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Definition of Fire Insurance
A contract whereby one (PhilCharter) promises, for
a consideration (Premium) to indemnify another (Insured)
for direct loss or damage of the latter’s property
by fire or lightning.
The Sum Insured
The maximum limit of liability Philcharter may assume
and the basis upon which the premium is calculated.
It is not a declaration of the insured property’s
value nor it is the amount which PhilCharter should
pay in the even of loss, unless there is stipulation
to this effect.
Who may be Insured?
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1)
Absolute or registered owner of property;
2) Part-owner or joint owner of property;
3) Mortgagor or mortgagee;
4) Lessor or lessee, or;
5) Bailee - to whom the property is entrusted.
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I) STANDARD FIRE POLICY |
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Basic Coverage Covers
the peril of fire and/or lightning |
What may be Insured?
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| 1) Buildings
(completed or under construction);
2) Contents
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a)
Stocks in trade, goods and merchandise;
b) Machinery, equipment, spare parts, accessories
and tools;
c) Business and Household appliances, utensils,
furnitures, fixtures and fittings;
d) Personal effects and belongings (cash
and jewelry excluded);
e) Other tangible property such as books,
tables, chairs, and others
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SPECIAL ALLIED PERILS INSURANCE
Perils that are customarily excluded in the Standard
Fire Policy but may be availed of through additional
premium. They may also be known as Extra Perils, Special
Perils, Extraneous Perils or simply as Other Perils.
A) Earthquake Fire and Shock
B) Typhoon and/or Flood
C) Extended Coverage Endorsement (EC) – covers
the perils of Explosion, Falling Aircraft, Vehicle Impact,
and Smoke.
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1) Explosion - covers loss
or damage due to Explosion except loss or damage
due to Explosion except loss or damage to pressure
vessels from their own explosion, and centrifugal
force of rotating machinery.
2) Aircraft and Vehicle Impact - covers loss
or damage due to physical contact or impact of an
aircraft or vehicle, including falling objects from
aircraft.
3) Smoke - covers loss or damage due to
sudden, unusual faulty operations of any heating
or cooking unit when connected to a chimney by
smoke pipe/vent in the premises excluding however
smoke from fire
places or industrial apparatus.
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D) Riot and Strike - this covers loss or damage directly
caused by:
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1) Strikers and locked out worker;
2) Persons disturbing the place, and;
3) Lawful authorities acting to suppress the disturbance.
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