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Important Information

Enhancement to Allianz Fire Protect 2 from 19 July 2024

Please be informed that our appointed fire insurance provider, Allianz Insurance Singapore Pte. Ltd. (“Allianz”), will be launching an enhanced Residential Fire product called Allianz Fire Protect 2 which will replace their current product Allianz Fire Protect, at no increase in premium, effective from 19 July 2024 (the “Effective Date”).

With this enhancement, all customers currently under Allianz Fire Protect (including those whose insurance has yet to take effect as on the Effective Date) will have their fire insurance policies progressively enhanced to be under Allianz Fire Protect 2. To clarify, there will be no further action required from all customers.

Notification letters will be sent by Allianz to all existing Allianz Fire Protect policyholders to inform them of this change.

Please refer to the FAQs below for more information.

Frequently Asked Questions (FAQs)

Question Answer
1. When will my fire policy be effected under the new enhanced product?

As a testament to the Allianz Group’s commitment to the Singapore market, a new enhanced product will be launched to better serve our mortgage clients.

With effect from 19 July 2024, if you have previously signed the Allianz proposal forms under Allianz Fire Protect but the fire insurance has yet to be effected as at 19 July 2024, SCBSL will arrange for your new fire insurance policy coverage to be effected under Allianz Fire Protect 2. No action is required if you would like us to continue the bank-arranged fire insurance with 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.

For existing policyholders with Allianz, there will be a progressive migration, which will take place over an agreed period. From 1 September 2024, upon expiry of your existing fire insurance policy, arranged by the Bank with Allianz, your new fire insurance policy shall be effected under the new Allianz Fire Protect 2 unless we receive the requisite documents (as set out in Q5 below) from you at least 30 calendar days before the expiry of your existing fire insurance policy

2. Can you let me know more about the Allianz Group? The Allianz Group serves over 125 million retail and corporate customers in nearly 70 countries, making it one of the world’s largest insurers and asset managers. In 2023, over 157,000 employees worldwide achieved total revenues of 161.7 billion euros and an operating profit of 14.7 billion euros. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life, and health insurance to assistance services to credit insurance and global business insurance.
3. How does this affect me as an existing Allianz fire insurance customer?

As part of this enhancement, all customers who have currently signed proposal form under Allianz Fire Protect will be automatically enrolled in Allianz Fire Protect 2 upon the policy’s effective date.

For existing customers with effective renewal date from 1 September 2024 onwards, you will be automatically enrolled in Allianz Fire Protect 2 upon renewal.

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. 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.

6. When can I expect to receive my new fire insurance policy from Allianz? Where applicable to you (see Q4 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.
7. How will the premium for the fire insurance policy be deducted? For an Allianz 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.
8. 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.
9. Where is Allianz’s office located? Allianz’s office is located at 79 Robinson Road, #09-01, Singapore 068897
10. If I have questions regarding my Allianz fire insurance policy, who can I contact? Please call Allianz at +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.