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The risk of damage to properties and businesses is the reason why
some Pinoy Entrepreneurs secure an insurance coverage. There are
unforseen contingencies, while remote from happening, that could
seriously cripple the business by the loss of inventory, equipment and,
in the final analysis, precious capital.
We've seen a number of insurance claims in the wake of the flooding brought by [You must be registered and logged in to see this link.], and we'd like to share some observations.
Coverage.
Many breathed a sigh of relief, when their cars were submerged in flood
water, that they have motor vehicle insurance. Unfortunately, the
general coverage does not include damage from flooding, among others.
When securing an insurance, make sure to check the risk coverage.
Additional premiums must be paid, but the extra amount would make a lot
of difference in case of loss.
Get a trusted insurance company. The [You must be registered and logged in to see this link.],
the government agency which supervises and governs insurance companies,
has a list of accredited companies. You get an insurance to recover
something in case of loss. It's useless when the company which is
supposed to pay for the loss is gone.
Pay the premiums.
The insurance policy, even if issued, does not take effect until the
insured pays the premium. For instance, instructions were made to pay
the premium on the last day of the week, Friday. Because of time
constraints, payment was actually made on the next working day, a
Monday. Typhoon Ondoy released its fury on a Saturday, before payment
was made on Monday.
Comply with the conditions.
For stock in trade, for instance, the location where these stocks are
located is specified in the insurance policy. Should you change the
location, make sure that the insurance company has given its conformity.
Other conditions include the safekeeping of the insured items.
File the claim ASAP.
The insurance policy spricifies the period for filing the insurance
claim and the insurance company provides the requirements/forms to make
such a claim. Make sure to file the claim within the period and to
attach the required documents to prevent outright denial of the claim.
There are certain nuances as to the applicable periods, but it's always
safer to file as soon as possible.
some Pinoy Entrepreneurs secure an insurance coverage. There are
unforseen contingencies, while remote from happening, that could
seriously cripple the business by the loss of inventory, equipment and,
in the final analysis, precious capital.
We've seen a number of insurance claims in the wake of the flooding brought by [You must be registered and logged in to see this link.], and we'd like to share some observations.
Coverage.
Many breathed a sigh of relief, when their cars were submerged in flood
water, that they have motor vehicle insurance. Unfortunately, the
general coverage does not include damage from flooding, among others.
When securing an insurance, make sure to check the risk coverage.
Additional premiums must be paid, but the extra amount would make a lot
of difference in case of loss.
Get a trusted insurance company. The [You must be registered and logged in to see this link.],
the government agency which supervises and governs insurance companies,
has a list of accredited companies. You get an insurance to recover
something in case of loss. It's useless when the company which is
supposed to pay for the loss is gone.
Pay the premiums.
The insurance policy, even if issued, does not take effect until the
insured pays the premium. For instance, instructions were made to pay
the premium on the last day of the week, Friday. Because of time
constraints, payment was actually made on the next working day, a
Monday. Typhoon Ondoy released its fury on a Saturday, before payment
was made on Monday.
Comply with the conditions.
For stock in trade, for instance, the location where these stocks are
located is specified in the insurance policy. Should you change the
location, make sure that the insurance company has given its conformity.
Other conditions include the safekeeping of the insured items.
File the claim ASAP.
The insurance policy spricifies the period for filing the insurance
claim and the insurance company provides the requirements/forms to make
such a claim. Make sure to file the claim within the period and to
attach the required documents to prevent outright denial of the claim.
There are certain nuances as to the applicable periods, but it's always
safer to file as soon as possible.
