First Insurance Payout

Monday, 3 October 2011

Insurance Payout

Burglary victim gets insurance payout thanks to USJ11/3 Residents Association's initiative

AN innovative initiative to insure all 500 houses who had subscribed to the Gated & Guarded scheme by the USJ11/3 Residents Association paid off when one house owner whose house was burgled received a “small windfall”.K.K. Ng, 64 received his insurance payout of RM9,925 recently from committee members of the association led by its chairman Ng Peng Hin.

“We insured every household for RM10,000 each in the eventuality of a burglary.”

“This is the first claim to be paid out by the insurance company since we started almost a year ago,” Ng said.
According to Ng, every household contributed RM50 monthly for security guards, maintenance of the fencing parameter and CCTV among others under their G&G scheme.

“We had some excess funds from the RM50 we collected from each household. So we invested it in insurance to cover for burglaries,” Ng said. K.K. Ng said although the amount was not enough to cover his losses, he was happy to receive the insurance payout.

“The break-in happened in June and we got the payout this month,” he said.