Property Terrorism
Customized solution for terrorism-related liabilities
Overview
Growing reports of terrorism attacks worldwide has taught us to be aware of these issues and be continuously vigilant. As a result, businesses should consider how the threat of a terrorist attack would affect their operations and assets.
With no control over the timing, severity and location of such events, a risk mitigation strategy of safeguarding against the risk by taking out appropriate insurance on the property and lost income as a result, could mean the difference between minimizing losses and irreparable damage to the organization.
We offer market-leading terrorism insurance solutions to protect businesses from devastating losses to physical assets resulting from acts of terrorism. Coverage can be customized to meet the distinct needs of the clients.
Product highlights
Risk mitigation
We can assist them to mitigate exposures. We help clients tangibly evaluate the cost-benefits of potential risk and make well-informed decisions in deploying resources.
Claims capability
Quick payments that could help them continue their operations. As a result, we can bring the right resources to our clients quickly and efficiently when a loss occurs.
Who is covered?
Our insurance against Acts of Terrorism was specifically designed to cover the following risks:
Sabotage- deliberate subversion to cause harm or destruction of property
Terrorism - the unlawful use of violence against persons or property including policy objectives
The following companies/institutions/venues can benefit this policy’s coverage:
- Airports
- Hotels
- Iconic structures
- High-rise buildings
- Infrastructures
- Terminals, ports
- Casinos
- Power plants
- Manufacturing plants
- Railroads
- Schools
- Stadiums, arenas
- Shopping centers,
- Hospitals/medical institutions
What is covered?
This policy insures buildings and their contents against physical loss or damage by any Acts of Terrorism. It can also be extended to cover losses caused by business interruption.
How to make a claim?
When you buy insurance from AIG, you can have confidence that we stand ready to help you recover quickly when the unexpected happens. The claims operation that underpins every AIG policy is one of our greatest strengths, with a strong local claims team backed by our global network of expertise to support you when you face a loss.
For claims associated with Property Terrorism, please reach out to your insurance broker to assist you. You may also contact us at:
Phone: +63 2 8 878 5455
Email: phlweserve_CML@aig.com
Click below to learn about the necessary documents needed in order to submit a claim.
The Insured must:
- Coordinate any loss to AIG without delay. Policy requirement is usually within 7 days
- List the loss incurred/damaged property for easy reference during site visit
- Act like a prudent person in protecting the property from further damage
- Impart necessary information/ document to AIG’s representative
- Make periodic follow-up
Documents to be submitted:
- Incident/investigation report
- List of damaged items with corresponding quotation/purchase order/invoice/official receipt
- Properly labeled colored photographs of the damages sustained
- Further documents will be requested if proven necessary such as, but not limited to, bill of quantity, lease contract, acquisition documents of property, building/electrical/mechanical layout, equipment/machine manual and maintenance logbook, audited financial statement, stock inventory report
How are claims settled?
- Evaluation of claim (policy attachment and measurement of loss) will commence upon completion of documentary requirement
- If everything is in order, an offer will be released within 10 working days
- If offer is acceptable, payment will be issued within 7 working days