The contents of Basic Earthquake Insurance based on the newly modified edition which effective from Jan. 01, 2007 are introduced as follows :
Subjects Insured
Residential buildings only
Perils Insured
Fire, explosion, landslide, land subsidence, land movement, land rupture, tidal wave, surge and flood caused by earthquake
Maximum Sum Insured
Maximum sum insured is NT$1,200,000 for each residential building and the sum insured is on the basis of the replacement cost.
In addition, a contingent living expenses of NT$180,000 shall be paid to the insured once the insured residence meets the settlement requirement.
Total settlement limit is therefore NT$1.38 million per household.
Annual premium
Annual premium per household is a flat fee of NT$1,459
Insured Period
One-year policy, the remaining effective long-term residential fire policies can be voluntarily endorsed at any time to receive annual cover for earthquake peril.
Loss trigger
The loss will be paid when the insured residential building is suffered an earthquake event and its damage reached actual total loss or constructive total loss.
The criteria for determining a Constructive Total Loss is described as: the repair cost of the damaged part of the residential building is more than 50% of the replacement cost of the building. |
