Fire/Property Insurance

This type of non-life insurance covers losses from damages to your house and assets inside the home. MAAGAP protects your property.



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Coverages

Earthquake

Earthquake Fire
This covers the property insured under the standard fire policy against loss or damage caused by a fire that occurs as a result of an earthquake.

Earthquake Shock
This covers the property insured under the standard fire policy against loss or damage caused by an earthquake, whether or not a fire occurs as a result of the earthquake.

Typhoon

Typhoon as defined by the Weather Bureau, is an event, having a maximum wind velocity of 64 knots or more. It is a requirement that the building to be insured must be completely encased with a roof. Damage to the contents or interior of the building is covered only if there is an external damage to the building.

Flood

Flood is defined as the entry of water into the insured premises, from without, due to the inundation of land not usually covered by water;

• By reason of an extraordinary high tide, OR;
• Following typhoon, cyclone, and/or windstorm, OR;
• Due to the bursting or overflowing of rivers, reservoirs, canals and the like but excluding: bursting of water tank or pipes and backing up of sewers or drains, etc.

Extended Coverage

This endorsement to a standard policy extends the basic cover to include loss of or damage to the insured property caused by:

• Explosion
• Vehicle Impact
• Falling Aircraft
• Smoke

Extended Coverage

This covers loss or damage directly caused by:

• Strikers and locked out workers
• Persons disturbing the peace
• Lawful authorities acting to suppress and prevent the disturbance
• Riot may be defined as a tumultuous disturbance of peace by three or more persons assembling together with mutual intent to assist each other against any one who will oppose them.

Industrial All Risks Insurance (IAR) or Property All Risks Insurance (PAR)

It is an all risk policy covering a wide range of perils such as Fire and allied perils, burglary, convulsions of nature (Acts of God), all risks of sudden and accidental physical loss or damage to the insured property. Machinery breakdown and business interruption may be included as well.

Business Interruption and/or Consequential Loss Insurance

It is an insurance coverage that replaces business income lost in the event that the business is halted or shut down as a result of a fire or a natural disaster. This type of insurance also covers operating expenses, a move to a temporary location if necessary, payroll, taxes, and loan payments.

Business interruption insurance is not sold as a separate policy but is either added to a property/casualty policy or included in a comprehensive package policy as an add-on or rider.

Deterioration of Stock (DOS) Following Machinery Breakdown

Covers damage to goods stored in specified cold storage spaces, which occurs as a result of a change in temperature caused by a breakdown of the refrigeration equipment or accidental damage to it.

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The birth of MAA General Assurance Phil., Inc. (MAAGAP) took place when its parent company, MAA International Group Ltd. (MAAIG) from Malaysia ventured to strategically expand its business in Asia. MAAIG is an offshore composite insurance company licensed under the Offshore Insurance Act 1990 in Labuan International Offshore Financial Centre (IOFC) to underwrite life and general insurance and reinsurance business. Gearing for the planned expansion, MAA procured the insurance license of the then Paramount Insurance Corporation and renamed it MAA General Assurance Phil., Inc.

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Published on October 05, 2023
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