Alex Tan, Author at Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Travel Safe Enhanced–China Taiping Insurance Singapore

6 August 2015 By Alex Tan Leave a Comment

Dear Value Travellers,

China Taiping Insurance Singapore is launching their new Travel Safe Enhanced on 5th August 2015. Travel Safe Enhanced will replace the existing Travel Safe Policy which will offer policyholders with utmost benefits and a peace of mind!

A list of enhanced benefits and new benefits are provided below:

There will also be a 10% discount for Single Trip Policy!

Interested travellers looking to insured your overseas trip please contact me via email with information on your trip for a quotation!

Higher Compensation for Workplace Injuries

3 August 2015 By Alex Tan Leave a Comment

Recently, the government has announced some changes to the Work Injury Compensation Act, or known as WICA. According to a Straits Times article dated 30 July 2015, there will be changes to the compensation limits The existing limits were set in 2012 based on the 2010 median wage of resident employees. From 1 January 2016, the increase in limits, estimated to be about 20%, can be seen as followed:

Changes are made to adjust to inflation, as well as the increase in median nominal wages of employees. Furthermore, medical treatment that helps the injured workers return to work earlier such as physiotherapy, occupational and speech therapy, and worksite assessment expenses etc will also be claimable starting from next year.

For clients seeking to insured their employees on WICA, please do not hesitate to contact me or drop me an email.

See more information on stratimes.com and mom.gov.sg

Fire accidents happening in Singapore

30 July 2015 By Alex Tan Leave a Comment

Image via Flickr user SJFD_CPR

Fire safety is an important aspect of home and workplace safety. A lot of us, especially new home owners, are unaware on the importance of insuring our homes with sufficient fire insurance coverage. Most will probably try to pay as low premium as possible, thinking that such fire cases are unlikely to happen.

A fire can break out anywhere and at any time because of unexpected causes such as a power overload, a short circuit, a kitchen accident or a lightning strike. According to Singapore Civil Defence Force (SCDF), there is a total of 4,724 fires broke out in Singapore last year, 2014. Of this number, 2,888 (61.1%) fires involved residential premises, and 565 cases (12.0%) took place in commercial premises. The remaining 1,271 (26.9%) were non-building places which involved vegetation and vehicles on road. In this year 2015, there are 10 cases of fires outbreak over the past few months, 5 of which involved residential premises.

You can play your part by not discarding items at common area such as corridors, lift lobbies and void decks. Smokers should also take more precaution by making sure cigarette butts are completely extinguished before disposing into rubbish chutes or bins.

Here are more fire safety tips (source from SCDF) for residential premises which we could take precautions:

FIRE SAFETY TIPS – RESIDENTIAL PREMISES

Ø Discarded Items

1. Do not leave unwanted furniture and items at common areas such as corridors, lift lobbies, void decks and staircases.

2. Arrange with your Town Council or Management Office if you require assistance for the disposal of unwanted bulky items such as cupboards, sofas, etc.

3. If you notice discarded items at the common areas, please alert your local Town Council or Management Office.

Ø Rubbish Chutes/Bins

1. Completely extinguish lighted materials e.g. cigarettes and sparklers before disposal into rubbish chutes/bins.

2. Douse charcoal embers with water before disposal into rubbish chutes/bins.

3. Avoid throwing flammable substances like paint, oil or kerosene into rubbish

Ø Cooking

1. Never leave cooking unattended as it can result in fires; turn off the gas supply and cooking appliances whenever they are not in use.

2. Petrol or kerosene should not be used to start a BBQ fire – they can flare up unexpectedly; use fire-starters instead.

3. Charcoal should be doused with water when cooking is done.

4. Keep cooking appliances including the stove-top, cooker hoods and ovens clean and free of greases.

5. Keep flammable liquids (e.g. cooking oil and wine) and combustible materials away from heat sources such as the stove.

6. Keep LPG cylinders in a well-ventilated area.

Ø Electrical Appliances

1. Never overload electrical outlets with electrical appliances.

2. Always switch off appliances when they are not in use.

3. Check the condition of wires regularly. Frayed wires or cracked cords should be replaced or repaired by licensed electricians.

4. Do not run wires under carpets or mats and keep them away from hot surfaces.

5. Use electrical plugs which carry the SAFETY Mark

Ø Housekeeping

1. Keep matches, lighters and candles out of children’s reach.

2. Store flammable substances in a safe place.

3. Do not place window curtains or any combustible materials near praying altars, stoves or lighted materials.

4. After parties or gatherings, check for smouldering cigarette butts around and under the sofa, chair cushions and carpets.

5. Lit candles should also be kept away from paper, curtains and furnishings. They should be placed in stable holders on heat-resistant surface. It is also not advisable to leave candles burning in a room unattended.

Ø Decorations and Lightings

1. Check the decorative lighting fixtures before use. Blown bulbs and frayed wires should be replaced using the service of licensed electricians for repairs, if necessary.

2. Do not leave decorative lighting fixtures switched-on when leaving home or when going to bed. Indoor lighting fixtures should not be used in outdoor area to avoid electric shocks and short circuits.

3. Use decorative lighting fixtures which carry the SAFETY Mark. Similar to electrical appliances such as fans, decorative lighting fixture is also a Controlled Good under the Consumer Protection (Safety Requirements) Registration Scheme, which is administered by SPRING Singapore.

4. Decorations made of light tissue paper or cardboard burn easily. Do not attach them to lights or other heat source, and always keep them away from candles.

Ø Handling Sparklers

1. Sparklers should be kept in a closed box and away from flames.

2. When being used, it should be lit at arm’s length and only one at a time. Children playing with sparklers must be supervised by parents/adults.

3. Lighted sparklers should never be thrown at combustible materials.

4. When a sparkler goes out, do not immediately touch the hot end for it could still burn; put the hot end in a bucket of water to fully cool it down before disposing it safely.

5. Follow the safety instructions as stated by the manufacturer. These instructions are typically found on the box housing the sparkler.

See more information on scdf.gov.sg

Tokio Marine Travel Insurance Promotion 4th May 2015 to 30th June 2015

4 May 2015 By Alex Tan 1 Comment

Planning to go on an overseas trip during the school holidays? Tokio Marine is glad to announce a 1o% discount for ALL travel insurance policies with travelling period from 4th May to 30th June 2015. While travelling during the school holiday season can be costly, don’t let it hinder you from being insured against travel risks. Refer to the chart below for pricing. Prices are quoted before discount. Email sales@credence.agency for more details.

Premium rates at a glance

Coverage at a glance

China Taiping Motor Insurance Benefits Enhancement

4 May 2015 By Alex Tan Leave a Comment

With effect from today, 04 May 2015, China Taiping will provide FREE NCD Protector to all customers with 10% & 20% NCD. In other words, all customers with NCD will enjoy FREE NCD PROTECTOR in future. The NCD (No Claims Discount) Protector is an extension of your motor insurance car policy that protects your NCD status. It allows you to make a claim without losing your NCD status. As for renewals, it will apply for policy commencing on 01.07.15 . Benefit does not apply to existing customers who has claims history in the preceding year.

Furthermore, China Taiping will also reduce premium rates for both commercials and private vehicles. To find out how much competitive are their rates, click here to submit your details for quotation.

May–July COE quota to increase

16 April 2015 By Alex Tan Leave a Comment

Another piece of good news for motor drivers! LTA has announced there will be an increase in the no. of COE quota for the months of May June July, which is 41% more than the Feb-March-April period. During the first quarter we have seen price fluctuates, where prices drop during the introduction of the increment, only to rise back up after the government announced changes to the revised CEVS rebate that will kick start in 1 July 2015.

Looking at the chart from Straits times papers dated 16/04/15, the monthly quota for the CAT A & B for the May-June-July period are 2853 and 1856, up from period of 1973 and 1444 respectively. Looks like its time to head down to the motor show room again to enquire more on the pricing. Most car owners will aim to get one before 1 July, taking advantage of the CEVS rebate before it change.

Lets not miss out this window opportunity again.

*Source and data from LTA & The Straits Times

Primary 5 Math Exam Question

13 April 2015 By Alex Tan Leave a Comment

I received this question from a friend yesterday and was really amazed at the type of question that primary 5 students nowadays have to answer. After a long time, I managed to figure out the answer, that is of course after going through a few tries. But somehow the explanation doesn’t sound logical to me. Or am I just too slow to understand? So here is the question:

I have come across a similar question somewhere two years back on Facebook, but till today, I have difficulty understand it. Maybe any kind souls out there would like to share your answer and explanation?

Updated Post

So after a day of researching, talking to people and taking some time to understand, I finally manage to get the answer to this question, July 16. However, knowing the answer won’t be enough without understanding it right? There are many ways to explain and the first that came out to me was this:

Reading through the solution, you find that the second statement and third statement make a lot of sense. But somehow I was stuck with understanding the first statement. I know that Bernard will remove 18 and 19, but I do not understand why all dates in May and June have to be remove as well. After more consultation from a friend, who once work as a teacher, this was his explanation in his own words:

So after the first statement, we actually have to look from both Albert’s and Bernard’s POV: Bernard knows the number, so 18 and 19 is definitely out if not he would have guessed the correct date. Then we have to look at Albert’s POV, he knows the month and he is 100% sure Bernard will not be able to guess it, precisely because the month he knows is not May and June, where there is still a probability that Bernard might have guessed the dates could be in May or June as 19 and 18 are appeared in these months respectively. I think this is the hardest part to understand and if I were to understand it easily, the key is “for 100% certainty Albert is sure Bernard doesn’t know”, so yeah 18, 19, May June all are out.

But don’t worry, finally someone posted on the internet the model answer to this question, said to be taken from Singapore and Asian Schools Math Olympiad:

Pic taken from Mothership.sg

So finally, do you understand now?

Golf Punk’s Day Off 7: Seletar Country Club

1 April 2015 By Alex Tan Leave a Comment

I attended this amazing golf tournament yesterday organised by GolfPunk Magazine. Day Off 7, as you can guess means this is their 7th tournament, also celebrating their 7 years of magazine success. Such tournaments are usually fun to play in, as they have prizes you could win at certain hole, especially the all time favourite hole in one prize. The prize is a watch from Philip Stein, worth like $30,000! Of course, where got so easy right? But then again, usually us golfers will treat this prize like striking 4D or Toto, chances that only comes one in a lifetime, unless of course if you are super pro. Here are some great photos to share

GolfPunk Day Off 7, presented by Tourism Authority of Thailand

Golfers warming up at the putting green, while I just chillax at my buggy

Saw this interesting Tuk-Tuk, so why not take a photo?

Us! before the start of the game. Forced to wear some Muay Thai attire. I avoided wearing the shorts

The hole in one prize that I mentioned. Of course never win.

Met a need friend before the game.

And he decided to help me find my ball after my tee off

The Loss of Our Founding Father

23 March 2015 By Alex Tan Leave a Comment

The passing of one of our founding fathers, Mr Lee Kuan Yew, has saddened many people. Over the past many years, we are all used to having him around to take care of our Singapore. My friends and I were discussing how much he, who is our first prime minister since Independence Day, has contributed to our successful Singapore.

While news of the passing of Lee Kuan yew has been circulating online since early this morning, I can’t help but have many thoughts coming through my head upon seeing the video where our current PM, Lee Hsien Loong, addressing the nation at 8am. Some people said he almost cried while addressing, while others commented he can’t cry on national TV because as our current leader, he has to be strong and lead the nation forward. But how is he really feeling right now?

I was born in a family where helping out in the family business is inevitable. Through my life, many people has look upon me as ‘The Boss’s son’, and while doing my degree, friends will often remind me that I don’t have to study so hard since my career path has already been set. At work, colleagues will always know me as ‘The second generation’ of the business. The term ‘second generation’ I believe also applies to our current PM. Many people will always judge how can the second generation do better than the first? While others will say ‘You are where you are today because of what the first generation has provided you’

As a second generation, I always try my best to show that the second generation’s work is not just based on or continued from the first. I truly feel and understand there was always a need to prove that the second generation can achieve success on their part. While it has been built from the first generation, the second generation has to work even harder to not only maintain the success, but build on and achieve the next tier of success. In Chinese, there is a saying ‘创业难, 守业更难’ Not many people understand this. They see success that the second generation is enjoying but yet, they don’t see how pressure is also building up on them to make it even better. The second generation might be able to work things out but there will always be a doubt somewhere in them that they will want to seek advice or assurance from the first generation to endorse what they are doing is right.

While our Current PM is grieving over the loss of his father, I am sure he is also facing the pressure to carry on the success to the next level. Now that he can’t seek advice from his father, he will face a bigger test and pressure than ever before.

While we continue to mourn over the passing of Lee Kuan Yew for the next seven days, let us not forget that we, whether the second, third or even fourth generation of Singapore, must start working even harder to bring and maintain the success and peace that we have enjoyed today and before. Rest in peace, Mr Lee.

COE update on 18th March 2015

18 March 2015 By Alex Tan Leave a Comment

Looks like there will be no cheers for car buyers after the release of prices at 4pm today. Here are the comparison of the latest prices on COE

18th March 2015 4th March 2015 17th Feb 2015

Cat A $64,700 $61,410 $57,199

Cat B $71,889 $68,668 $66,751

Cat C $59,999 $56,501 $53,202

Cat D $5,610 $5,501 $5,800

Cat E $72,100 $70,500 $67,901

Yup, the day where we all feared. COE INCREASED AGAIN. Hopes of buying a car at a cheaper price has been dashed again.

Ever since there was an announcement in January that supply of COE quota has increased for the 3 month period ending April, many potential car buyers especially me are anticipating the drop. Although we were given hope during Feb that prices are indeed coming down, however it has only dropped to the lowest during 4th Feb at $57k, as indicated above. So those buyers who got in during this Feb 4th window are the biggest winners now.

The last three prices will show that COE will hardly drop beyond $50k, well at least we know what to expect from now on. Lets hope for the best in April.

Data from Onemotoring

Insurance Agency Singapore | Commercial Insurance and Personal Insurance