An insurance policy is a personal contract which means that it attaches to the person insured and not to the vehicle insured. In order to avail the policy benefits, the former owner of the vehicle should write a written request to transfer the insurance policy to the new owner. Such request has to be approved by the insurance company and an endorsement to the policy has to be issued reflecting the new owner as the new named insured. In case that the former owner will not request the transfer of the insurance policy to the new owner, the new owner can buy his own insurance policy.

Building owners and tenants who have insurable interest over the properties that they want to insure.

According to the Average Clause, if at the time of the loss the value of the assets are insured for less than their full value, the insured is required to bear a proportion of the loss. Since the fire insurance policy is a contract of indemnity, the insured cannot claim more than the actual amount of loss caused by the fire.

According to the Open Policy Clause, at the time of the accident, the damage to the property shall be subject to ascertainment and the maximum liability of the insurer shall be limited to the amount of losses incurred.

No, this insurance policy excludes cash, jewelry, gadgets and works of art.

Yes, the insured is covered 24/7 worldwide.

Yes, the minimum sum insured is P500,000 and the maximum sum insured is P5,000,000.  

It covers the following:

• Accidental collision or overturning
• Fire, external explosion, self-ignition
• Lightning
• Burglary, housebreaking or theft
• Malicious acts other than those caused by the insured, a member of his family or person in his service

Deductible also known as Participation in layman’s term is the portion of the claim which the Insured is liable to pay before the benefits of the policy will apply.

An insurance policy is a personal contract which means that it attaches to the person insured and not to the vehicle insured. In order to avail the policy benefits, the former owner of the vehicle should write a written request to transfer the insurance policy to the new owner. Such request has to be approved by the insurance company and an endorsement to the policy has to be issued reflecting the new owner as the new named insured. In case that the former owner will not request the transfer of the insurance policy to the new owner, the new owner can buy his own insurance policy.

Yes. The insurance policy will still respond as long as the Authorized Driver Clause is not violated. An authorized driver can be the Insured or any person driving on the Insured’s permission.  

Yes, the standard car accessories are automatically covered under the Own Damage/Theft cover. However, additional accessories should be declared and be insured to ensure full coverage of your insurance policy at times of fortuitous event.

No, only accidents resulting to death and bodily injury are covered.

Beneficiaries can be any of the Insured’s immediate family members such as parents, legal spouse, siblings and children.

Pre-existing illness is defined as any illness or medical condition already affecting the Insured, whether known or unknown, before the effectivity date of the insurance coverage. Hence, Corporate Guarantee does not cover losses attributable to pre-existing illness.

There are two (2) types of marine insurance policies: Time and Voyage Policy. Time Policy insures the subject matter for a definite period of time. This policy is usually used for Marine Hull. Voyage Policy insures the subject matter for the entire shipment or voyage parallel to the length of time it takes the vessel or cargo to reach the point of destination

Inherent vice is the tendency in physical objects to deteriorate because of the fundamental instability of the components of which they are made, as opposed to deterioration caused by external forces (e.g. perishable goods such as fruits and vegetables). Thus, this is generally excluded in our marine cargo insurance policy.

A Bond is a contract among at least three parties.  It is issued by a surety company on behalf of a second party known as the principal.  This contract guarantees that the second party will complete an obligation to a third party known as the obligee.  If the obligation is not met, the third party can recover its losses from that bond. An Insurance Policy, on the other hand is a two-party contract between the insured and the insurance company.  The insurance policy assumes a guaranteed promise that the insured will be compensated by the insurance company in the case of a covered loss.

Acceptable collaterals could be in the form of cash, savings, time deposit, real estate mortgage and treasury bills or government securities.