EGM in March (for fire insurance)

we will call an EGM (extraordinary general meeting) in March, mainly for the renewal of fire insurance, at the same time, may also bring up other matters for residents to consider, or approval for implementation.

our current fire insurance policy will expire at the end of March, at this time we feel we should let resident to decide what kind of coverage they wish to have, especially for the last few years, our property value has jumped up so much!

in year 2009, when JMB jz took over the management from the developer, the insurance premium per unit was abt RM95, as those days the property value per unit in Vista was abt RM140k, then the following few years we kept it at the same rate but later on we forced to rise to RM105 as property value increased to abt 180k per unit, the reason of the rise of the insurance premium is to provide bigger coverage for resident's apartment shall fire happen in the unit, but early last year as property value has reached 220K per unit, we forced to increase the premium to RM125 per unit, this has caused some complaint from residents as they don't understand the reason of the increment on the premium, worse still, some residents have even speculated some hanky panky may have taken place in our dealing with the insurance matter.

so as now, property value has further increased to abt RM300k per unit, inevitably, the coverage need to be up again, in another words, premium will increase too. so this time we have got the insurance agent to quote us the coverage at few level, from 150k, 200k, 250k and 300k. Each level of coverage will come with different amount of premium, we will present the packages to residents for them to choose, and during the EGM we will try our best to explain to our residents the detail of the plan, we also may invite the insurance agent to attend the EGM, and if it's needed then we will get him to answer the question.

the MC will meet on this Sunday to discuss abt this, once finalized then the notice of meeting will be sent to our residents, we trust that our residents will make the best decision during the EGM.

thank you.