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GENERAL INSURANCE AGENTS ASSOCIATION OF THE PHILIPPINES, INC.
Marine Insurance There are two types of Marine Insurance 1) Marine Hull and 2) Marine Cargo. Marine Hull protects boats, ships, airplanes, and other crafts for ALL RISKS. It may include insurance for liability and for the crew or workers of a ship or vessel. Marine Cargo protects cargo or shipments of goods whether by sea, by air, or by land for ALL RISKS. Liability Insurance Comprehensive General Liability Insurance covers the cost of defense, of settlement, restitution and in general the cost of extinguishing the liability accruing to the insured due to bodily injuries and property damage of third parties incurred within the premises of the insured or because of the operation of equipment belonging to the insured. Details needed are the type of business or operation of the insured, the area of the premises, the equipment used and the limits of cover. Generally, this is the minimum insurance requirement of Banks and financial institutions in protecting mortgaged properties. Underwriting details include 1) Type of Construction; 2) Occupancy or use of the property; 3) Location or zone and 4) Fire Fighting measures employed. Commercial All Risk policies are like the IAR but are for companies with very high value properties involved in businesses such as retail trade, Real Estate, etc. Example is the Ayala Group. Contractor’s All Risk and Erection All Risk policies covers material loss and damage; public liability; advance loss of profit and other losses due to All Risks of construction projects or installation projects. Examples of projects are Building Construction, Factory construction and erection of equipments and machinery, Power Plants, Paper Mills, Assembly plants, etc. Industrial All Risk (IAR) policies covers for All Risks Industrial companies with several factories or plants and which have very high sums insured. San Miguel Corporation is insured with an Industrial All Risk policy. Accident & Health Insurance Covers accidental death and disablement and may include accidental medical expense reimbursement; Hospitalization expense reimbursement and/ or Daily Hospital Income benefit; HMO’s or Health Maintenance Organization plans which is a prepaid medical plan.
Property Floater Insurance Property Floater Insurance protects properties that can be moved from one place to another or are portable for loss and damage due to Fire & Lightning Insurance Covers loss or damage to property due to Fire or Lightning. May include cover for allied perils such as Earthquake, Typhoon, Flood, Smoke, Explosion, Collission, Riot, Strikes and Malicious Damage. It may even include Theft and Burglary, Sprinkler Leakage, Water Damage, Loss of Rent among others. Motor Vehicle Insurance Vehicles are insured for Loss and Damage due to collission, explosion, malicious damage, theft, and if asked for Acts of God such as Typhoon and Flood. The insurance may include cover for Third Party Liability for Bodily Injuries and Property Damage and even consequential losses. The passengers and the driver may also be insured for accidental death and dismemberment with medical expense reimbursement. And for LTO policies, passenger liability can be included. Underwriting details needed are the Make, Year Model, Series, Intended Use, and general condition of the unit. Aviation insurance is a cover for loss and damage to the aircraft and include liability insurance and passenger personal accident insurance much in the same way as a motor vehicle insurance does. Other covers include Earthquake, Typhoon, Flood and practically all other risks or perils one can think of.
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