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INSURANCE FIRE INSURANCE... PROTECT YOURSELF AND YOUR PROPERTY BY VICTORIA TAMBUNTING ALFONSO 18 SME.COMmunity.PHilippines It’s 2 in the morning and you are awakened from your sleep by sirens… You look out your window and you see flames coming from your next door neighbor’s house. You start thinking to yourself- what do I do? What if my house catches fire too? How do I get out of here alive? How do I get the rest of my family out of the house? Faced with an event like this, would you and the rest of your family know what to do? Do you have a fire escape plan? If a fire does occur, do you have the funds to repair damage that may happen to your property? In recent months, several blazes have destroyed residential and commercial sites, causing millions of pesos in property damage, loss of life and economic displacement. We should all be aware of how to prevent fires in our homes and how to protect ourselves and our property incase a fire does occur. How can you avoid having a fire in your home? • Avoid electrical overloading • Check all electrical installations regularly • Check gas stoves and LPG tanks for leaks • Keep children away from flammable liquids, lighters and matches • Avoid smoking in bed • Do not leave lighted mosquito coils unattended • Always take extra precautions while cooking • Never leave lighted candles unattended • Do not throw lighted cigars or cigarette butts on dried leaves and garbage • Maintain proper housekeeping to eliminate fire hazards Does your family have a fire escape plan? Aside from practicing ways to avoid a fire, families should all have a fire escape plan. A typical plan would include finding 2 exits out of every room and picking a meeting place outside the home. Hold a family drill every year and remind each other that if you have a fire in your home, once you get out, stay out. Do not go back inside for any reason. Are you secure with a Fire Insurance Policy for your home? Fires are accidents and sometimes can not be prevented. What one needs to do is protect themselves from possible property damage and loss. To protect yourself from potentially large losses that may occur from a fire, make sure you have a Fire Insurance Policy. A Fire Insurance Policy is a contract wherein the Insurer (Insurance Company) undertakes, for a premium, to pay or make good to the Insured (home owner), up to an agreed amount (sum insured), for direct loss or damage to a particular property, caused during a specific period by fire or other insured perils (risks like earthquake, typhoon etc). What should you look for when purchasing a Policy? • The policy you purchased should be from an agent and insurer that are reputable. They should continue to be in business long after you purchase your policy. • The insured amount should be at least the sound value (replacement cost less depreciation) of the property. • There were no misrepresentations and concealment of material facts especially as to utilization and ownership. • As a reminder, you should read and understand your policy thoroughly and pay close attention to the exclusions and conditions. • Lastly, premiums should be paid on time otherwise late payment could be used as a technicality should you be making any claims. Are Fire Insurance Policies expensive? Fire Insurance Policies are not as expensive as you may think. For example, for a property valued at P1 million with contents valued at P500,000 annual premium would be approximately P1,700 for residences within Metro Manila and P4,000 for those outside Metro Manila. Isn’t that amount worth it for your peace of mind? Victoria Tambunting Alfonso is connected with PDB Insurance Agency, an affiliate of Planters Development Bank.
CONNECTIVITY Globe and SME.Com.Ph Gear up for the SME Toolkit Road Show 2008 Globe and PDB SME Solutions Inc., through its web portal SME.Com.Ph, once again join forces to bring the highly successful SME Toolkit Road Show to Filipino entrepreneurs all over the Philippines. The SME Toolkit Road Show, just like PDB SME Solutions Inc., is a brainchild of Planters Development Bank and the World Bank’s International Finance Corporation. The Road Show exhibits a valuable collection of business tips, forms and tools on accounting and finance, business planning, human resources, legal and insurance, marketing and sales, operations and technology, and more. The success of Globe’s and PDB SME Solutions Inc. collaboration for the 2007 SME Toolkit Road Show encouraged Globe and PDB SME Solutions Inc. to sign a memorandum of agreement for another year of partnership. “Globe is always on the lookout for projects that can help Filipino entrepreneurs in their businesses. We want to help them maximize their gains and minimize their losses through the use of technology. In partnering with PDB SME Solutions Inc., we are a step closer to achieving this goal because we are helping create awareness that technology is indeed an important aspect in increasing competitive Ramon Benedicto B. Reyes, Globe’s head for alliances and regional marketing together with Maridol D. Ylanan, Globe’s head for SME business group sign partnership agreement with Roberto A. Buhain, SME.Com.Ph director and Plantersbank executive vice president and SME.Com.Ph president Adonis C. Yap. advantage in today’s digital economy,” said Maridol Ylanan, Corporate and SME Segments Head. Globe is a staunch supporter of PDB SME Solutions Inc. as both share the same advocacy of helping Filipino SME’s use Information and Communication Technology as a tool to enrich businesses. Globe is aligned with SME.com.ph in providing the right connections to SMEs. “Through the road shows, it is our aim to heighten awareness on the importance of information technology-based business solutions, connectivity and e-commerce and to enable businesses to achieve global recognition. We are fortunate to have Globe as our partner because they share in this endeavor,” said Roberto Buhain, SME.Com.Ph director and Plantersbank executive vice president. This year’s Road Show theme is “Bringing Global eBusiness Solutions to the Filipino SMEs.” Globe prepared modules that aim to educate SMEs about the local and global advantages that modern telecommunication services can provide their businesses, aside from providing SMEs relevant insights with different business tips and tools. The Road Show kicked off last April 17 in Baguio City. Since the kickoff, the Road Show has already made three stops that cover key cities and municipalities in La Union, San Fernando, Pampanga, and Bulacan. 19 VOL. NO. 03 / ISSUE NO. 04
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