Real Estate Guide November 2019 real-estate-mag-nov-2019 | Page 26

Classified Expert is the newest Advertising Magazine in the Metro. A magazine that is free to the public, circulated and located at the highest key visibility points in your area. Insurance in the Philippines, how to deal with it LIABILITY INSURANCE In this edition of Reale Estate Guide, I would like to discuss about the liability insurances. There are several liabilities insurances also available here in the Philippines. Most of them are unknown to the public. One reason is that also Insurance Companies do not concentrate enough on marketing these products, but I’m sure this will change in the coming years. We are all prone to make mistakes and sometimes we encounter unforeseen accidents and disasters. Insurance Compa- nies respond to this and offer a range of liability insur- ances. In general, the most common liability insurance covers are property damage and bodily injury towards third parties. Take note, liability is based on negligence. Negligence on the part of the principal policy holder and the person and things he is responsible for and covered under the liability insurance. In the private market there is a: Personal / Family Liability Insurance This product is actually the most unknown. Abroad it is a very popular insurance, especially in Europe. Countries like: The Netherlands, Belgium, Germany and England almost every family have this liability insurance. It covers as mentioned above, property damage and bodily injury towards third party due to negligence. It covers events not only within your premises, but every- where in the Philippines. For example, your dog bites the neighbor, your child scratches with a sharp object a brand-new car parked on the street, your partner injured someone on the boardwalk with her umbrella on a rainy day. Just few simple cases, but with high finan- cial consequences. Insured also, to non-negligence, are children up to 12 years. As far as the insured sums we should anno 2019, as 10 years ago, Php 100,000 or Php 250,000, but Php 2,500,000, Php 5,000,000 or even Php 10,000,000. Don’t forget to include the expenses of juridical support. But this is not all, maybe you will need other things to be covered for, like additional person or pets, swimming pool liability - including of second home - food poisoning, first aid or premises liability, emergen- cy ambulance, electric motorbike liability The basic annual premium varies from Php 5,000 to Php 14,000 depending on the (extra) coverage you are interested in. As you can see this family liability insurance goes much further than what most Insurance Companies can offer. When I developed this package years ago, I have always considered not to compare what other Insurers are offering. In the business market, Insurance Companies offer the Comprehensive General Liability Insurance (C.G.L.). An insurance that is well known by almost every company or entrepreneur. Depending also on the nature of business, but mostly by the city government, a CGL is mandatory. Also, the CGL covers basically property damage and bodily injury towards third party. Most policies offer coverage within the premises of the operation. Also, there is a possibility to include extra clauses for extension of cover. Depending on the nature of the company we can offer: Work Away Clause ( business activities elsewhere by your staff ) Employers Liability ( employer order staff to work with unsafe equipment ) Car Parking / Parking Lot Liability Cross Liability ( liability staff among each other ) Signboard Liability ( incl. / excl. premises ) Food Poisoning Liability You may understand that the annual premium is higher than the one from the family liability insurance. You may ask, is the risks for a business is much higher than for a family? As far as the insured sum is concern, it depends again on the nature of the business and the risk amount predicted by the business . This can be a combination of communication between the business, intermediaries and Insurer. Other liability insurances insurances we deal with, depending on the nature of the operation are : Product Liability ( in - or excl. recall of the product) Professional Liability ( in-/ excl. error and omission Directors-/ Officers Liability ( D&O ) These insurances offer coverage against Immaterial damage or financial loss. Not like with the CGL, which covers material damage. Each of this insurance has its own standard coverage. But we can include extra extension of cover clauses, depending on the nature of the business. A HORECA project (hotel/ resort/ restaurant/bar) will ask for different coverage than a furniture company. As always, I’m most willing to give explanation about this interesting group of liability insurances, just give us a call. About the WRITER Marinus ”Rien” Louis Van Anholt is the Founder / Vice Pres. / C.O.O. Ascolin Insurance Consultants & Agency Corp. (before Nicolas Insurance Brokers Ltd. Inc. Rm. 4 C&D, 4th Fl., EJ Building, #252 Friendship Highway crn Volga St., Riverside Subd., Brgy Anunas, Angeles City 2009, CP +639178111015 / CP +639285037070 / LL +454580809 +63 922 832 8791 www.hannahgroup.com.ph A comprehensive local business listing in Manila, Manila.Directory helps you find great local businesses. Find the product, service, or company you’re looking for, without a sweat. 26 City Guide - Rea l Es t at e M agaz ine www.real-estate.guide