MAAGAP protects your property
a. Earthquake fire - This covers th property insured under the standard fire policy against loss of damage caused by a fire that occurs as a result of an earthquake.
b. Earthquake shock - This covers the property insured under the standard fire policy against loss or damage caused by an earthquake, whether or not a fire occurs as a result of the earthquake.
Typhoon as defined by the Weather Bureau, is an event, having a maximum wind velocity of 64 knots or more. It is a requirement for the typhoon cover that the building to be insured must be completely enclosed with roof. Damage to the contents or interior of the building is covered only if there is an external damage to the building.
Flood as defined as the entry of water into the premises insured, from without, due to the inundation of land not usually covered by water,
a. By reason of an extraordinary high tide, or
b. Following typhoon, cyclone, and/or windstorm, or
c. Due to the bursting or overflowing of rivers, reservoirs, canals and the like but excluding: bursting of water tank or pipes and backing up of sewers or drains, etc.
This endorsement to a standard policy extends the basic cover to include loss of or damage to then insured property caused by:
2. Vehicle Impact
3. Falling Aircraft
This covers loss or damage directly caused by:
1. Strikers and locked out workers
2. Persons disturbing the peace
3. Lawful authorities acting to suppress and prevent the disturbance
Riot may be defined as a tumultuous disturbance of peace by three or more persons assembling together with mutual intent to assist each other against any who will oppose them.
The birth of MAA General Assurance Phil., Inc. (MAAGAP) took place when its parent company, MAA International Group Ltd. (MAAIG) from Malaysia ventured to strategically expand its business in Asia. MAAIG is an offshore composite insurance company licensed under the Offshore Insurance Act 1990 in Labuan International Offshore Financial Centre (IOFC) to underwrite life and general insurance and reinsurance business.
Gearing for the planned expansion, MAA procured the insurance license of the then Paramount Insurance Corporation and renamed it MAA General Assurance Phil., Inc. Read more...