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MSIG Holdings Concludes Property Recovery Service Agreement with BELFOR Asia
Mitsui Sumitomo Insurance Co., Ltd.
MSIG Holdings (Asia) Pte Ltd (a fully-owned subsidiary of Mitsui Sumitomo Insurance Co., Ltd.) has reached a property recovery service agreement with BELFOR (Asia) Pte Ltd (the Asian Pacific regional headquarters of integrated disaster recovery and restoration services global leader BELFOR of Germany) under a contract signed in Singapore in December 2010. Under the agreement, which took effect in January, BELFOR will perform property recovery services in 11 jurisdictions in the Asia region. MSIG Holdings, which has the leading foreign non-life network in the Asia region, plans to tap BELFOR's leading technology to offer even higher quality property services to its customers in the region.
1.Services and Benefits under Property Service Agreement
- (1) Scope of Services
In the event of damage to machinery and equipment caused by incidents including fire and natural disaster, BELFOR's professional services delivered immediately after the incident will facilitate the quick restoration of customers' machinery and equipment to pre-incident condition and capacity by minimizing the replacement of affected property and parts. The scope of the agreement covers:
-  Immediate stabilization of machinery and equipment condition (smoke and soot decontamination, dehumidification, and prevention of corrosion);
-  Precision cleaning of all affected surfaces and recovery work;
-  Assessment of the extent and severity of contamination, damage and recoverability, and proposal of recovery measures and required time frame for completion of recovery work.
- (2) Territories
Singapore, Indonesia, Malaysia, Thailand, Myanmar, Cambodia, Laos, Vietnam, Philippines, Brunei, Hong Kong
MSIG Holdings may expand the territories for this service in the future as per requests from our customers.
- (3) Beneficiary of Services
Policy holders of property insurance issued by Mitsui Sumitomo Insurance Co., Ltd., and its subsidiaries in the countries above.
- (4) Date of Commencement of Services
Effective from January 2011 (both existing and new insurance agreements).
- (5) Service Fees
Free of charge in principle for Policyholders set forth above with some exceptions (e.g., customers whose Policies do not include insurance coverage).
- (6) Benefits of Services
Rapid execution of property recovery services under this agreement will enable customers to return to business operations at the earliest possible time. In addition to reducing the cost of reinstatement of machinery and equipment, the agreement will significantly contribute to minimizing business interruptions such as loss of profits, consequential losses, and risk of losing customers.
2.Background of This Agreement
- (1) Demand for recovery services has grown in Asia region markets as well as among Japanese customers. MSIG Holdings' Asia region customers have been faced with an increased number of losses caused by fire and natural disasters, such as typhoon and floods, due to the recent relocation trend of manufacturing facilities from Japan to the Asia region.
- (2) BELFOR is the leading global disaster recovery service provider with more than 170 offices in 30 countries worldwide.
Please direct any queries to the following persons.
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