medical certificate issued by the doctors

WHAT WILL HAPPEN TO YOUR POLICY WEF 1ST JAN 2021?

Your policy will be covered under the new compensation limits automatically :

Policy Renewed Before 1ST JAN 2021: Your policy coverage will only be revised during the next policy renewal (2021).

Policy Renew On/After 1ST JAN 2021 : Ensure the policy aligned with MOM's compulsory policy requirements assured by designated insurance provider (Especially for Construction related business ).
- Policy should not have any exclusion

INCREASE IN PREMIUM

With the above enhancements in providing a comprehensive worker's compensation insurance and the accessibility to MOM's shared system with the insurers ( your company's past claim history and total wages paid , number of headcounts etc ) , be prepared for a premium increase for your upcoming renewal.

Transparent datas shared by all insurer.

As the calculation of premium charged rely on the claim experience of the company and the risk of job scope to be covered . Data transparency allows insurers to access on companies' details instead of relying on client's declarations ( Ex: claim history , total headcount and wages declared for each of their employees to be covered etc ).

No Exclusion

Higher risk for the insurer to bear which will result in higher premiums imposed for some industry ( ex: construction , renovations , logistics , shipping , offshore etc )

How will your operations be affected ?

More employees to be covered under employment act. ( Monthly wages $2600 & below )

Compulsory reporting to MOM / insurer i for any work-related accident (Timeframe: within 10 days).

Examples of work-related accidents

Fell from the stairs while sending documents to another office.
Met with an car accident after a business convention , within working hours.
Met with a robbery and injured overseas during business trip.
Fought with other party with the objective to protect company's assets / interest .

F0R OFFICES & ADMINSTRATIVE

Non-Labour Intensive Business

Labour Intensive Business

CONSTRUCTION & RENOVATION

INDUSTRY

PROJECT INSURANCE

(Project Contractor All Risk + Workmen Injury Compensation )

Every contractor ( Main-contractor & Sub-contractor ) should rely on their annual WIC insurance to protect their employees during work.

Project workmen injury compensation (WIC) will be outlawed WEF 1 Sept 2020 and will no longer be recognised by the authorities.
Third party liability & material damage covered under Project contractor all risk (CAR) remain unchanged.

FOR EXISTING PROJECT INSURANCE

The WIC coverage attached to the project insurance might be terminate and premium refund will be prorated accordingly . However, as every insurer might have different arrangements, please check with your agent directly.

NOTE

Existing WIC policies attached with project insurance will be allowed 1 year from Sept 2020 to run off and insurers will no longer underwrite project WICA from Sept onwards.

FOR GENERAL CONTRACTOR (Main-Con / Sub-Con )?

Every employer ( Main-contractor & Sub-contractor ) should rely on their annual WIC insurance to protect their employees during work. Being the main contractor of the project , you are still responsible for the safety of the entire team even though affected subcontractor are suppose to claim against their companies' WIC insurance instead of the project WIC insurance.

Following points for your reference:

Ensure that all subcontractors are covered with a valid insurance issued by MOM's designated insurer before commencement of the project.

All site-related accidents are reported to relevant authorities and affected employees are compensated .

WITH A COMPREHENSIVE WIC INPLACE , DO WE STILL NEED TO COVER FOR FWMI ? (Foreign Employee Medical Insurance Plan)

Both coverage covers different needs for your employees. As an employer, it is also compulsory to buy and maintain foreign worker medical insurance (FWMI) coverage of at least $15,000/year for each work permit and S-Pass holder.

Foreign Worker Medical Insurance covers inpatient care and day surgery, including hospital bills for conditions that may not be work related. Whereas, Work Injury Compensation Insurance covers accidents arising out of and in the course of employment. Unless there is evidence to prove otherwise, an accident in the course of employment is regarded as arising out of employment.

OUR ADVISORY

KEY NOTE : Ensure work place safety at all times.

Work out with your team / supervisors / safety officers and your insurance agent to implement solutions suitable for your business risk.
- Issuance of warning letters to employees who violate safety regulations repeatedly , these will act as a deterrent for any future claims .

Your insurance agents plays a part to manage every claim properly to prevent high renewal premium loading moving forward.

Safety officers and supervisors should ensure all workers adhere to the safety guidelines and be more attentive to looking out of the employees during work.

Look into the insurance details instead of the cheapest premium, ensure that the policy meets your business nature and reduce the risk of any financial loss to the company upon claims.

Summary - ADAPT, PREPARE & MANAGE

While inevitably for some industries ( Construction/ logistics /Marine etc ) will be facing an overall increase in the premium this renewal. Ensuring work safety and working closely with your trusted agent, leveraging on their expertise to manage your account are the key solutions to minimise financial risk in the event of a claim.

We sincerely hope that everyone in your company is still strong and healthy , as we believe that we will conquer this period together. While we may not know when this will end, my team is committed to provide the best possible service experience to you and your company. Be safe and stay healthy.

josue-isai-ramos-figueroa-Pj4je7OjrME-un

ADAPT, PREPARE & MANAGE

Lastly , We sincerely hope that everyone in your company is still strong and healthy , as we believe that we will conquer this pandemic convid-19 period together. While we may not know when this will end, my team is committed to provide the best possible service experience to you and your company. Be safe and stay healthy.

WEF 1 SEPTEMBER 2020

WEF 1 JANUARY 2021