Product Overview

SME Natural Catastrophe Property Insurance

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Special insurance specifically designed to cover losses from major disasters such as typhoons.

Actual Loss Indemnity: The insurance provides coverage against consequences of severe weather (a trophical cyclone warning signal no.8 or more, or a level 4 (red) storm surge or higher, or black rainstorm warning signal, announced by the SMG).  The insurance coverage includes buildings, repairs and upgrades, electrical appliances, utensils, furniture, machinery, electronic equipment and product stock.

Typhoon Parameter Indemnity: When the SMG announces a tropical cyclone warning signal no.10 and it remains hoisted for 10 consecutive hours or more, the insured company can make a claim equivalent to 10% of the insured amount, even if no financial loss has been incurred.

If financial loss has been incurred, it can choose to make a claim according to the actual loss, or equivalent to 10% of the coverage amount selected whichever is higher.

COVERAGE

All companies that have fewer than 100 workers are eligible for this insurance, which has major differences from regular insurance policies on the market. For example, there is no deductible percentage for every damage or loss report, and the ceiling amount for products and stock has been waived.

PREMIUM

  • Those who acquire the insurance will get special benefits in the long run and will receive discounts starting at 20%, going up to 35% in the fourth consecutive year they renew their insurance.
  • The annual premium is set at 15% of the amount covered by the insurance, which offers coverage of up to 100,000, 200,000, 300,000 and 500,000 patacas.
  • This year, the government will offer subscribers a special benefit. Subscribers will receive a subsidy of up to 70% of the annual insurance premium, going up to a maximum of 35,000 patacas, whichever is lower.

For application, please fill and submit this form (Chinese version only) at our offices. Please contact us for further details about the product.

The above information is provided by the Monetary Authority of Macau (AMCM).