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Property and Pecuniary Insurance LECTURER : DR. HARTINI AB GHANI COMPANY : Prepared by: 1. NUR AMALINA BINTI AZIZAN ( 052990) 2. NUR AIN HUMAIRA BINTI MOHD KHAIRUL (052955) 3.NUR AFRINA AQILAH BINTI ZULKIFLI (052993) 4. NUR FATHIN AMIRAH BINTI ZAMRI (052962) 5.SITI AISYAH BINTI AHMAD NIDZAM (052972)
• Founded in 1940 as restaurant • Operated by Richard and Maurice McDonald • Located at San Bernardino, California, United States Background of the company Background McDonald Location Background in Malaysia • Gong Badak, Kuala Terengganu • First opening in 1982 • At Jalan Bukit Bintang , Kuala Lumpur • Built name in Malaysia for the first time in December, 1980 Why we choose this company • we saw that many insurance can be taken on this company • a common restaurant among us in Malaysia
Commercial Auto Insurance Proposed Insurance Coverage
This can be especially important if uses motorbikes as a delivery service vehicle, as the accident rate is much higher and often more severe to the operator in terms of injuries than in a car. • Therefore, by using motorbikes, it will need to purchase fast food insurance for motorbikes. • At this point,uninsured motorist coverage also pays for any injuries and, in some circumstances, certain property damage caused by an uninsured or a hit-and-run driver. • In some cases, underinsured motorist coverage is also included. This is for cases in which the at-fault driver has insufficient insurance.
The burglary or theft policy covers the insured against loss or damage to the insured property consequent upon actual, forcible and or violent entry into or exit from the premises, or damage to insured property or to the premises as a result of theft or any attempt threat including armed robber or hold-up. As for the McDonald’s company, this restaurant is very concerned about their food and products. Therefore by having this insurance, they would take precautions against theft. Theft / Buglary Insurance
This theft burglary Insurance policy covers burglary and Theft with forcible entry to and exit from the building, damage to the building due to burglary and theft or any attempt thereat and sum insured on a first loss or full value basis. Therefore, McDonald’s company would immediately called trusted agent if anything occurred to their restaurant. First thing first is they would report to the Police immediately and obtain a copy of the Police Report . McDonald’s would not discard, remove or commence any repair works of the damaged items without receiving any approval. As for sure, as the loss was quite substantial, the agent informed that a firm of adjusters would be appointed to look into the loss.
Plate GlassInsurance EXAMPLE:
There are some property coverages that McDonalds restaurant should have: SEWER BACKUP The sewer backup endorsement covers physical loss to covered property if the loss is caused by a discharge of water or waterborne material from a sewer, drain or sump located on the premises listed in the endorsement. BUSINESS INCOME Fire or other hazards can damage property in the restaurant and force the business to close, the business is likely to incur significant revenue losses. So, we can avoid such incidents by buying business income coverage. UTILITY INTERRUPTION: EMPLOYEE THEFT:
There are some property coverages that McDonalds restaurant should have: SEWER BACKUP The sewer backup endorsement covers physical loss to covered property if the loss is caused by a discharge of water or waterborne material from a sewer, drain or sump located on the premises listed in the endorsement. BUSINESS INCOME Fire or other hazards can damage property in the restaurant and force the business to close, the business is likely to incur significant revenue losses. So, we can avoid such incidents by buying business income coverage. UTILITY INTERRUPTION: EMPLOYEE THEFT:
FIRE INSURANCE DEFINITION A fire insurance contract is defined as an agreement between the insurers and the insured.Fire insurance can be capped, requiring a separate fire insurance scheme, at a premium that is less than the expense of the damages incurred. FUNCTION The function of fire insurance is to make good the financial loss suffered by an individual as a result of fire. Fire insurance can never replace fire waste.It merely effects equitable distribution of such waste among all those who are insured.
Subject matter of fire insurance is any kind of moveable or immovable property having pecuniary value.Such properties will include is kitchen tools,McCafe machine coffee,chairs,counter bar and etc. A standard fire policy cover or scope of coverage for fire insurance is provided in respect of three perils such as : Fire lightning explosion SUBJECT MATTER SCOPE OF COVER
Product liability insurance will cover claims that are related to the products you sell, including food poisoning claims. Breach of conditions implied in a contract of sale by the Sale of Goods Ordinance 1957 may cause the seller to be liable to the buyer for the breach itself and the harm resulting from it. To protect the company against possible instances of liability, a manufacturer or a person who performs some work or who carries out some process on goods should effect a product liability policy. Premise liability protection protects all incidents on the premises of the restaurant. Know that insurance on premises liabilities does not protect the way that a visitor to your organization can be harmed. Premises liability insurance also does not cover employee injuries and damage to your own business property from fire, vandalism, theft, and etc. LIABILITY INSURANCE product liability insurance premises liability insurance
Working Compensation Insurance DEFINITION Why this insurance important ? - Workers compensation or workers'comp is a form of insurance providing wages replacement and medical benefit to employees injured in the course of employment • It can protect your employee • It can protect your business • It will help business avoid the real cost of an employee medical expenses SCOPE OF THE COVER • medical expense • lost wages • on going care cost • funeral expenses
Conclusions As we move through life and start a business, the importance of insurance in a long term plan increases 1 It is important to protect your assets, both business and personal Without insurance coverage, business owners may have to pay out-of-pocket for costly damages and legal claims against their company 2 3 Proper insurance coverage can help all business owners to achieve their goals and focus their attention on what the best they can do . 4
