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For FIRE INSURANCE CLAIMS, here are the following requirements:
GENERAL DOCUMENTARY REQUIREMENTS
- Nature of ownership of the property insured
- Location of property
- Extent of Damage and Salvage Value
- Liens and encumbrance, if any
- Any other information relative to the loss.
- Formal Report on the circumstances of the loss / Sworn Statement of Loss
- Policy/Fire Investigator’s Report
- Photographs/Proof of Ownership/Insurable Interest
For Machinery, Furniture, and Equipment Claims:
- Detailed list of articles damaged or destroyed, showing the acquisition cost of each and the date acquired.
- Records, Invoices or Receipts, if any.
For Building Claims:
- Civil engineer’s or Architect’s detailed estimate (obtained at the expense of the insured) to place the building in the same state/condition before the loss (the estimate must not include contemplated improvements but a proper allowance for age and depreciation, etc., must be considered)
- Certified True Copy of the Building Permit
- Certified True copy of the Declaration of Real Property
- Copy of Plan of the Building or sketch prepared by an engineer or architect.
- Lease contract or agreement, if the insured is not the lot owner.
- Affidavit declaring the date and cost of construction.
For Goods and Merchandise (Stock in Trade) Claims:
- Books of Accounts, Financial Statements, Purchase and sales invoices, and all other business records
- Certified Copies of the Income Tax Returns for the last two (2) years
- Latest inventory of merchandise, filed with the BIR or any government entity, prior to the loss
- Detailed inventory of the articles damaged or destroyed showing the acquisition cost of each, extent f loss and salvage value, if the risk sustained partial or water damage.
- Affidavit stating the location of the other stores or warehouses, and amount of insurance on stocks contained therein.
An inexpensive way of financial protection
Insurance plays a very important role in one’s personal life especially in the aspect of financial security. Though in some cases people shy away from getting one (because they thought it’s just an added “expense”), those who have benefited from it would most often recommend it to family and friends because of the help that it provides. Insurance actually not only gives security to the owner of the policy, it also provides peace of mind to the policy owner’s family.
Tremendous support is also provided by insurance to the society and to the economy. In the area of non-life insurance, opportunities are wide for companies when situations related to accidents, calamities and tragedies come. When tragedies or calamities like fire, earthquake, and typhoon happen, the affected members of the society, whether individuals, families or businesses may be provided indemnity for their financial loss and thereby be able to start their lives or their businesses anew with very little difficulty.
Take for example fire insurance. Here, families will have peace of mind-knowing that the properties they have worked hard for are secured. Business owners and corporations also have their assets and net worth protected. Same can be said to motorcar insurance and personal accident insurance in which individual owner is protected against unforeseen events such as accidents. Engineering insurance and surety bonds also provide the same security to owners especially when the unexpected comes.
Aid growth in sector
Not only the individual owners of these various types of non-life insurance gain from it.
With more people acquiring the kind of insurance they need, additional businesses are provided to companies thereby aiding in the growth of the sector as a whole.
It can help further strengthen the financial muscle of the current insurance companies. The insurance industry can then plow back to the economy more investments and spur economic growth by providing more capital for other industries.
Growth of the insurance industry can also provide more employment. It can increase the number of insurance agents as well as the employees the companies would hire to service the growing clientele. Growth of the insurance industry would bring about an increase in the portfolio of the insurance companies and enable them to surpass the increase in gross premiums written. Also expect improvement in the net premiums earned.
Investment income has been declining worldwide and our country is not spared from this phenomenon. But the growth of insurance consciousness which can bring about increase in the insurance business will definitely offset the decline in investment income by bringing substantial increase in underwriting income.
Helps in nation building
The insurance industry also helps in nation building.
By insuring buildings, residential homes and construction projects, non-life insurance helps in the conservation and protection of the country’s assets.
Loans for the construction of industrial complexes and housing projects would not be granted unless such assets are insured in favor of commercial banks and other financial institutions to cover their mortgage interest.
Marine cargo insurance, a requirement of the banks in issuing Letters of Credit, helps in the easy importation of vital capital equipment and necessary food products. Contractors who bid for public construction are normally required to put up performance bonds as part of the contract. Even vehicle owners have to purchase liability insurance for pedestrians in order to obtain a license.
The non-life insurance sector also contributes substantially to the nation’s development as it provides investment funds needed to fuel economic growth.
Anti-Fraud: Section 251 of the lnsurance Code, as amended, imposes a fine not exceeding twice
the amount claimed and/or imprisonment of two (2) years, or both, at the discretion of the court, to any
person who presents or causes to be presented any fraudulent claim for the payment of a loss under a contract
of insurance, and who fraudulently prepares, makes or subscribes any writing with intent to present or use the same,
or to allow it to be presented in support of any claim.