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Change in Fire Insurance Provider from 1 August 2020

Please be informed that our appointed fire insurance provider has been changed to Allianz Insurance Singapore Pte. Ltd. (“Allianz”) from Allianz Global Corporate & Specialty SE, Singapore Branch (“AGCS Singapore”), with effect from 1 August 2020. Both Allianz and AGCS Singapore are part of the Allianz Group.

Notification letters will be sent to affected Bank customers to inform them of this change as well as the impact to their existing fire insurance arranged by Standard Chartered Bank (Singapore) Limited (“SCBSL” or the “Bank”).

Please refer to the FAQs below for more information.

Frequently Asked Questions (FAQs)

1. Why is there a change in fire insurance provider?

SCBSL and AGCS Singapore have been in an exclusive partnership for the distribution of general insurance products in Singapore such as travel, motor, health and home content insurance since 2017.

As a testament to the Allianz Group’s commitment to the Singapore market, a new composite insurance entity, Allianz, has been established by the Allianz Group to better serve the local retail and SME markets.

With effect from 1 August 2020, the general insurance products offered by AGCS Singapore as distributed by SCBSL will be offered and underwritten by the new company, Allianz. There will be a progressive migration of the underwriting of these general insurance products to Allianz, which will take place over an agreed migration period. Correspondingly, the fire insurance policy for any property mortgaged to SCBSL (“Property”) will be arranged by SCBSL with Allianz, instead of AGCS Singapore, in accordance with the migration schedule described in more detail below (see Q5 below).

2. Can you let me know more about the Allianz Group?

The Allianz Group serves over 100 million retail and corporate customers in more than 70 countries, making it one of the world’s largest insurers and asset managers. In 2019, over 147,000 employees worldwide achieved total revenues of 142.4 billion euros and an operating profit of 11.9 billion euros. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property and health insurance to assistance services to credit insurance and global business insurance.

3. How does this affect me as an existing AGCS Singapore fire insurance customer?

No action is required from you if you wish to continue your fire insurance policy with Allianz.

The product coverage and premium rate under the fire insurance policy issued by Allianz will be the same as that under your existing fire insurance policy issued by AGCS Singapore.

4. What is the purpose of this fire insurance?

If you have property(ies) mortgaged to SCBSL (“Property”), you would be required to insure your Property against fire and extraneous perils. Unless we have agreed otherwise, the Bank would have arranged for fire insurance coverage for the Property with our appointed fire insurance provider, of which you are responsible for all fire insurance premium and renewal payments.

5. When will my fire insurance policy with Allianz be effective?

From 1 October 2020, upon expiry of your existing fire insurance policy, whether arranged by the Bank with MSIG Insurance (Singapore) Pte Ltd (“MSIG”) or AGCS Singapore, or self-arranged with other insurers, your new fire insurance policy shall be effected with Allianz, unless we receive the requisite documents (as set out in Q6 below) from you at least 30 calendar days before the expiry of your existing fire insurance policy.

If your existing fire insurance policy is due to expire on or after 1 October 2020, we will effect your new fire insurance policy under Allianz upon expiry of your existing fire insurance policy, for a period of 12 months.

If your existing fire insurance policy is due to expire before 1 October 2020, we will renew your fire insurance policy under AGCS Singapore upon expiry of your existing fire insurance policy, for a period of 12 months. Upon its subsequent expiry, we will then effect your new fire insurance policy with Allianz.

If you have been granted a new facility secured against the Property with the Bank previously but the loan is yet to be disbursed and your fire insurance policy for the Property is not in effect as at 7 August 2020, SCBSL will arrange for such fire insurance policy to be underwritten by Allianz. Your Allianz fire insurance policy will be effective:

  • on the same date as loan disbursement date for a completed Property; or
  • upon Temporary Occupation Permit for a Property that is still under construction.

6. Can I use an insurer of my choice for my fire insurance policy?

Yes, you may use an insurer of your choice, but it is subject to the Bank’s approval. Please take note of the fees and documentary requirements as indicated below should you wish to use an insurer of your choice. Please forward the requisite documents to the Bank at Retail Lending, Tampines Central Post Office, P.O.BOX 0085, Singapore 915203 for validation.

a) An annual fee of SGD100 will be deducted from your mortgage loan repayment account with the Bank; and

b) You will need to ensure that the following documents are forwarded to the Bank:

  • Original duly signed Letter of Undertaking (you may request for a copy of this form by calling the Bank’s hotline at +65 6747 7000); and
  • A copy of your self-arranged fire insurance policy stating:
    • Standard Chartered Bank (Singapore) Limited as the Mortgagee;
    • Non-cancellation clause and Mortgagee Clause;
    • Sum Insured as determined by the Bank; and
    • A copy of the receipt showing that the premium for your self-arranged fire insurance policy has been paid.

If all of the above documents are not received by the Bank within 30 calendar days before the expiry of your existing fire insurance policy, the Bank will share your details with Allianz and instruct Allianz to effect your new fire insurance policy. The details shared will include your name, insured Property, mailing address and identification number.

7. When can I expect to receive my new fire insurance policy from Allianz?

Where applicable to you (see Q5 above), Allianz will send the new fire insurance policy to you within 30 calendar days of expiry of your existing fire insurance policy or effective date of your new fire insurance policy.

8. How will the premium for the fire insurance policy be deducted?

For an Allianz or AGCS Singapore fire insurance policy arranged by the Bank, the premium will be deducted from your banking facility repayment account. If you are purchasing the fire insurance policy from an insurer of your choice following the Bank’s approval, please pay your premiums directly to your appointed insurer.

9. What happens when I redeem my facilities secured against the Property?

Upon redemption of your facilities, the Bank will send a letter to Allianz to terminate your fire insurance policy. A copy of this letter will also be made available to you.

10. Where is Allianz’s office located?

Allianz’s office is located at 12 Marina View, #14-01, Asia Square Tower 2, Singapore 018961.

11. If I have questions regarding the migration and/or my Allianz fire insurance policy, who can I contact?

Please call Allianz at 1800 222 1818 (local toll-free) or +65 6222 1919. Allianz’s operating hours are Monday to Friday (excluding public holidays) between 9:00 AM to 5:00 PM. Alternatively, you can email them at customerservice@allianz.com.sg.