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Schedule of Rates for Earthquake

IC rate schedule for earthquake

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For Full Earthquake, the minimum rate shall be 0.100%* for all structures and no discounts whatsoever shall be applied.
Special Provisions Foundation, Outdoor Swimming Pool, Pier, Water Tanks, Underground Tanks and Self-contained Industrial Furnaces
It is permissible to conver foundations, outdoor swimming pool, pier, water tanks, underground tanks
and self-contained industrial furnaces against earthquake shock only under a separate item in the policy
without an equivalent insurance against ordinary fire risk.
Foundations, outdoor swimming pool, pier, water tanks, underground tanks and self-contained
industrial furnaces not exposed to other risks may be covered for earthquake shock only at a minimum
rate of 0.5%.
Note 1: A mandatory deductible of 2% of the actual cash value of the property affected at the time of the loss should be applied.
Note 2: Maximum commission for intermediaries is 5%, however, for policies with a single composite rate (covering fire and allied perils
inclusive of natural perils), a maximum commission rate shall be 15%. **
Note 3: Companies are required to maintain catastrophe loss reserves for earthquake covers.
Note 4: For references, please see related Circular Nos. 29-2006 and 39-2006 dated July 27, 2006 and December 7, 2006, respectively.
* Per Circular No. 24-2006 dated May 26, 2006
** Per Circular No. 8-2007 dated April 23, 2007

RIOT
for any period not
exceeding 12 months
Riot/Strike
Riot/Fire
CLASS I
Private dwellings (including residential flats and apartments) and offices not
being on any trade premises and excluding newspaper and government offices
CLASS II
Risk other than those in Class I or III
CLASS III
Department stores, goods in transit, government offices, hotels, clubs, restaurants, cafes, bars,
inns and taverns, motor garages (other than private), petrol filling stations, motor
workshops, and motor car sales rooms
Pawnbrokers
retail premises used for the sale of the following:
beer clothing firearms/ammunitions foodstuffs for human consumption
footwear gold and silverware jewelry spirits tobacco wines
wholesale storage and/or manufacturing premises of the following:
beer firearms/ammunitions foodstuffs for human consumption spirits tobacco
Sawmills and timber yards, stadiums and public sports grounds
Telegraph offices, telephone exchanges and call boxes
Railway and road transport properties, vehicles on the road

0.024

0.012

0.060

0.048

0.096

0.060

wines

ALLIED PERILS
For Typhoon and Flood, the minimum rate shall be 0.05% and no other discounts whatsoever shall be applied.
Extended Coverage . . . . Minimum rate . . . . 0.010%
Note 1: The above rates are minimum rates, and no discounts whatsoever shall be applied.
Note 2: Extended Coverage includes the perils of explosion, aircraft, vehicle and smoke only.
Note 3: Flood cover on the contents (machineries & equipment, stocks in trade and other contents) shall be granted only
in conjunction with a typhoon cover.
Note 4: for Typhoon and Flood, a mandatory deductible of 2% of the actual cash value of the property affected at the time
of loss for each claim or series of claims arising out of one occurrence shall be applied.
In case the property or properties, insured against typhoon and flood, are damaged in a single occurrence by both perils the
deductible shall be applied only once and not a 2% deductible for Flood and another 2% deductible for Typhoon.
Note 5: Maximum commission for intermediaries is 5%, however, for policies with a single composite rate (covering fire and allied
perils inclusive of natural perils), a maximum commission rate shall be 15%. **
Note 6: Companies are required to maintain catastrophe loss reserves for Allied Perils covers.
** Per Circular No. 8-2007 dated April 23, 2007
 
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