FIRE AND ALLIED PERILS
Formula in Computing the Premium = Basic Premium + (FST+LGT+Mgmt Fee)
- Basic Premium = Valued of Property x Rate
- FST = 2% of the Basic Premium
- LGT = 0.75% of the Basic Premium
- Mgmt Fee = Php25.00 (Constant)
- To cover properties owned by a member of the cooperative and properties of the cooperative against Fire and/or Lightning including extended perils of standard fire (Residence, Commercial, warehouse and industrial)
- Coverage shall be effective upon approval of CLIMB
INCLUSION & LIMITATION
- Construction - the nature and construction of the exterior walls and roof.
- Class A – Building with exterior wall constructed of concrete and/or concrete hollow blocks, bricks, stone, asbestos or other forms of materials rated as fire resistant without any element of light material or timber and with roof made of Galvanized Iron (G.I.) sheets, tiles, concrete, and asphalt. Open sided structures with galvanized iron (G.I.) or hard roof with concrete hollow blocks posts.
- Class B – consisting of any or all types of light materials (ex. timber, bamboo, nipa etc.)