Renewal of the fire insurance

The JMC made the decision to renew the fire insurance policy with Tokio Marine TM life which is the biggest insurance company in Japan. If there is a total loss, we are insured for RM 90 000 000. Total loss is highly unlikely unless PV 10 is totally destroyed in a natural disaster. Our buildings are covered against fire, flood, earthquake and also malicious acts. We are also covered under a public liability policy against third party claims.

The total premium that we have to pay is RM 83 315.30. This amount has to be shared by all the owners. I guess the total amount that each owner has to pay is about RM 100 as reflected in the latest statement. We cannot utilize the management fund to pay for the insurance cover. Our monthly collection is about RM 110 000. If we utilize RM 83 000 from the management fund to pay for insurance, we would not have enough money to pay for electricity bill and other bills.

Goodnight and have a nice day.

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