Special insurance specifically designed to cover losses from major disasters such as typhoons is available from today, the Monetary Authority of Macao (AMCM) has informed.
The insurance will provide small and medium-sized enterprises (SMEs) with coverage against the consequences of natural disasters, namely the passage of severe tropical storms and storms that activate a typhoon signal 8 or more, or a level 4 (red) storm surge or higher.
The AMCM said that the insurance is mostly designed to protect the assets of stores and commercial spaces located in low-lying areas of the city.
The insurance coverage includes buildings, repairs and upgrades, electrical appliances, utensils, furniture, machinery, electronic equipment and product stock.
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.
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 25% of the amount covered by the insurance, which offers coverage of up to 100,000, 200,000 and 300,000 patacas.
This year, the government will offer subscribers a special benefit. Subscribers will receive a subsidy of up to 50% of the annual insurance premium, going up to a maximum of 30,000 patacas.
Local establishments and commercial stores can buy the insurance from today until December 31.