Fire / Property Insurance Claim

GUIDELINES

  1. The forwarding of the claim form is for completion and not an admission of liability upon the part of the company.
  2. On the occurrence of a loss and pending instructions from the Company or its Agent, the insured should take all reasonable steps to protect the salvage for deterioration. The debris and traces of the fire (in case of fire) should not be removed until the Company’s representatives have had an opportunity of inspecting them.
  3. The period allowed for lodging the claim in its final form with the Company is necessarily a limited one, and it is particularly important that the Policy Condition relating thereto be complied with. If, for any reason, an extension of the period is required, it is essential that the Company’s permission be obtained in writing.
  4. Cause of Loss – This should be stated as explicitly as possible, and where the cause is undiscovered, any suspicion of incendiarism should be mentioned.
  5. The following particulars are required:
  1. Building Claims
    1. A Civil Engineer’s or Architect’s detailed estimate (obtained at the expense of the insured) to place the building in the same state of repair as before the loss. (No contemplated improvements may be included in the estimate and a proper allowance for age and depreciation, etc. must be allowed)
    2. Certified copy of Building permit
    3. Certified copy of Declaration of Property
    4. Copy of plan of the building or sketch prepared by engineer/architect
    5. Lease contract or agreement if the insured is not lot owner
  2. Furniture and Equipment Claims
    1. A detailed list of the articles damaged or destroyed showing the cost price of each and date acquire
    2. Invoices, Receipts, if any.
  3.  Goods and Merchandise (Stock in Trade) Claims
    1. Books of accounts, Financial Statement, Purchases and Sales Invoices and all other businesses records
    2. Certified copies of Income Tax Returns of the Insured for the last two fiscal years
    3. Latest inventory of merchandise filed with the Bureau of Internal Revenue or any government entity prior to the loss
    4. A detailed inventory of the articles damaged or destroyed, showing the cost price of each extent of loss, and salvage value, if any, if the risk sustained partial or water damage
  4. Claim on A, B or C, or all of the above should be accompanied by an affidavit or statement declaring:
    1. Nature of ownership of the property insured
    2. Location of property
    3. Liens and encumbrances, if any
    4. For Building Claim,  year of the building was constructed and original construction cost
    5. For Stocks Claim, location of other store or warehouse and amount of insurance on stock contained therein, if any
    6. Any information relative to the loss
  5. The information asked for in the form should be furnished in detail. A careful description of every article destroyed or damaged should be given together with particulars of its acquisition by the Claimant(s). The form should be fully completed in every particular. N.B. – The Claimant(s) must in every case state the total value of the property covered by the Policy or Policies, or by the item or items of the Policy or Policies under which the claim is made. The Company reserves the right to require such additional proofs as it may consider necessary to support a claim.