People’s General Insurance Corporation is a service company, which exists to deliver the best service to the insuring public, with respect to their non-life insurance needs..
A private car is one of a “private type” (sedan, coupe, lift back, etc. ) used for social, domestic, and pleasure purposes, as well as business or professional purposes (including the carriage of goods) of the insured. It includes the use by the insured’s employees for such purposes. This shall not include cars being hired out to other parties for a fee.
A commercial vehicle is a vehicle used mainly for commercial (business) purposes such as those transporting good or products from one place to another. These do not include vehicles used for transporting passengers for compensation.
A motorcycle is a two-wheeled automobile vehicle having one or two saddles, except those transporting passengers for compensation.
The policy undertakes to pay on behalf of the insured all sums which the insured shall become legally obligated to pay as damages because of bodily injury or property damage to which the insurance applies caused by an occurrence.
Elevators/Escalators Hazard. The term elevators refer to lifts, escalators, hoist and appliances thereof including cars, platforms, shafts, hostways, stairways, runways, power equipment and machinery. This hazard is designed to protect the principal (building owner, lessess or tenant ) against his liability to the public in case the elevators/escalators injure a third party or damages a third party’s property.
Independent Contractors. An independent contractor is one who renders services in the course of an independent occupation, in his own way and according to his own methods and is responsible to the one who hires him only for the results of his work and not for the means by which it is accomplished.
Completed Operations. It includes bodily injury and property damage arising out of operations or reliance upon representation or warranty made at any time with respect thereto. There are two conditions that must be met in order that claims resulting in third party’s bodily injury or property damage may be compensable under the completed operations:
– the accident occurs after the operation have been completed
or abandoned
– it likewise occurs away from the premises owned by or rented
to the insured Products. This coverage provides protection
against liability for damage claims arising from the handling,
use of articles, manufactured, consumed, sold, handled or
distributed by the insured. similar to the completed
operations, bodily injuty and property damage to third party may be covered provided the insured fulfills the following
conditions: 1. the accident occurs away from the premises
owned by or rented to the insured 2. after physical possession
of such products has been relinquished to others.
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Public Liability – Third party ( including caddies ) liability resulting to bodily injury and/or property damage caused by the Insured while playing/practicing golf.
Personal Accident – Bodily injury to the Insured ( not more than 70 yrs. old ) caused by violent accidental external and visible means while playing golf within any golf course in the Philippines..
Golf Clothing, Clubs and Equipment – Loss or damage to Golf Clothing, Golf Clubs and Golf Equipment caused by fire, lightning, thunderbolt, burglary, robbery, housebreaking, larceny or theft and breakage.
Personal Effects – Loss or damage to the Insured’s personal effects caused by fire, lightning, thunderbolt, burglary, robbery, larceny or theft within any golf course/clubhouse
.
Exclusions – watches, jewelry, cameras, portable radio sets, money, securities, stamps and motor vehicles and its accessories.
Fidelity Guarantee insurance is an insurance policy designed to indemnify the Insured (the employer) for the loss of money or property sustained as a direct result of acts of fraud, theft or dishonesty by an employee in the course of employment.
The policy does not cover any loss:
I. Discovered more than 12 months after the termination either of the guarantee or the service of employee concerned.
II. When there has been any change in the agreed system of check of accounting precautions without the Insurer’s prior consent.
III. Caused by an employee after discovery of his previous fraud or dishonesty.
IV. Losses such as stock taking shortages, trading losses, not caused by fraud or dishonesty.
V. Liability arising out of violation of any Rules and Regulation of the Govt. or Statutory authoritie
An insurance policy providing coverage for the assets of the policyholder’s choice. A scheduled policy is tailored to the individual needs of the policyholder. As with all insurance, one must pay a premium to receive the coverage.
Floater insurance is a type of insurance policy that covers personal property that is easily movable and provides additional coverage over what normal insurance policies do not. Also known as a “personal property floater,” it can cover anything from jewelry and furs to expensive stereo equipment.
Fidelity Guarantee insurance is an insurance policy designed to indemnify the Insured (the employer) for the loss of money or property sustained as a direct result of acts of fraud, theft or dishonesty by an employee in the course of employment.
Personal Accident Insurance or PA Insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external, and visible events. It is different from life insurance and medical & health insurance.
Also available are coverage for medical and surgical expenses, against murder and assault, and in cases which may take place while traveling on non-scheduled flights.
Covers Travel Insurance Protection Plan on the individual insured whilst on travel on specified time.
The plan offers full-time 24 hours, 365 days, worldwide protection against accident which an insured person may be exposed in the course of activities whilst on travel.
Accidental Death and Disablement – pays up to 100% of the sum insured based on the maximum amount specified on the chosed plan.
Unproved Murder and Assault – pays up to maximum amount as specified on the chosen plan.
Accidental Burial Benefit – pays up to maximum of Ps 2,000.00 burial expenses incurred caused by accident.
Cash Assistance Benefit – pays up to maximum of Ps 2,000.00 cash benefits to the insured in case accident or non-accident related occurs.
Personal Accident Insurance or PA Insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external, and visible events. It is different from life insurance and medical & health insurance.
Also available are coverage for medical and surgical expenses, against murder and assault, and in cases which may take place while traveling on non-scheduled flights.
We are committed to contribute to the nation’s welfare as reasonable and socially aware corporate citizens and to provide and equitable return to our stakeholders
toyota| Very VP Customer
Stipulates that the principal/co-signers shall reimburse the surety for any loss or damage it sustains on account of the bond
To guarantee that the bidder shall enter into the construction contract with the owner/ oblige and post the required bonds in the event it wins the bid. “Single Bid” for one bid only, “Standing bid” covers all bids within the year.
Guarantees that the principal shall perform its obligations in accordance with the construction contract in connection with (paving, construction, demoliation, supply and delivery and other undertakings:
Penalty Bond – in case of default the whole amounf of the bond is confiscated;
Callable on Demand Bond – once demand is made the surety cannot contest and therefore must pay the claim immediately.
PAYMENT BOND. Guarantees the payment of labor and materials employed in the construction.
GUARANTEE DOWNPAYMENT BOND. Guarantees the repayment of the down payment given to the principal.
GUARANTEE WORKSHIP. Guarantees that the contractor shall repair/make good faulty workmanship/ materials employed in the construction within a period of one year from the date of acceptance.
SURETY BOND. Guarantees performance by the principal of its obligations.
Bonds Insurance (also known as “financial guarantee insurance“) is a type of insurance whereby an insurance company guarantees scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security. As compensation for its insurance, the insurer is paid a premium (as a lump sum or in installments) by the issuer or owner of the security to be insured. Bond insurance is a form of “credit enhancement” that generally results in the rating of the insured security being the higher of (i) the claims-paying rating of the insurer and (ii) the rating the bond would have absent insurance (also known as the “underlying” or “shadow” rating).
People’s General Insurance Corporation provides all kinds of surety bonds for various particular uses such as those applied on Contracts or required of Bidders; to ensure performance or to be held as guarantee; for judicial use; license and permits; and for general application.
SURETY BOND A contract whereby one party called the SURETY for valuable consideration (premium) binds itself to guarantee the obligation of another party called the PRINCIPAL in favor of a third party called the OBLIGEE.
Section 175 of Insurance Code (P.D. 1460) states that: “A contract of suretyship is an agreement whereby a party called the SURETY guarantees the performance by another party called the PRINCIPAL or OBLIGOR of an obligation or undertaking in favor of a third party called the OBLIGEE. It includes official recognizances, stipulations, bonds or undertaking issued by any company by virtue of and under the provisions of Act No. 536, as amended by Act No. 220″.
Contractor’s All-Risks Insurance offers comprehensive and adequate protection against loss or damage related to contract works, construction plant and equipment and/or bodily injury arising in connection with the execution of a civil engineering projects ranging from small villa to construction of bridges or high rise.
This policy is extremely useful for consulting engineers, architects, and financiers because it contributes to reducing the overall construction expenses and at the same time offers efficient financial protection for all parties concerned.
This policy can be taken out in the joint names of the contractor and the employer. This policy enables the contractor or employer to comply with the insurance requirements of the contract. Cover can be extended to include constructional plant as part of the Contractor All-Risks coverages.
Construction of building structures (e.g. office, hospitals, schools, theaters)
Road, Railway Construction
Airport Construction
Pier and Harbor Construction
Pipe Line Installation and Supporting Structures
Bridge Construction
Tunnels, Drainage and Water Supply System
Canal & Irrigation System
Residential Complex Development and Construction
Commercial Complex Development and Construction
Industrial Complex Development and Construction
Construction of Dams
SCOPE OF COVER
Contractors’ All Risk Insurance provides an “All Risks” cover including but not limited to —
Fire, Lightning, explosion, crashing aircraft, extinguishing water or other fire fighting measures
Flood, Inundation, rain, snow, avalanche, tsunami
Windstorm of any kind
Earthquake, subsidence, landslide, rosckslide
Theft, bulglary
Bad workmanship, lack of skill, negligence, malicious act or hum
The Boiler & Pressure Vessel policy provides cover against
(1) damage (other than fire) to the boiler or pressure vessels and to other property of the insured,
(2) liability of the insured at law for damage to property not belonging to the insured, and
(3) liability of the insured at law for of fatal or non-fatal injuries to any persons other than the insured’s own employees or workmen or members of the insured’s family, caused by and solely due to explosion or collapse as hereinafter defined of any boiler or pressure vessel described in the schedule whilst in the course of ordinary working.
A boiler cover policy can also help with:
- Central heating repairs
- Plumbing and drainage repairs
- Electrical wiring
- Pests in your home
Wherever there is the erection or installation of machinery or equipment, there is a risk of loss or damage. The contract governing the works will place the responsibility for insuring against this loss or damage with either the Contractor or Employer.
Erection All Risks Insurance may be taken out for installation of individual machinery or for the erection of complete factories and industrial plants such as electric power stations, sugar mills, plywood plants, cement plants, steel mills, paper mills, textile mills, oil refineries, fertilizer and chemical plants, food processing plants and other likes.
SCOPE OF WORKS
Electrical power generating plants
Electric control system (switch boards, meter, cut offs) and transformers
Installation of boiler and heat generators
Pneumatic system
Compressors
Installation of industrial process machines
Elevators, escalators and process lifts
Refrigeration system
Smelting plants
Conveyor system
Offers you financial protection in case your electronic equipment suffers accidental electrical and machinery breakdown requiring repairs and /or replacement. This policy covers all types of computers including micro – processors, word – processors, telecommunication instruments, machine for medical use, films and television studio equipment, electronic score boards etc.
Under this insurance you are covered against all kinds of accidental, Electrical and Mechanical breakdowns due to internal causes ,external causes and operational deficiencies.
Machinery Breakdown Insurance is by its very nature, an accident insurance on machinery, mechanical equipment and apparatus resulting in mechanical breakdown.
INSURED PERILS
Machinery Breakdown Insurance Policy covers only unforeseen and sudden loss or damage to the insured property due to causes such as:
1. Faulty design, workshop or erection faults, faulty casting
and faulty material
2. Lack of skill, carelessness, malicious damage
3. Short-Circuiting and other electrical causes
4. Shortage of water boilers
5. Tearing apart on account of Centrifugal Force
6. Physical Explosion
THIRD PARTY LIABILITY
It is likewise possible under Machinery Breakdown Insurance Policy to cover Third Party Liability arising of explosion or collapse or tearing apart on account of centrifugal force of the insured property.
Deterioration of Stock Insurance is an insurance against deterioration of goods place in cold storage due to a breakdown of refrigerating machinery.
Deterioration of Stock Insurance is a follow-up cover to Machinery Breakdown Insurance and may only be taken in connection with the latter. A claim arises when the insured refrigeration plant suffers some unforeseen material damage, indemnifiable under the terms of the machinery breakdown insurance policy which give rise to deterioration of the insured stocks.
WHAT CAN BE INSURED
All goods suitable for storage in cold-storage houses may be covered such as:
– Apples, pears, most kind of berries, citrus fruits, bananas and other perishable fruits
– Vegetables such as potatoes, onions, carrots, asparagus, various kinds of cabbage and other perishable vegetables
– Fresh meat, fresh and smoke fish, and other fresh seafood products
– Dairy products, canned foods, pre-cooked dishes
– All kind of beverages
-Vaccines, drugs and other substances for medical purposes
– Chemical and technical products that needs to refrigerate
BASIS OF LESS SETTLEMENT
Deterioration claims are settled either on the basis of the value given in stock declarations or the sales price which could have been obtained immediately prior to the occurrence of the loss. Provided the total indemnity payable does not then exceed the sum insured. Cost accruing from loss minimizing measures are also indemnifiable.
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Fires frequently occur in the country and still remains as a common cause of destruction.
Fire insurance is a specialized form of insurance beyond property insurance, and is designed to cover the cost of replacement, reconstruction or repair beyond what is covered by the property insurance policy. Policies cover damage to the building itself, and may also cover damage to nearby structures, personal property and expenses associated with not being able to live in or use the property if it is damaged.
It is also possible to include in your coverage, properties such as household furniture, appliances, supplies; and machinery and equipment.
PERILS/DAMAGES COVERED IN THE STANDARD FIRE POLICY:
- Fire
- Lighting, whether fire ensues or not:
- Explosion in a building, not being part of
any gas works, of gas used for
illuminating or for domestic purposes:
- Property damaged by water or other
extinguishing agent used for
extinguishments purposes:
- Damage by smoke and scorching caused
by fire within the meaning of the policy,
e.g. in a building across the road:
- Damage occasioned by falling walls or
parts of a building in which a fire takes
place:
- Damage done by the fire brigades in
execution of its duties, e.g. in gaining
access to a fire:
- Loss or damage to property removed
from burning building caused by rain,
theft, or damage during the removal,
provided that the removal was justified
and was made in the honest attempt to
mitigate the loss:
- Property blown up to prevent a fire from
spreading:
Flood Insurance
The experience of the kind of devastation caused by Typhoon Yolanda, and the unpreparedness of the National Government to deal with a catastrophe of such magnitude only asserts the urgency of such a natural catastrophe-type of insurance.
Flood damage is excluded under standard homeowners and renters insurance policies. However, flood coverage is available in the form of a separate policy.
Flood insurance policies cover physical damage to your property and possessions:
- The insured building and its foundation
- Electrical and plumbing systems
- Central air conditioning equipment, furnaces and
water heaters
- Refrigerators, cooking stoves and built-in
appliances such as dishwashers
- Permanently installed carpeting over unfinished
flooring
- Permanently installed paneling, wallboard,
bookcases and cabinets
- Window blinds
- Detached garages (up to 10 percent of building
property coverage); detached buildings (other
than garages) require a separate building
property policy
- Debris removal
- Personal belongings, such as clothing, furniture
and electronic equipment
- Curtains
- Portable and window air conditioners
- Portable microwave ovens and portable
dishwashers
- Carpets that are not included in building coverage
- Clothing washers and dryers
- Food freezers and the food in them
- Certain valuable items such as original artwork
and furs
What’s not covered:
- Damage caused by moisture, mildew or
mold that could have been avoided by
the property owner
- Currency, precious metals and valuable
papers such as stock certificates
- Property and belongings outside of an
insured building such as trees, plants,
wells, septic systems, walks, decks,
patios, fences, seawalls, hot tubs and
swimming pools
- Living expenses such as temporary
housing
- Financial losses caused by business
interruption or loss of use of insured
property
- Most self-propelled vehicles such as
cars, including their parts (see Section
IV.5 in your policy)
Is a type of crime insurance that covers losses resulting from burglary. Put simply, burglary refers to when someone uses force to unlawfully enter someone else's property - even if they did not steal anything in the end.
Types of losses insured include:
Theft of property from a closed premises such as a home, place of business or automobile.
Damage caused by the intruder in the process.
Even though the words burglary, robbery, and theft are often used interchangeably in real life, they are actually very different legally speaking and in the insurance world. The definitions are nuanced but in the insurance world, burglary is defined as theft when force was used to unlawfully enter someone else’s property.
In order for an insurer to recognize your claim, you have to file a police report and show some signs of forced entry such as a broken window or scratch marks on the door. If you do not have these things, the insurer will not count it as a burglary and therefore you would not have coverage.
The broadest peril for this type of loss is “theft.” In insurance terms, theft is defined as any means of taking without the owner's consent, regardless of the method.
So if you see theft as an insured peril on your policy, you can rest easy that your property is well protected against all types of crime losses whether that be burglary, robbery, or otherwise.
Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake.
People’s General Insurance stressed the need for earthquake cover and urges Filipinos to take lessons from the devastating magnitude 7.8 earthquake that struck Nepal.
A major earthquake would take something like $114 billion out of the system, or 32.5 percent of the Philippines’ gross domestic product (GDP), from a 7.2 earthquake in Metro Manila. And 7.2 is a horrible number because that was the number in Bohol recently.
The earthquake caused widespread destruction and economic loss, and only a small fraction of properties will be covered due to the low insurance penetration.
