The Ministry of Finance approved the first earthquake insurance policy for commercial use earlier this week. According to finance ministry officials, this policy has been designed specifically for corporate clients. Zurich Insurance Co was the first insurance company to submit an application for the policy. After the ministry's approval, other insurance companies are likely to follow suit.
After the 921 earthquake struck Taiwan in 1999, demand for earthquake insurance has risen substantially. A number of insurance companies, including President Allianz Insurance Co (
"This policy concerns total damage. The most important feature of this policy is that corporate clients could buy the policy in isolation, instead of combining fire insurance and earthquake insurance as in the past. This could provide more choices for corporate executives," said Tseng We-ren (
"This policy covers commercial buildings including offices, shops, warehouses, factories and other sites for business use. Since it is not combined with fire insurance, the cost of the insurance is lower than traditional comprehensive earthquake insurance policies," Tseng said.
"After an earthquake occurs, if the insured building suffers complete damage completely and is certified by a government agency, the insurance company will have to cover all the losses caused by the earthquake or a fire started by the earthquake, before the policy expires," Tseng said.
Furthermore, the insurance company will have to cover extra costs caused by the earthquake, including expenses for cleaning up the wreckage. But the ceiling for such expenses is limited to 5 percent of the total coverage. Moreover the loss of business caused by the earthquake is also covered by the policy, but the ceiling for such claims is also set at 5 percent of the total coverage.
Concerning the rate of insurance premiums, according to the ministry, it would vary according to the structural strength of the business building, the number of floors and the building's location. For example, if someone wants to insure a 16-floor concrete building, it would cost NT$820 for coverage of every NT$1 million.
Last month, the ministry had just granted approval to Zurich Insurance Co for an insurance policy designed for foreign laborers working in Taiwan. It was also the first insurance policy for foreign laborers.
LANDMARK: Taiwan and Haiti are set to mark the 70th anniversary of diplomatic relations next year, the president said, adding that the two would deepen bilateral ties President William Lai (賴清德) yesterday pledged continued support for Haiti, particularly in food aid and healthcare, as the Caribbean nation faces ongoing social and economic challenges. Speaking at a meeting with Haitian Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste, Lai said Taiwan would step up bilateral cooperation to help improve Haiti’s social infrastructure. Taiwan would continue supporting Haiti through initiatives aimed at improving healthcare, food security and overall development, he said. Taiwan and Haiti are set to mark the 70th anniversary of diplomatic relations next year, the president said, adding that the two nations would continue to support each other and deepen bilateral
MONTHS OF WORK: The core mission of Taiwan’s negotiators is to safeguard the national interest, public health and food security, President William Lai said Taiwan is still hoping to reach a deal with the US in ongoing tariff talks after it was not among the first batch of 14 nations to receive tariff notification letters. The US issued its first batch of tariff notification letters on Monday, but Executive Yuan spokeswoman Michelle Lee (李慧芝) yesterday confirmed that Taiwan has yet to receive one. Vice Premier Cheng Li-chun (鄭麗君) and Minister Without Portfolio Yang Jen-ni (楊珍妮), who lead the Office of Trade Negotiations, are in the US negotiating the tariff issue, the Executive Yuan said yesterday. The US in early April announced sweeping tariffs on imported goods, including
The New York Yankees are to host Taiwanese Heritage Day for the first time this year, the event’s organizer announced on Monday. The annual event, which has been held nearly every year since 2005, has often been hosted by the New York Mets at Citi Field, but this year it would be hosted by the New York Yankees on Sept. 10 at Yankee Stadium, organizer ROF International Sport Marketing wrote on social media. The event, which is being co-organized by the Taiwanese Chambers of Commerce of North America (TCCNA), is one of many cultural events hosted by the Yankees, the announcement said,
DRILLS FOR 10 DAYS: The exercises would continue around the clock under realistic conditions taking into account all possibilities, the defense ministry said Taiwan yesterday launched its largest-ever military drills intended to guard against Chinese threats to invade, including using “gray zone” tactics deployed by China that stop just short of open warfare. This year’s 10-day live-fire Han Kuang exercises are the longest yet and follow the delivery of a range of new weaponry from tanks to uncrewed waterborne drones. The drills began with exercises to counter the actions of China Coast Guard and maritime militia ships that have been harassing Taiwanese vessels around outlying islands close to the Chinese coast, the Ministry of National Defense said. Cyberattacks and misinformation campaigns are seen by Taiwan as
RSS