New Pioneer Product Designed for Mindanao

The insurgency in Mindanao takes an obvious toll on the political, economic and personal lives of our fellow Filipinos who live and work in the affected areas. Micro, Small, and Medium Enterprises (MSMEs) are particularly vulnerable when acts of terrorism and insurgency interrupt their daily businesses, cut the flow of profit, and present the risk of closure. 

Now, these MSMES can get the protection and security they need for their businesses during these uncertain times with Pioneer’s CrisisGuard–an insurance product that provides material damage cover against political violence perils for residential risks and Micro, Small, and Medium Enterprises,with a maximum total insured value of Php 50 Million. Its cover extends to loss or damage caused by riots, strikes, civil commotion, malicious damage, insurrection, revolution, rebellion, mutiny and/or coup d’etat, and war and/or civil war.

Get to know more about CrisisGuard through this quick Q&A:

Q: Which Mindanao areas may be covered under this program?

A:The locations in Mindanao that may be covered under this program are:  Agusan Del Norte, Agusan Del Sur, Bukidnon, Camiguin, Compostela Valley, Cotabato, Davao City, Davao Del Norte, Davao Del Sur, Davao Oriental, Lanao Del Norte, Misamis Occidental, Misamis Oriental, North Cotabato, Sarangani, South Cotabato, Sultan Kudarat, Surigao Del Norte, Surigao Del Sur, Zamboanga Del Norte, Zamboanga Del Sur, ZamboangaSibugay, and Zamboanga City.

Q: What is the amount of coverage given under this program?

A:The cover that the insured may obtain for a single risk cannot exceed a First Loss Limit of Php 5 Million.  Also, the loss limits that can be obtained are in intervals of Php 500,000, starting from Php500,000 up to Php 5,000,000.00.

Q: What risks/types of property can be covered under this program?

A:The risks that can be covered are buildings and contents that the insured owns, subject to the parameters set and subject to the same underwriting guidelines as a Fire / Property insurance policy.

Q: Can businesses obtain more than one CrisisGuard policy?

A: If the business has branches in different locations within the covered Mindanao areas, and is within the parameters set for this program, then each branch would be considered as one risk and may be covered by a separate Political Violence policy.  However, if the business is in just one location and is considered as one risk, it can obtain only one Political Violence policy.

Q: What is the duration of the policy?

A:The coverage runs for one year. No short-term cover can be given.

Q: Is there a deductible?

A: Yes.  The deductible is 5% of the limit.

Q: Does this cover include death or bodily injury?

A: Since this is property damage cover, death or bodily injury is not covered under this policy.

For any further CrisisGuard inquiries or concerns, do call Mia Latosa at 812-7777 local 534 today. You may also download the full product information document here.

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