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This policy comes in two types such as:

• Fire and Lightning only

• Broad Named Perils

Scope:

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Fire and Lightning only

This policy covers sudden and/or accidental physical damage to the property insured against Fire & Lightning peril only.

Broad Named Perils

This type of coverage comes in two policy types:

1. Property Insurance

This type of insurance covers sudden and/or physical damage to the property insured against the following perils:

• Fire & Lightning

• Earthquake Fire / Earthquake Shock

• Typhoon

• Flood

• Extended Coverage (Smoke, Aircraft/Vehicle Impact, Explosion)

• Riot, Strike, and Malicious Damage

• Broad Water Damage

• Bursting and Overflowing of Water Tanks, Apparatus or Pipes

• Sprinkler Leakage

• Spontaneous Combustion

• Volcanic Eruption

1. Business Interruption Insurance

This type of insurance covers consequential losses resulting from the perils insured as mentioned above.

Add/on Covers/Policy Extensions:

In addition to the above-mentioned perils, the policy can be extended to cover the following risks in payment of additional premium:

• Comprehensive General Liability (Premises Operations)

• Plate Glass Insurance

• Money, Securities & Payroll Robbery (MSPR)

• Fidelity Guarantee

• Personal Accident Insurance

• Machinery Breakdown

• Robbery & Burglary

Policy Exclusions:

The following are the general exclusions under the policies, namely as follows:

• War and Terrorism Exclusion

• Sabotage & Terrorism Exclusion

• Communicable Disease/COVID-19 Exclusion

• Electronic Data Exclusion

• Property Data & Cyber Exclusion

• Total Asbestos Exclusion

This Policy covers “All Risks” of physical loss, destruction of or damage to the property of the Insured including but not limited to the property more fully described in the declared schedule of risks, directly and wholly attributable to any cause except as hereinafter excluded, occurring during the currency of the Policy.

Excluded Property:

UNLESS OTHERWISE EXPRESSLY AGREED this insurance does not cover destruction of or damage to any of the following :

• Cash, money orders, coins, bullion’s, promissory notes, cheques, stamps, precious stones, jewelry, furs, works of art, antiques, securities, obligations or documents or any kind, books of account or other business books or records, computer records or data, manuscript, drawings or designs, patterns or models mould;

• Property in course of constructions or erection or demolition or undergoing testing or commissioning;

• Animals, birds, fish or other living creatures;

• Standing timber or growing crops;

• Land (including, topsoil, backfill, drainage work, revetment culverts), roads pavements, driveways, runaways, railway lines, canals, dams, reservoirs, bridges, or tunnels, cables, docks, piers, wharves, included in the coverage;

• Property underground or offshore;

• Goods or property in transit (except those within the Insured’s premises);

• Catalysts and consumable materials whilst in process, production, or manufacture;

• Property which is, or would be but for the existence of this policy, be insured by a more specific policy;

• Motor and other mechanically or electrically propelled vehicles and accessories (whilst in or on such vehicles), railway locomotives and rolling stock, water craft or aircraft and or property contained therein, mobile equipment except those in the insured’s premises;

• Any boiler or other apparatus due to its own explosion or collapse as define hereinafter.

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This policy covers all types of vehicles plying on public roads such as:

• All types of private vehicles

Except for:

- Private Vehicles being used for TNVS (Grab, Uber, etc.)

- Passenger Service Vehicles (which to be considered under Commercial Policy)

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• All types of commercial vehicles

Except for:

• Fire Trucks, Ambulance (which requires high speed in emergency response)

• Funeral Vehicles and the like

• Garbage Dump Trucks

• Vehicles used for large delivery services (e.g. Lalamove, Transportify)

• All types of motorcycles

Except for:

• Motorcycles with sidecar

• Motorcycles being used for delivery and passenger service (Lalamove, Angkas, Joyride, etc.)

• Motorcycles being used for sport racing, drag racing, motocross, hillclimbs, etc.

LTO-Registered Vehicles

Except for:

• Vehicles used for the hauling and/or carrying of logs, lumber, sand, gravel, bottled beverages, gasoline products and/or other inflammable articles or materials.

• Use for racing, pacemaking, reliability trial or speed testing or use for any purpose in connection with the Motor Trade.

Scope

This policy covers loss or damage to the insured vehicle and its accessories due to:

• Fire, explosion, self-ignition or lightning.

• Burglary, housebreaking or theft.

• Riot and Strike.

• Malicious Act.

• Terrorist Act.

• Earthquake (Fire and Shock) Damage.

• Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm.

• Accidental external means.

• By landslide/Rockslide

The important exclusions under the policies are:

• Wear and tear, breakdowns

• Consequential loss

• Loss when driving with invalid driving license or under the influence of alcohol.

• Loss due to war, civil war, etc.

• Claims arising out of contractual liability.

• Use of vehicle otherwise than in accordance with `limitations as to use ' (e.g. private car being used as a taxi)

Rating factors:

Rating depends upon the following factors:

• Fair Market Value (FMV)

• Age of the vehicle

• Cubic capacity

• Geographical zone

• Add on Covers

Add on covers

The policy can be extended to cover the following risks on payment of additional premium:

• Loss or damage to accessories fitted in the vehicle such as stereos, fans, air-conditioners etc.

• Personal accident cover under private car policies for:

  • Passengers

  • Authorized driver

• Legal liability to employees.

• Legal liability to non-fare paying passengers in commercial vehicles.

Who can take the policy?

Any vehicle owner whose vehicle is registered in his/her name with the Land Transportation Office in the Philippines.

How to select the sum insured?

The sum insured of a vehicle in a Comprehensive Motor Car Policy can be defined by the following:

• Fair Market Value (FMV) – can be obtained thru market price checking;

• Invoice Value (for brand new vehicles)

• Existing Insured Value less depreciation – for vehicles with existing insurance policy.

Roadside Assistance Program (For Private Car Policy only)

Our Private Car Policy offers Roadside Assistance Program for the insured vehicles of ages not older than fifteen (15) years from the current year of their coverage.

Scope:

• Vehicle Assistance

  • Towing (includes removal and secondary towing service)

  • Minor Onsite Repairs

• Personal Assistance

  • Stay or traveling expenses of Assured due to immobilization of Covered Vehicle

  • Continuation of Journey

  • Relay of Urgent Message; and

  • Accident Coordination

• Medical Assistance

• Info 24/7 Service

Compulsory Third Party Liability Insurance

This Policy, as part of the requirements of the Land Transportation in the Philippines for Motor Car Registration, covers the vehicle owner’s legal liability to pay compensation for:

• Death or bodily injury to a third party person;

• Damage to third party property.

This Policy covers Accidental Bodily Injury which shall cause within one hundred eighty (180) days from the date of accident causing such injury the Insured’s:

• Death – occurring within twelve calendar months of bodily injury as aforesaid.

• Permanent Disablement occurring within twelve calendar months of bodily injury as aforesaid and not followed within twelve calendar months of the said bodily injury by the death of the Insured.

• Total Disablement temporarily from engaging in or giving attention to profession or occupation.

• Partial Disablement temporarily from engaging in or giving attention to profession or occupation.

• Medical and Surgical Treatment for such injury.

(EAR) Erection All Risk

This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the installation works under construction.

(CAR) Contractors All Risk

This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.

Scope:

The policy comprises of 2 Sections :

• Section I - Material Damage

covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.

• Section II - Third Party Liability

covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.

The main exclusions under Section I for which no claim is payable, are loss or damage due to:

• Faulty design

• rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect.

• The exclusion of defective material / workmanship is limited to the parts of the structure immediately affected and does not apply to any consequential loss to correctly executed items, arising out of the accident due to defective material or workmanship.

• Loss or damage due to gradual deterioration, atmospheric condition, rusting etc.

• Loss discovered only at the time of taking inventory.

• Loss arising out of penalty for delay, non-fulfillment of terms of contract.

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The policy can be extended to cover the following items:

• Clearing and removal of debris

• Damage to surrounding property not forming part of the contract work.

• Maintenance visit / extended maintenance cover to cover accidental loss or damage whilst carrying out any rectification during maintenance period and / or any amount incurred for rectification of such original defects or faults during construction.

• Third party liability

How to select the sum insured?

The sum insured selected under section I should represent total contract value including the estimated cost of labour charges and cost of materials but excluding profit. The cost of materials supplied by the principal is to be declared separately.

In case of long term contracts, there is bound to be escalation in prices. The basic policy will pay only as per the original cost and prices. However escalation clause can be opted for, under which escalation up to 50%, can be selected to take care of such increase in prices.

The sum insured under section II should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insured's site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur.

Period of Insurance

Unlike other policies where the period of insurance is one year, in this policy the period of insurance should be equivalent to the period of contract, commencing from the date of unloading of the first batch of material at the site of construction and expiring on the date of handing over of the contract work to the principal.

Although it is possible to extend the policy period in case of delay in completion of contract, it is always advisable to choose a slightly longer period of insurance initially, to avoid paying the higher extension premium.

In the event of any loss or damage giving rise to a claim under the policy, the following steps should be taken :

• Take necessary steps to minimize the loss.

• Inform insurance company immediately.

• Extend full cooperation to the surveyor deputed by the company.

• Submit duly filled in claim form along with necessary documents to substantiate the financial loss suffered as a result of the accident.

(EEI) Electronic Equipment Insurance / Property Floater Insurance

The policy covers the following types of equipments:

• Electronic data processing machine.

• Telecommunication equipment.

• Transmitting and receiving installations (including Radio, TV, Cinema Sound

• Reproduction and Studio Equipment).

• Material testing and research equipment.

• Electro-Medical Installations.

• Signal and Transmitting units.

• Office calculators, duplicating machines and Reproduction machines.

• Control and supervisory units.

Note:

a) The above items should not be portable and mobile

b) Machine more than 10 years to be accepted after inspection

c) The term “Equipment” means the entire computer system consisting

    of CPU, keyboard(s), monitor(s), printer(s), stabilizer(s), UPS, etc.

This policy offers protection for the Insured’s mobile and non-mobile equipments, All Risks other than as specifically excluded below:

• Excluding losses due to Mysterious Disappearance;

• Excluding losses due to Computer Viruses;

• Excluding Value of data contained within the covered item;

• Excluding losses caused by inadvertently leaving behind; and

• Excluding transport using a motorcycle on equipments used for outside premises (as declared by the Insured).

Scope:

The policy covers sudden and unforeseen physical damage including breakdown to the electronic equipment covered under the policy due to any reason not specifically excluded.

Thus it covers damage caused by the following perils:-

• Smoke, soot, dust, corrosive gases etc.

• Water and Humidity.

• Short circuit and Electrical fire risk.

• Faulty operations, lack of skill.

• Falling object and entry of foreign bodies

• Fire, lightning, explosion.

• Riot and strike and malicious damage

• Theft and burglary.

• Natural calamities – flood, inundation, storm, cyclone and earthquake

• Subsidence, landslide, rockslide.

Exclusions:

Loss of damage caused by the following perils are specifically excluded from the scope of the policy:

1. Normal wear and tear and corrosion of parts arising from use and continuous

operation (limited to parts immediately affected, subsequent damage to other parts of the unit covered).

1. War, willful acts, gross negligence.

2. Faults for which third party is responsible by law or contract.

3. Failure due to interruption of gas, water or power supply.

4. Aesthetic defects.

5. Consequential loss of any kind.

6. Loss to consumables and operating media etc.