The Building Management Association of Malaysia (BMAM) has signed a memorandum of understanding (MoU) with Allianz General Insurance (Malaysia) Bhd (AGIC) to provide a comprehensive professional building management liability insurance policy for its members and registered building managers.

Its president, Teo Chiang Kok, said the policy among others, would cover a comprehensive range of risks and liabilities usually faced by building managers during the course of performing their duties of maintaining and managing industrial, commercial and residential buildings.

"We have been receiving calls from building owners claiming that property managers were not performing their duties well. So, we hope this policy will improve professionalism and expertise among our property managers," he told reporters after the signing of the MoU, Monday.

Meanwhile, AGIC chief executive officer Zakri Khir said management of a building not only included building maintenance and addressing complaints but also potential financial and legal risks.

"Therefore, it was essential for building management to be protected with a reliable and comprehensive insurance plan," Zakri added. - Bernama