GUIDE TO PREMIUM MATRIX (Inclusive of taxes)
Property/-ies located under Zone I
- Metro Manila ((Caloocan, Las Pinas, Makati, Malabon, Mandaluyong, Manila, Marikina, Muntinlupa, Navotas, Paranaque, Pasay, Pasig, Pateros, Quezon, San Juan, Taguig, Valenzuela)
- Cebu City, Mandaue City, Lapu-Lapu City
- Subic Bay Metropolitan Area
- Export Processing Zone Area in Mariveles Bataan & Rosario Cavite
Property/-ies located under Zone II
- All other locations not stated in the location above;
CLASSIFICATION OF BUILDING
- CLASS A – Made of concrete under galvanized iron roof.
- CLASS B – Made of semi-concrete under galvanized iron roof.
Allied Perils
- Earthquake
- Typhoon
- Flood
- Extended Coverage
- Riot, Strikes & Malicious Damage
Additional Charges
- Document Stamp Tax (only applicable for corporation)
- Value-Added Tax (only applicable fo corporation)
- Fire Services Tax = 2% of the Basic Premium
- Local Government Tax = 0.75% of the Basic Premium
- Miscellaneous Fee = 50.00
Sample Premium Computation
Building Type
School
Zone
1
Class
A
Amount of Insurance
5,000,000.00
Basic Premium
= Amount of insurance x Zone1,Class A Rate
= 5,000,000.00 x 0.115%
= 5,750.00
Allied Perils:
- Earthquake
- Typhoon
- Flood
- Extended Coverage
- Riot, Strikes & Malicious Damage
- Amount of insurance x 0.100% = 5,000.00
- Amount of Insurance x 0.025% = 1,250.00
- Amount of Insurance x 0.025% = 1,250.00
- Amount of Insurance x 0.010% = 500.00
- Amount of Insurance x 0.012% = 600.00
Basic Premium
= Basic Premium + Total Allied Perils
= 5,750.00 + (5,000.00+1,250.00+1,250.00+500.00+600.00)
= 14,350.00
Additional Charges:
- Fire Service Tax
- Local Government Tax
- Miscellaneous Fee
= 14,350.00 x 2% = 287.00
= 14,350.00 x 0.75% = 107.625
= 50.00
Gross Premium
= 14,350.00 + Additional Charges
= 14,170.00 + (287+107.625+50.00)
= 14,794.63
Fire Insurance
Calculate your estimated insurance premium