BPI 171st Anniversary – Fire

PERIOD: August 1, 2022 – October 31, 2022

Program Features:

  • Qualified BPI clients will enjoy Improved Packages* of BPI MS Fire Insurance during the limited period.
  • Qualified clients availing Fire Insurance may choose from a comprehensive home package (Home Care Advantage)*, a comprehensive condominium package (Condominium Care Advantage)*. All are subject to underwriting review and approval.

General Mechanics:

  1. The program is open to all clients of BPI Bank with real estate properties that fall within the qualifications below.
  2. The program shall cover the following:
    1. Insured real estate properties with an existing fire insurance policy from another insurer that is expiring within 3 months from the program period.
    2. Newly purchased real estate properties not mortgaged with BPI
    3. Real estate properties with expired BPI MS policies for more than 30 days prior to program period.
    4. Real estate properties without existing insurance from BPI MS and is currently mortgaged (on its 2nd year onwards) with BPI.
    5. Real estate properties previously mortgaged with BPI and loan with the bank has matured for more than 30 days.
  1. Real estate properties with existing BPI MS policies not falling in the qualifications above are not qualified.
  2. Real estate properties that are to be mortgaged through BPI Loans are excluded.
  3. To apply, client must submit a copy of his/her existing policy with BPI MS or with another insurer to validate expiry of their current insurance. For accounts without existing policies, a completely filled out application form must be submitted to BPI MS or to a BPI / BPI Family Savings Bank Branch.
  4. Only BPI MS Insurance quotations issued to qualified BPI clients within the specified program period will be honored and will be subject to issuance of the policy upon acceptance of the client. These will expire thirty (30) days after the quotation date.

 

* Improved Packages– Subject to program terms and conditions and underwriting approval

* HCA and CCA – As applicable to the property: All BPI MS insurance products are subject to terms and condition

 

FEATURED PRODUCTS:

Home Care Advantage (HCA) Insurance

Secure your home, belongings, and family from possible financial woes and home damages with BPI MS’ Home Care Advantage (HCA) now.

If all questions are answered YES, the client’s residence may be accepted under HCA.

  • Is the property occupied solely for residential or dwelling purposes?
  • Are the external walls of the residence made of concrete or concrete hollow blocks?
  • Is the residence located in an area or subdivision with a perimeter fence and roving security guard?
  • Is the residence NOT affected by flood, typhoon, or earthquake in the last 5 years?
  • Is the residence located more than 500 meters away from a neighboring fault line?
  • Is the residence located more than 1 block from a public market?
  • Is the residence directly surrounded by a fire-truck-accessible street?

Applications are subject to review and approval. Depending on the residence’s qualification, HCA Lite may still be availed (excluding earthquake, flood, and robbery and burglary).

 

General Guidelines

  1. The packaged product shall be available to BPI Branch Stores Channels (BSC) clients.
  2. Clients must accomplish as part of the insurance application. The answers/declaration, in addition to the application details, shall determine the immediate acceptability of the account.
  3. Requests that deviate from the features of the packaged products shall be referred to Underwriting, if required, for further evaluation and approval.
  4. Applications classified under the prohibited locations, construction class and excluded occupancies shall be endorsed to Underwriting, for further evaluation and approval.
  5. Existing and new accounts mortgaged to BPI and BPI Family Savings Bank are excluded.

 

Acceptance Guidelines:

  1. Existing property description for acceptance under the HCA and HCA Lite will still apply:
    • Occupancy : For purely residential only
    • Construction : Class A, single detached and fully constructed.
    • Location : Either part of the new HCA pre-approved subdivisions or must satisfy the pre-approved parameters stated in item 2. Standard prohibited locations per Underwriting manual will apply.
  1. Preset acceptance parameters for HCA and HCA Lite:
    • Maximum TSI for the pre-approved packages is Php 30M; no minimum TSI required.
    • Clients may directly apply for HCA Lite if they do not wish to be covered by the following perils:
  1. flood b. earthquake and c. robbery/burglary. These 3 perils are always excluded under HCA Lite.
  • The updated list of pre-approved subdivisions may still be used in the acceptance of applications, subject to Sales review and verification that the residence is within the same above parameters
  1. Renewal accounts that are non-BPI and BFB mortgaged may be converted to the package subject to Underwriting approval.
  2. Only one (1) HCA policy per any one risk is allowed. A separate HCA policy for each of the items being covered (e.g. building and contents) is not allowed.

 

Condominium Care Advantage (CCA) Insurance

Condominium Care Advantage Insurance is a comprehensive insurance package specifically designed for condominium unit’s owners and tenants to protect their unit contents and improvements. Aside from the usual loss and damage coverage, you will also get a Personal Accident Insurance, Liability Insurance and many more, for free!

General Guidelines

  1. The packaged product shall be available to BPI Branch Stores Channels (BSC) clients.
  2. Clients must accomplish as part of the insurance application. The answers/declaration, in addition to the application details, shall determine the immediate acceptability of the account.
  3. Requests that deviate from the features of the packaged products shall be referred to Underwriting, if required, for further evaluation and approval.
  4. Applications classified under the prohibited locations, construction class and excluded occupancies shall be endorsed to Underwriting, for further evaluation and approval.
  5. Existing and new accounts mortgaged to BPI and BPI Family Savings Bank are excluded.

 

Acceptance Guidelines:

  1. Condominium Care Advantage is solely for Residential Condominium Units only.
  2. Condominium Unit Owners and/or Tenants can purchase CCA Insurance.
  3. Only contents and building improvements can be covered under CCA insurance.
  4. Any application with amount/limit of up to P5,000,000.00 shall be automatically accepted.
  5. Minimum Premium is P1,000.00 (exclusive of taxes).
  6. If the condominium building lacks any one of the following, application should pass through Fire Underwriting for further evaluation and approval:
    1. Fire Extinguishing Appliances (Portable Fire Extinguishers, Internal Hydrants connected to Water Supply, Automatic Fire Alarm, Smoke Detectors and Sprinkler System);
    2. Security Guards;
    3. Closed Circuit Television (CCTV); and
    4. Fire Exits from the building premises
  7. Only one (1) CCA policy per any one insured is allowed. To avoid duplication of extension (e.g. CPL, PA, etc.), separating of policy for each of the items covered (e.g. contents and leasehold improvements) is prohibited. However, separate policies can be issued for the owner and tenant provided that risks to be covered are different (e.g. Owner insures leasehold improvements only; Tenant insures contents only).

 

For inquiries, you may reach out to the BPI branch servicing you or email BPI MS at [email protected].