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

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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 [phone] /
CP [phone] / LL [phone]
[phone]
www.hannahgroup.com.ph
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26 City Guide
- Rea l Es t at e M agaz ine
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