Fire Insurance

FIRE AND ALLIED PERILS – protects individual homeowners, property owners, and tenants against loss of or damage to property against the following perils:

• Fire and/or Lightning
The insurance company will reimburse the insured if the latter’s property or any part thereof, is destroyed or damaged by fire and/or lightning, or by efforts to extinguish the fire.

• Earthquake Fire and Earthquake Shock
This insurance covers loss or damage (including loss or damage by fire) to any of the property insured by this policy occasioned by, through, or in consequence of earthquake.

• Typhoon and Flood
This insurance covers loss or damage to the property insured caused by typhoon or storm as recorded by the weather bureau.

Riot, Strikes & Malicious Damage
This insurance shall extend to cover loss or damage to the property insured directly caused by Riot and Strike.
The insurance under said Riot and Strike Endorsement shall extend to include Malicious Damage which for the purpose of this extension shall mean loss of or damage to the property caused by the malicious act of any person whether or not such act is committed in the course of a disturbance of the public peace.

• Extended Coverage
This is another type of insurance, which is written in conjunction with a fire insurance policy and covers loss or damage to any property insured occasioned by or through or in consequence of explosion, falling aircraft and articles dropped therefrom, vehicle impact or smoke.

• Bursting or Overflowing of Water Tanks, Apparatus or Pipes (BOWTAP)
Under this extension of coverage, only direct loss or damage by the bursting or overflowing of water tanks, apparatus or pipes are covered.

• Sprinkler Leakage
Under this extension of coverage, only direct loss or damage by water leakage from a sprinkler in a sprinkler system installed as fire suppressors/protections in buildings are covered.

• Broad Water Damage
This is an extension of coverage that includes BOWTAP, sprinkler water leakage and any other cause of damage caused by water but excludes water damage caused by earthquake, typhoon or flood as these perils must be separately insured.

• Business Interruption
This insurance which is written in conjunction with fire policy, covers loss of anticipated net profit, fixed continuing expenses and salaries of certain key personnel to the extent that they would have been earned had no loss occurred during the business shutdown because of damage to or destruction of property by any of the insured perils under the fire policy.