National Catastrophe Insurance
Protecting your Cooperative against Catastrophe and Calamities
In Partnership with
The product focus on both frequent and severe extreme weather events due to wind-speed and rainfall. Based on the topographic relief and geographic location of the Philippines local government units structure (municipalities) trigger indexes for wind-speed and rainfall per municipality have been developed. As the trigger depends on the individual LGU's geographic profile, municipalities individual risk perception and vulnerability will be considered by the index . Accordance to the intensity of the event the trigger are categorize in three levels (yellow, orange and red) representing following reoccurrence period:
Yellow : 10-15 years Orange: 15-20 years Red : More than 20 years
If either wind-speed or rainfall exceeds the predefined trigger value in either of the 3 colour codes, we considered the municipality "affected". Cooperatives with operations in the "affected" municipalities will receive a claims payout.
HOW IT WORKS
Natural catastrophe often has a devastating effect on the poor households' cash flow, liquidity and earning capacities. Particularly financial service providers for the poor (like cooperatives) experience the high vulnerability of the poor towards outlier events in their portfolio. Like for example loan borrowers who- after the occurrence of a nat cat event- might face difficulties to fulfil their duties. As a consequence the loan default rate of the lending institution will increase. Subject to the geographical outreach of the event and the borrowers concentration within the region severe solvency issues of the financial service provider could be the consequence.
The services offered to the poor by these institutions are crucial to manage their daily live. By protecting the portfolio of the financial services in case of extreme event, reliable financial capacity can be ensured particularly at the time where it is most needed.
The Payout for "affected" Municipalities
The annual insurance is unlimited. Based on the category of wind speed and rainfall as evaluated by an independent consultant the affected municipalities will be declared and categorized by its intensity.
All insured cooperatives whose members are living in the affected municipalities are entitled to receive a payout.
Where does the data come from?
The relevant trigger points will be calculated and determined by independent consultant with support from Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA).
In times of severe weather conditions, weather data will be published by the consultant on a webpage (NatCat Monitoring) and made available to all cooperatives.
Rainfall trigger is based on satellite data provided by TRMM the Tropical Rainfall Measuring Mission (TRMM). It is a joint mission between NASA and the Japan Aerospace Exploration Agency (JAXA) designed to monitor and study tropical rainfall.
Three-hourly satellite coverage, dated 25 May 2004, 0000 UTC
(Source: Journal of Hydrolometerology)
The satellite has been in operation since 2002 and covers the whole tropical region in a regular series of orbits.
Wind-speed trigger is based on information from Regional Specialized Meteorological Center (RSMC). RSMC is operated by Japan Meteorological Agency (JMA) within the framework of the World Weather Watch program of World Meteorological Organization(WMO). Their primary aim is to assist national meteorological services in Asia and the North Pacific in issuing accurate tropical cyclone.
Best track of Typhoon Durian centre across the Pacific Ocean and South China Sea (26 Nov to 06 Dec 2006) (Source: Japan Meteorological Agency)
THE NEED Loss of Home and Household belongings through FIRE, Loss of Earnings through Accident of Family member, Liability to others due to negligence, Loss of belonging caused by Housebreaking/Robbery are the most feared events in life by each family. While it's just a question of MONEY to some, the burden of worry may be too much to bear for any family. How much more for a family already struggling in financial difficulties?
THE ANSWER Our Home Assure Comprehensive Residential Insurance Package is specially designed for your Family and Home, with affordable recommended annual premium rates. It can be purchased on its own or in addition to your existing insurance. The Home Assure Comprehensive Residential Insurance Package gives you insurance protection that covers the loss of your residence and its content due to:
FIRE and/or LIGHTNING, Earthquake, Typhoon, Flood, Explosion, Smoke, Vehicle Impact, Falling Aircraft and Riot Strike & Malicious Damage.
Alternative Accomodation In addition to the overall limit of the sum insured under the policy, in the event of the building/s being rendered uninhabitable caused by FIRE, the company will indemnify the insured against reasonsable additional expense for alternative comparable accomodation subject to a limit of P 10,000.00 per month for a maximum of six(6) months.
Debris Removal Pays the insured against the actual cost of removal of all debris of the damaged building/s subject to a maximum limit of P50,000.00.
Fire Fighting Expenses Pay actual cost of materials used and or damaged in extinguishing or putting out a fire within the assured's premises subject to a maximum limit of P20,000.00
Domestic Outbuilding Clause This policy shall be extended to provide coverage for walls, gates, fences, small outside buildings, extensions, annexes, steel and iron frameworks and water tanks within the insured's premises subject to a maximum limit of P20,000.000
Comprehensive Personal Liability(CPL) Covers the amount for which the insured maybe legally liable up to P100,000 in respect to accidental bodily injury(whether fatal or not) and accidental damage to property of any third party. It also extends to cover legal costs. The insured's liability including those of the members of his/her family, including servants residing within the insured's premises which should have been insured within the said premises by virtue of his being the: (a)owner and occupant of the building, or(b) tenant occupying the building.
Family Personal Accident Covers the insured's family members residing within the premises against accidental death and disablement subject to the following:
Up to 4 persons/child
Accidental Death & Disablement
Accidental Medical Reimbursement
Murder & Assault
Housebreaking/Burglary Housebreaking / Burglary or any attempt threat accompanied by actual forcible entry and violent breaking into or out of the insured building. The sum insured will be equivalent to 10% of the total household content coverage or not more than P300,000 whichever is lower subject to a P5,000 deduction on any one occurrence. List of household contents to be covered for housebreaking/burglary is required.
Loss or Damage Coverage: This part of policy protects the vehicle described in the schedule, its accessories and spare parts. ♦ Accidental collision or overtuning consequent upon mechanical breakdown consequent upon wear & tear ♦ Fire, external explosion, self-ignition or lighting or burglary, house-breaking or theft ♦ Malicious Act ♦ Whilst in Transit(including the process of loading & unloading) accidental to transit by road, rail, inland waterway, lift or elevator.
Third Party Liability-Property Damage The company will pay all sums necessary to discharge liability of the insured with respect to Damaged Property in an accident caused by or arising out of the use of the scheduled vehicle or in connection with loading or unloading of the scheduled vehicle.
Voluntary Third Party Liability-Bodily Injury This is the part of the policy that covers Liability of the insured which are not covered under Section 1 because of the limits in the schedule.
Policy Provisions The Insurance Company will reimburse the insured for all sums actually paid by the insured to discharge liability in accordance with all the provisions of Section 1 but only in excess of: a. The limits of the liability of Section 1 and 2 when such limits have been exhausted,or b: The liability limits required for scheduled vehicle under Section 337 of the Insurance Code in the event that no coverage exists as describe in paragraph A.
INCLUSIVE OF TAXES
INCLUSIVE OF TAXES
INCLUSIVE OF TAXES
P 50,000 P 75,000 P 100,000 P 150,000 P 120,000
P250,000 P 300,000 P 400,000 P 500,000
P 130.00 P 150.00 P 180.00 P 230.00 P 280.00
P 340.00 P 390.00 P 450.00 P 520.00
P 159.90 P 184.50 P 221.40 P 282.90 P 344.40
P 418.20 P 479.70 P 553.50 P 639.60
P 150.00 P 190.00 P 230.00 P 280.00 P 340.00
P 390.00 P 440.00 P 500.00 P 570.00
P 184.50 P 233.50 P 282.70 P 344.40 P 418.20
P 479.70 P 541.20 P 615.00 P 701.10
P 230.00 P270.00 P 310.00 P 370.00 P 440.00
P 500.00 P 570.00 P 650.00 P 730.00
P 282.90 P 332.10 P 381.30 P 455.10 P 541.20
P 615.00 P 701.10 P 799.50 P 897.90
P 50.00 P 60.00 P 70.00 P 80.00 P 90.00
P 100.00 N/A N/A N/A
AUTO PERSONAL ACCIDENT INSURANCE COVERAGE
(Coverage per seat)/ Unnamed Driver/ Passenger Personal Accident
Accident Death Benefit
Accidental Burial Expense
A B C D E
P 25,000 P 50,000 P 100,000 P 150,000 P 200,000
P 2,500 P 5,000 P 10,000 P 15,000 P 20,000
P 1,500 P 2,000 P 3,000 P 4,000 P 5,000
P 50 P 100 P 200 P 300 P 400
for your sample computation of CAR Insurance Note: If you dont have existing account, you may login as guest.
EZ PROTECT PLUS A life and accident insurance plan that increases the benefit every year for 5 years up 150% of insurance coverage and guarantees 100% return of premium at the end of term of coverage based on the annual mode.
Five(5) years to pay, 15-year term insurance Coverage and Endowment Plan.
End of 5th Year
Life Insurance Accidental Death Benefit Pure Endowment
P 20,000 P 20,000
P 22,500 P 22,500
P 25,000 P 25,000
P 27,500 P 27,500
P 30,000 P 30,000
INSURING PROVISIONS ♦ Fill-out the application from subject to the evaluation and approval of CLIMBS ♦ Age eligibility is 18-55 years old(entry age) ♦ Five (5) Years to pay, 15 year term insurance ♦ Pure endowment at the end of the 15th Year ♦ Maximum of 5 Units ♦ Suicide occuring within two(2) years from the policy date is not covered ♦ Two(2)- Year contestability period
18 to 50 years old
51 to 55 years old
EZ PROTECT PLUS is designed for individual who want an insurance protection for a limited period and want their money back at the end of the coverage period.
The Offical Website of CLIMBS Life and General Insurance Cooperative
CLIMBS Compound, Upper Zone 5, National Highway, Brgy.Bulua
Cagayan de Oro City, Philippines 9000
Tel: +63.8822.738738, +63.088.8561355