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 Products & Services / General Products
 
   FIRE AND ALLIED PERILS
 
The Paramount Fire Insurance Policy is designed to provide insurance protection for your home, business and other valuable assets against the perils of fire and lightning. For an additional premium, the Fire Insurance Policy may be extended to include extraneous perils such as typhoon, windstorm; flood; earthquake fire & earthquake shock; explosion, falling aircraft, impact of vehicles, smoke damage; riot, strike, civil commotion; malicious damage and other named perils the Company may agree to cover.
 
Additional perils that may be covered
In consideration of an additional premium, a Fire Insurance Policy may be extended to include any or all of the following extraneous perils:
 
  1. TYPHOON, WINDSTORM
  2. FLOOD
  3. EARTHQUAKE FIRE & EARTHQUAKE SHOCK
  4. EXPLOSION, FALLING AIRCRAFT, IMPACT OF VEHICLES, SMOKE DAMAGE
  5. RIOT, STRIKE, CIVIL COMMOTION
  6. MALICIOUS DAMAGE
  7. Other named perils the Insurance Company may agree to cover
Basis of sum insured
 
  1. ACTUAL CASH VALUE - Cost, as of the date of loss, to replace or repair the damaged property, less depreciation or plus appreciation as the case may be.
  2. REPLACEMENT VALUE - Cost of replacing or repairing damaged property without application of depreciation.
Discounts
The following discounts are allowable under a FIRE INSURANCE Policy:
 
  1. Fire Extinguishing Appliances (FEA) Discount
  2. Building Discount (For Class "A" buildings only)
  3. Long Term Discount (3 to 5 years for Policy contracts with Sums Insured of not less than P5,000,000.00)
  4. Deductible Discount - discounts for Assured’s agreement to assume a certain amount of the loss before the liability of the insurance company attaches
Paramount Life & General's restricted risks
 
  1. Risks in private and/or public markets or in areas exposed thereto
  2. Cocktail lounges, pubs, beerhouses and/or nightclubs
  3. Motels, massage clinics, sauna and/or steam bath parlors
  4. Pawn shops
  5. Light material construction (bamboo, nipa, sawali, etc.)
  6. Risks within the right-of-way of government infrastructure projects
  7. Salvaged items
  8. Obsolete plants and/or equipment
  9. Risks located in congested or conflagration areas
Risks which may be accommodated on a case to case basis
 
  1. Tobacco
  2. Plastics
  3. Textile and textile related risks. These are understood to be those involved in the manufacture, processing, distribution or storage of natural or synthetic fibers, fabrics or finished products thereof.
  4. Woodcraft and/or handicraft factories
 
 
 
 
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