Property

Property

Insurance against physical loss or damage proximately caused by fire and lightning to an insured property such as buildings, machinery and equipment, stocks in trade, goods in process, household fixtures, furniture, appliances, personal effects (excluding cash and jewelry) and other fixed properties.

Classification of building occupancy

RESIDENTIAL

Buildings/structures used primarily as dwelling units, townhouses, and condominiums.

WAREHOUSE

Buildings/ structures used as storage of goods or merchandise.

INDUSTRIAL

Buildings/ structures occupied mainly as workshops, factories and mills.

GENERAL

Buildings/ structures used as schools, churches, offices, hospitals, cinemas, restaurants, department stores, shopping malls and the like

Fire Insurance can be extended to cover the following perils with additional costs:

Earthquake Fire/ Shock

Covers the Insured against direct loss or damage caused by fire following an earthquake. Earthquake Shock Insurance, covers other direct loss or damage resulting from an earthquake.

Typhoon/ Flood

Covers direct loss or damage to insured property caused by typhoon and or/ flood. Typhoon shall be understood to mean as a typhoon or storm as recorded by the Weather Bureau. Flood shall be understood to mean as the entry of water into the insured premises due to the inundation of land not usually covered by water.

Vehicle Impact/ Falling Aircraft

Covers direct loss or damage resulting from actual physical contact of an aircraft or a vehicle with the property insured, or with a building containing property insured. Falling aircraft shall include direct loss or damage due to falling or dropping objects from higher places but excluding glass parts of the property.

Explosion

Covers loss or damage to property directly caused by explosion – excluding loss or damage to boilers, economizers, or other vessels, machineries or apparatus resulting from their explosion.

Smoke Damage

Covers loss or damage by smoke due to sudden, unusual and faulty operation of any heating or cooking unit, only when such unit is connected to a chimney by a smoke pipe or by a vent, and while in or on the premises described in the policy, excluding however, smoke from fire places or industrial apparatus.

Riots/ Strikes

Covers all direct losses or damages caused by malicious acts of strike, lockout of workmen etc. However, any loss or damage caused by foreign enemy, military or usurped power, war, civil war, rebellion, insurrection, invasion, hostilities (whether war be declared or not) civil commotion amounting to a popular uprising and the like is not covered.

Malicious Damage

Covers loss or damage to the property insured directly caused by malicious act of any person.

Riot/Fire

Covers loss or damage by fire directly caused by the act of any person, in connection with a strike or lockout.

Other forms of Coverage:

For Manufacturing and Commercial Operation

For Residential and Office Operations

For Condominium Buildings (Residential/ Commercial)

CHECKLIST:
Name of Assured
Address
Telephone Number
Fax Number
Sum to be Insured: Contents
Other Perils to be covered
Residential: Commercial