<p>DEFERRED PREMIUM ENDORSEMENT</p>

<p>IT IS UNDERSTOOD AND AGREED that as a condition precedent to this insurance and compliance with the<br />
Insurance Commisioner&#39;s 17 January 1980 Circular, the premium payment under this policy shall be due and payable on or before the<br />
specified dates mentioned below:-</p>

<p><br />
IT IS FURTHER UNDERSTOOD AND AGREED that in the event of any installment not being paid on its due<br />
date, the cover afforded by this policy shall be deemed to have ceased at midnight of such due date.</p>

<p>PROVIDED FURTHER, that in the event<br />
of loss covered hereunder during the currency of this policy, all further installments shall immediately become due and payable and the<br />
Company shall be entitled to take credit thereof.</p>

<p>80% AVERAGE RELIEF CLAUSE</p>

<p>It is hereby declared and agreed that no average will apply if<br />
the adjusted amount of loss due to a peril insured against is 80% of the basis of indemnity. &nbsp;This clause shall be effected after the<br />
application of the Devaluation Clause and Automatic increase provisions have been applied.</p>

<p><br />
ACT OR NEGLECT CLAUSE<br />
&nbsp;<br />
This policy shall not be<br />
prejudiced by reason of any act or neglect of the owner[s] of the building[s] if the Assured is not the owner thereof, or by any act or<br />
neglect of any occupant of the building[s], except for the named Assured when such act or neglect of the owner or occupant is not within<br />
the control of the Assured.</p>

<p>ALTERATIONS AND REPAIRS<br />
&nbsp;<br />
Workmen are allowed to work in, or or around the Premises for the purposes of<br />
completing minor additions and/or alterations and/or decorations and repairs without prejudice to this insurance.</p>

<p><br />
APPRAISEMENT CLAUSE<br />
&nbsp;<br />
If<br />
the aggregate claim for any one loss does not exceed P50,000,000.00 or five percent [5%] of the Sum Insured of the item or items<br />
affected under the Damage Section [Section I] whichever is the less amount, no special inventory or appraisement of the undamaged<br />
property shall be required.</p>

<p>If two or more buildings be included is a single item, this provision shall apply to the range of buildings<br />
and/or contents by the item or items affected.</p>

<p>AUTOMATIC INCLUSION CLAUSE<br />
&nbsp;<br />
It is agreed that Insurers automatically cover any additional<br />
new location / project to be used or occupied by the insured in transacting or performing its business and any location that is<br />
inadvertently missed, subject to a limit of ten percent [10%] of Total Sum Insured and should be declared within sixty [60] days upon<br />
turn-over, acceptance and/or occupancy.</p>

<p>This provisions shall be automatically reinstated after application.</p>

<p>AUTOMATIC INCREASE CLAUSE<br />
(10%)<br />
&nbsp;<br />
This Policy extends to cover amount representing increase in value. In excess of the sum insured up to ten percent (10%) over the<br />
existing cover limit, it being understood that the Insured undertakes to advise such addition amounts within sixty (60) days or as soon<br />
as practicable and to pay the additional premium required from date of inception thereof, and thereupon this Policy shall be endorsed<br />
accordingly. &nbsp;Following endorsement of any additional amounts, the provisions of this memorandum are fully reinstated.</p>

<p><br />
BROAD WATER<br />
&nbsp;DAMAGE ENDORSEMENT</p>

<p>IT IS HEREBY DECLARED AND AGREED that notwithstanding what is stated in the printed conditions of this policy or any<br />
endorsements to the contrary, the insurance under this policy shall extend to include loss of or damage caused by :</p>

<p>1) Accidental<br />
discharge, leakage or overflow of water/steam from plumbing, septic tank, heating&nbsp;systems, elevated and/or underground tanks and<br />
cylinders, standpipes for fire hose, industrial and domestic appliances, refrigerating system, air-conditioning system and rain admitted<br />
through defective windows, show windows, picture windows, doors, transoms, ventilators or&nbsp;skylights;</p>

<p>2) Breakage of, or leakage from<br />
street water supply mains of fire hydrants</p>

<p>3) Accidental discharge or leakage of refrigerator from air-conditioning or refrigeration<br />
systems. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided that :</p>

<p>1) The Insured undertakes<br />
to exercise all ordinary and reasonable precautions for the maintenance&nbsp;and safety of the property;</p>

<p>2) All conditions of this policy<br />
shall apply (except insofar as they may be hereby expressly varied) and&nbsp;that reference therein to loss or damage by fire shall be deemed<br />
to apply also to loss or damage&nbsp;as aforementioned;</p>

<p>3) The liability of the company under this endorsement shall in no case exceed the sum<br />
insured by&nbsp;each item of the policy. &nbsp;</p>

<p><br />
BURSTING AND/OR OVERFLOWING OF WATER TANKS, APPARATUS OR PIPES<br />
&nbsp;<br />
Direct loss or damage occasioned by<br />
accidental bursting and/or overflowing of water or steam from plumbing systems, tanks, heating systems, elevator tanks and cylinders,<br />
refrigerating systems and air-conditioning system excluding loss or damage to the system, tanks or cylinders themselves unless provided<br />
for elsewhere in the Policy. Cover shall extend to direct loss or damage caused by breakage of or leakage from street water supply mains<br />
or fire hydrants.</p>

<p><br />
CAPITAL ADDITION CLAUSE</p>

<p>Subject to Policy terms and conditions, this Policy shall extend to cover:</p>

<p>1. &nbsp;Any newly acquired<br />
building, machinery and plant insofar as the same are not insured.</p>

<p>2. &nbsp;Alterations, additions and improvements to buildings, machinery<br />
and plant during the correct period of insurance at any of the premises hereby insured provided that a] at any one situation this cover<br />
shall not exceed 10% of the total sum insured on such property; and b] the Assured undertakes to provide details of such capital<br />
additions within 60 days from the start of the said activity and pay such additional premium as the insurer/Alliedbankers Insurance<br />
Corporation may require.&nbsp;</p>

<p><br />
COMPREHENSIVE GENERAL LIABILITY<br />
The ALLIEDBANKERS INSURANCE CORPORATION (hereinafter called &quot;the Company&quot;)<br />
agrees with the Insured, named in the declarations made a part hereof, in consideration of the payment of the premium and in reliance<br />
upon the statements in the declarations and subject to the limits of &nbsp;liability, exclusions, conditions and other &nbsp;terms of the policy.<br />
INSURING AGREEMENTS<br />
I. &nbsp;&nbsp;&nbsp;Coverage A - Bodily Injury Liability<br />
To indemnify the Insured for all sums which the Insured shall become<br />
legally obligated to pay as damages for bodily injury, sickness or disease, including death at any time resulting therefrom , sustained<br />
by any &nbsp;person caused by accident and arising out of the hazards hereinafter defined as are indicated by specific premium charge in the<br />
Declarations.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coverage B - Property Damage Liability<br />
To indemnify the Insured for all sums which the Insured shall become legally<br />
obligated to pay as damages for injury to or destruction of property, including the loss of use thereof, caused by accident and arising<br />
&nbsp;out of the hazards hereinafter defined as are indicated by specific premium charge in the declarations.<br />
II. &nbsp;&nbsp;&nbsp;Defense, Settlement,<br />
Supplementary Payments<br />
As respects the Insurance afforded by the other terms of this policy the company shall:<br />
(a) &nbsp;&nbsp;&nbsp;defend any civil<br />
suit against the Insured alleging such injury, sickness, disease or destruction and seeking damages on account thereof, even if suit is<br />
groundless, false or fraudulent; but the company may make such investigation, negotiation and settlement of any claim or suit as it<br />
deems expedient;<br />
(b) &nbsp;&nbsp;&nbsp;pay all premium on bonds to release attachments for an amount not in excess of the applicable limit of liability<br />
of this policy; all premiums on appeal bonds required in any such defended suit, but without any obligation to apply for or furnish any<br />
such bonds;<br />
(c) &nbsp;&nbsp;&nbsp;pay all expenses incurred by the Insured, all costs taxed against the Insured in any such suit and all interest<br />
accruing after entry of judgment until the Company has paid, tendered or deposited in court part of such judgment as does not exceed the<br />
limit of Company&#39;s liability thereon:<br />
(d) &nbsp;&nbsp;&nbsp;pay expenses incurred by the Insured for such immediate medical and surgical relief to<br />
others as shall be imperative at the time of the accident: &nbsp;and<br />
(e) &nbsp;&nbsp;&nbsp;reimburse the Insured for all reasonable expenses, incurred at the<br />
Company&#39;s request.<br />
III. &nbsp;&nbsp;&nbsp;&nbsp;Definition of Insured<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unqualified word &#39;Insured&#39; includes the named Insured and also includes any<br />
partner, executive officer, director or &nbsp;stockholder thereof while acting within the scope of his duties as such.<br />
IV. &nbsp;&nbsp;&nbsp;&nbsp;Automatic<br />
Insurance for Additional Premises Operations and Elevators<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such insurance as is &nbsp;afforded under Division 1 of the Definition of<br />
Hazards applies also to additional or changed operations at the premises and to other premises and property of which the named Insured<br />
acquires ownership or control and to property rented to or located for use by others away from the premises, and such insurance as is or<br />
can be afforded under Division 2 applies to elevators newly installed at the premises and to elevators at such other premises,<br />
provided:<br />
(a) &nbsp;&nbsp;&nbsp;the named Insured notifies the company within fifteen (15) days after the commencement of each such additional hazard to<br />
which he wishes the Insurance to apply;<br />
(b) &nbsp;&nbsp;&nbsp;this paragraph does not apply to any loss against which the name Insured has other valid<br />
and collectible insurance; &nbsp;and<br />
(c) &nbsp;&nbsp;&nbsp;if no limits of liability are stated in the declarations for Division 2 of the Definition of<br />
Hazards, the limits of liability applicable to the premises shall apply to elevators thereon.<br />
V. &nbsp;&nbsp;&nbsp;Policy Period, Territory<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This<br />
policy applies only to accidents which occur during the policy period within the territory mentioned in Item 2 of the Declarations.<br />
DEFINITION OF HAZARDS<br />
1. &nbsp;&nbsp;&nbsp;Premises - Operations. The ownership, maintenance or use, for the purposes stated in the Declarations, of the<br />
premises and all operations which are necessary or incidental thereto and, when described as such in the Declarations, new construction<br />
or demolition operations changing the size of or moving buildings or other structures by the Insured.<br />
2. &nbsp;&nbsp;&nbsp;Elevators.The ownership,<br />
maintenance or use, for the purpose stated in the declarations, of any elevator therein.<br />
3. &nbsp;&nbsp;&nbsp;Independent Contractors. &nbsp;Operations<br />
performed for the Insured by independent contractors, and omissions or supervisory acts of the Insured in connection therewith, other<br />
than maintenance, repairs, alterations at the premises.<br />
4. &nbsp;&nbsp;&nbsp;Products<br />
(a) &nbsp;&nbsp;&nbsp;The handling or use of or the existence of any conditions in<br />
goods or products manufactured, sold, handled or distributed by the named Insured, other than equipment rented to or located for use of<br />
others but not sold, if the accident occurs after the Insured has relinquish possession thereof, and away from the premises: &nbsp;and<br />
(b) &nbsp;&nbsp;<br />
&nbsp;Operations contemplated under Divisions 1 and 2 of the Definition of Hazards other than (i) &nbsp;pick-up and delivery, or, &nbsp;(ii) the<br />
existence of tools, uninstalled equipment and abandoned or &nbsp;unused materials, if the accident occurs after such operations have been<br />
completed or abandoned at the place of occurrence thereof and away from the premises, provided, &nbsp;operations shall not be deemed<br />
incomplete because improperly or defectively performed or because further operations may be required pursuant to a service or<br />
maintenance agreement.<br />
5. &nbsp;&nbsp;&nbsp;Contractual. &nbsp;&nbsp;The express undertakings of the named Insured contained in endorsement forming a part of the<br />
policy.<br />
E X C L U S I O N S<br />
This policy does not apply:<br />
(a) &nbsp;&nbsp;&nbsp;Under Divisions 1, 2 and 3 of the Definition of Hazards, to liability<br />
assumed by &nbsp;the Insured under any contract or agreement or under Division 4, to liability of others assumed by the Insured under any<br />
contract of agreement:<br />
(b) &nbsp;&nbsp;&nbsp;Under Division 1 of the Definition of Hazards.<br />
(1) &nbsp;&nbsp;&nbsp;to elevators at buildings owned, rented or controlled<br />
entirely by the Insured, and elevators operated, maintained or controlled by the Insured at premises owned, leased or controlled in part<br />
by the Insured:<br />
(2) &nbsp;&nbsp;&nbsp;to the ownership, maintenance or use, including loading or unloading, of (i) aircraft by or in the interest of the<br />
Insured, or (ii) &nbsp;while away from the premises as defined herein, watercraft, power driven or animal drawn vehicles, dogs owned by the<br />
Insured, draft or saddle animals, including vehicles attached thereto: vehicles from which merchandise is sold; and any other vehicles<br />
while rented to another, unless such hazards are described in the declarations or an endorsement forming a part hereof;<br />
(3) &nbsp;&nbsp;&nbsp;to hazards<br />
which are or can be insured under Division 4 of the Definition of Hazards; &nbsp;and<br />
(4) &nbsp;&nbsp;&nbsp;to the ownership or maintenance of property &nbsp;away<br />
from the premises and property rented to or located for use by others or to operations in connections therewith, unless such hazards are<br />
described in the declarations or an endorsement forming a part thereof;<br />
(c) &nbsp;&nbsp;&nbsp;Under Coverage A, to bodily injury to or sickness, disease<br />
or death of any employee of the Insured while engaged in the employment of the Insured, or &nbsp;to any obligation for which the Insured or<br />
any company as his Insurer may be held liable under any workmen&rsquo;s compensation law:<br />
(d) &nbsp;&nbsp;&nbsp;Under coverage B, to injury to or destruction<br />
of<br />
(1) &nbsp;&nbsp;&nbsp;property owned, occupied or used by or rented to the Insured, or<br />
(2) &nbsp;&nbsp;&nbsp;except with respect to liability assumed under sidetrack<br />
agreements and the use of elevators covered by this policy, property in the care, custody or control of the Insured, or<br />
(3) &nbsp;&nbsp;&nbsp;with<br />
respect to Division 4 of the Definition of Hazards, any goods or products manufactured, sold, handled or distributed or premises<br />
alienated by the named Insured, or work completed by or for the named Insured, out of &nbsp;which the accident arises:<br />
(e) &nbsp;&nbsp;&nbsp;Under Coverage<br />
B, with respect to Division 1 of the Definition of Hazards, to<br />
(1) &nbsp;&nbsp;&nbsp;the discharge, leakage or overflow of water or steam from plumbing,<br />
heating, refrigerating or air-conditioning systems, elevator tanks or cylinders,standpipes for the hose, or industrial or domestic<br />
appliances, or any substance from automatic sprinkler systems.<br />
(2) &nbsp;&nbsp;&nbsp;the collapse or fall of tanks or the component parts or supports<br />
thereof which form a part of automatic sprinkler systems, or<br />
(3) &nbsp;&nbsp;&nbsp;rain or snow admitted directly to the building interior through<br />
defective roofs, leaders or spouting, or open or defective doors, windows, skylights, transoms or ventilators.<br />
In so far as any of these<br />
occur on or from premises owned or rented by the named Insured and injure or destroy buildings or contents thereof.<br />
*This exclusion does<br />
not apply to any premises described in the declarations of this policy as &quot;apartment-one apartment&quot;, &quot;dwellings-two family&quot;, &quot;farms&quot; or<br />
&nbsp;&quot;private residences&quot;.<br />
C O N D I T I O N S<br />
A. &nbsp;&nbsp;&nbsp;Premium<br />
The premium bases and rates for the hazards described in the Declarations are<br />
stated therein. &nbsp;Premium bases and rates for hazards not so described are those applicable in accordance with the manuals in use by the<br />
Company.<br />
Such premiums as may be stated in the Declarations for Division 2 and 4 of the Definition of Hazards and for such<br />
classifications in Division 1 for which the premium basis is stated as &quot;receipts&quot;, &quot;admissions&quot; or &quot;units&quot; are estimated premiums only.<br />
&nbsp;After each anniversary and upon termination of this policy, the earned premium for such insurance as is afforded for these hazards<br />
shall be computed in accordance with the Company&#39;s rules, rates, rating plans and minimum premiums applicable to this insurance. &nbsp;If the<br />
earned premium thus computed exceeds the estimated advance premiums paid for these hazards, the named Insured shall pay the excess to<br />
the Company; &nbsp;if less, the company shall return to the name Insured the unearned portion paid by such Insured.<br />
When used as a premium<br />
basis:<br />
(1) &nbsp;&nbsp;&nbsp;the word &quot;remuneration&quot; means<br />
(a) &nbsp;&nbsp;&nbsp;the entire remuneration earned during the policy period by all employees of the named<br />
Insured, other than drivers of teams or automobiles and aircraft pilots and co-pilots, subject to any overtime earnings or limitation of<br />
remuneration rule applicable in accordance with the manuals in use by the company, and subject with respect to each executive officer to<br />
a maximum and a minimum of P200 and P60 per week, and<br />
(b) &nbsp;&nbsp;&nbsp;the remuneration of each proprietor at a fixed amount of P4,000 per annum:<br />
(2) &nbsp;&nbsp;&nbsp;the word &ldquo;receipts&rdquo; means the gross amount of money charged by the named Insured for such operations by the named Insured or by<br />
others during the policy period as are rated on a receipts basis, and includes taxes, other than taxes which the named Insured collects<br />
as a separate item and remits directly to a governmental division:<br />
(3) &nbsp;&nbsp;&nbsp;the word &ldquo;admissions&rdquo; shall mean the total number of persons<br />
admitted during the policy period, whether on paid tickets or otherwise for the purpose of witnessing performances or other events.<br />
(4) &nbsp;&nbsp;<br />
&nbsp;the word &ldquo;cost&rdquo; means the total cost of all operations performed for the named Insured during the policy period by independent<br />
contractors on each separate project, including materials used or delivered for use, except maintenance or ordinary alterations and<br />
repairs on premises owned or rented by the named Insured:<br />
(5) &nbsp;&nbsp;&nbsp;the word &ldquo;sales&rdquo; means the gross amount of money charged by the named<br />
Insured &nbsp;or by others trading under his name for all goods and products sold or distributed during the policy period and charged during<br />
the policy period for installation, servicing or repair, and includes taxes, other than taxes which the named Insured and such others<br />
collect as a separate item and remit directly to a governmental division.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The named Insured shall maintain for each hazard<br />
records of the information necessary for premium computation on the basis stated in the Declarations.<br />
B. &nbsp;&nbsp;&nbsp;Inspection and Audit<br />
The<br />
company shall be permitted to inspect the premises, operations and elevators and to examine and audit the Insured&rsquo;s books and records at<br />
any time during the policy period and any extension thereof and within three years after the final termination of &nbsp;this policy, as far<br />
as they relate to the premium bases or the subject matter of this insurance.<br />
72 &nbsp;&nbsp;&nbsp;Definitions<br />
(a) &nbsp;&nbsp;&nbsp;Premises - Operations. &nbsp;The<br />
unqualified word &quot;premises&quot; wherever used in this policy &nbsp;means the premises designated in the Declarations and premises to which this<br />
policy may apply by operation of Insuring Agreement IV including buildings and structures thereon and except as respects the ownership,<br />
maintenance or use of watercrafts and the loading or unloading &nbsp;thereof, the ways immediately adjoining.<br />
Classifications covering<br />
premises include without additional charge, any premises alienated by the named Insured, including elevators located thereon, after the<br />
Insured has relinquished &nbsp;possession of such premises, except premises over which the Insured has any right or control or which were<br />
constructed by the Insured for sale.<br />
&nbsp;&nbsp;&nbsp;&nbsp;The terms &quot;operations&quot; as respects Divisions 1 and 2 of the Definition of Hazards includes<br />
pick-up and delivery installation, servicing, removal or demonstration, and, &nbsp;as respects accidents (except accidents due to misdelivery<br />
) which occur after the completion or abandonment of such operations, pick-up or delivery operations or the existence of tools,<br />
uninstalled equipment and abandoned or unused materials.<br />
(b) &nbsp;&nbsp;Power &nbsp;Driven Vehicles. &nbsp;The term &nbsp;&quot;Power Driven Vehicle&quot; shall not be<br />
deemed to include the following described equipment except while towed by or carried on a power driven vehicle not so described; any<br />
crawler type &nbsp;(continuous tread) &nbsp;tractor, ditch or trench digger, power crane or shovel, grader, scraper, roller, well-drilling<br />
machinery, asphalt spreader, concrete mixer, mixing and finishing equipment for highway work, other than a concrete mixer of the mix-<br />
in-transit type, and, if not subject to motor vehicle registration, any equipment used principally on the premises, farm tractor or<br />
trailer.<br />
(c) &nbsp;&nbsp;&nbsp;Elevator. &nbsp;The word &quot;elevator&quot; means elevators, escalators, hoists and appliances thereof including cars, platforms,<br />
shafts, hoistways, runways, power equipment and machinery. &nbsp;The following shall not be deemed to be elevators: &nbsp;elevator shaftways in<br />
which there are no elevators: &nbsp;dumbwaiters or special platform lifts as defined in the company&rsquo;s Elevator Liability Manual; hoists<br />
located inside the walls of the building and not operated through hatchways or located outside the walls of the building and (1)<br />
manually operated or (2) mechanically operated and not attached to the building walls; hydraulic or mechanical hoists used for raising<br />
or lowering automobiles for lubricating or servicing: hod or materials hoists used in alterations, construction or demolition<br />
operations; escalators and conveyors used exclusively for freight. The named Insured agrees to maintain in use during the policy period<br />
such hoistway door interlocks and car gate or car doorlocks or interlocks as are described in the Declarations and agrees further to use<br />
due care in maintaining the efficiency of such devices during the policy period. &nbsp;<br />
(d) &nbsp;&nbsp;&nbsp;Assault and Battery. &nbsp;Assault and battery shall<br />
be deemed an accident unless committed by or at the direction of the Insured.<br />
D. &nbsp;&nbsp;&nbsp;Limits of Liability Coverage A. &nbsp;The limit of bodily<br />
injury liability stated in the Declarations as applicable to &quot;each person&quot; is the limit of the company&#39;s liability for all damages,<br />
including damages for care and loss of services, arising out of bodily injury, sickness or disease, including death at any time<br />
resulting therefrom, sustained by one person in any &nbsp;one accident; the limit of such liability stated in the Declarations as applicable<br />
to &nbsp;&quot;each accident&quot; is, subject to the above provisions respecting each person, the total limit of the company&rsquo;s liability for all<br />
damages, including damages for care and loss of services, arising out of bodily injury, sickness or disease, including death at any time<br />
resulting therefrom, sustained by two or more persons in any one accident<br />
E. &nbsp;&nbsp;&nbsp;Limits of Liability &nbsp;- &nbsp;Division 4 Definition of Hazards.<br />
&nbsp;The limits of bodily injury liability and property damage liability stated in the Declarations as &nbsp;&quot;aggregate products&quot; &nbsp;are<br />
respectively the total limits of the company&#39;s liability for all damages arising out of the products hazard. &nbsp;All such damages arising<br />
out of the one prepared or acquired lot of goods or products shall be considered as arising out of one accident.<br />
F. &nbsp;&nbsp;&nbsp;Limits of<br />
Liability Coverage B. The limit of property damage liability stated in the Declarations As &nbsp;&quot;aggregate operations&quot; &nbsp;is the total limit<br />
of the company&#39;s liability for all damages arising out of injury to or destruction of property, including the loss of use thereof,<br />
caused by the ownership, maintenance or use or premises or operations rated upon a remuneration premium basis or by contractor&rsquo;s<br />
equipment rated on a receipts premium basis.<br />
The limit of property damage liability stated in the Declarations as &quot;aggregate protective&quot;<br />
is the total limit of the company&#39;s liability for all damages arising out of injury to or destruction of property, including the loss of<br />
use thereof, caused by operations performed for the named Insured by independent contractors or omissions or supervisory acts of &nbsp;the<br />
Insured in connection therewith, except maintenance or ordinary alterations and repairs on the premises.<br />
The limit of property damage<br />
liability stated in the Declarations as &quot;aggregate contractual&quot; is the total limit of the company&rsquo;s liability for all damages arising<br />
out of injury to or destruction of property, including the loss of use thereof with respect to each contract.<br />
G. &nbsp;&nbsp;&nbsp;Limits of Liability.<br />
&nbsp;The inclusion herein of more than one insured shall not operate to increase the limits of the company&#39;s liability.<br />
H. &nbsp;&nbsp;&nbsp;Notice of<br />
Accident. &nbsp;When an accident occurs, written notice shall be given by or on behalf of the Insured to the company or any of its authorized<br />
agents as soon as applicable. &nbsp;Such notice shall contain particulars sufficient to identify the Insured and also reasonably obtainable<br />
information respecting the time, place and circumstances of the accident, the names and addresses of the injured and of available<br />
witnesses.<br />
I. &nbsp;&nbsp;&nbsp;Notice of Claim or Suit. If claim or suit is brought against the Insured, the Insured shall Immediately forward to the<br />
company every demand, notice, summons or other process received by him or his representative.<br />
J. &nbsp;&nbsp;&nbsp;Assistance and Cooperation of the<br />
Insured. &nbsp;The Insured shall cooperate with the company and, upon the company&rsquo;s request, shall attend hearings and trials and shall<br />
assist in effecting settlements, securing and giving evidence, obtaining the attendance of witnesses and in the conduct of suits. &nbsp;The<br />
Insured shall not, &nbsp;except at his own cost, voluntarily make any payment, assume any obligation or incur any expense other than for such<br />
immediate medical and surgical relief to others as shall be imperative at the time of accident.<br />
K. &nbsp;&nbsp;&nbsp;Action Against Company. &nbsp;No action<br />
shall lie against the company unless, as a condition precedent thereto, the Insured shall have fully complied with all the terms of this<br />
policy, nor until the amount of the Insured&rsquo;s obligation to pay shall &nbsp;have been finally determined either by judgment against the<br />
Insured after actual trial or by written agreement of the Insured, the claimant and the company.<br />
Any person or organization or the legal<br />
representative thereof who has secured judgment or written agreement shall thereafter be entitled to recover under this policy to the<br />
extent of the insurance afforded by this policy. &nbsp;Nothing contained in this policy shall give any person or organization any right to<br />
join the company as a co-defendant in any action against the Insured to determine the Insured&#39;s liability.<br />
Bankruptcy or insolvency of<br />
the Insured or of the Insured&#39;s estate shall not relieve the company of any of its obligations hereunder.<br />
L. &nbsp;&nbsp;&nbsp;Other Insurance. &nbsp;If the<br />
Insured has other Insurance against a loss covered by this policy the company &nbsp;shall not be liable under this policy for a greater<br />
proportion of such loss than the applicable limit of liability stated in the Declarations bears to the total applicable limit of<br />
liability of all valid and collectible insurance against such loss.<br />
M. &nbsp;&nbsp;&nbsp;Subrogation. &nbsp;In the event of any payment under this policy,<br />
the company shall be subrogated to all the Insured&rsquo;s rights of recovery thereof against any person or organization and the Insured shall<br />
execute and deliver instruments<br />
and papers and do whatever else is necessary to secure such rights. &nbsp;The Insured shall do nothing after<br />
loss to&nbsp;<br />
prejudice such rights.<br />
N. &nbsp;&nbsp;&nbsp;Changes. &nbsp;Notice to any agent or knowledge possessed by any agent or by any other person shall not<br />
effect a waiver or a change in any part of this policy or stop the company from asserting any right under the terms of this policy: nor<br />
shall &nbsp;the terms of this policy be waived or changed except by endorsement issued to form a part of this policy and signed by an<br />
authorized representative of the company.<br />
O. &nbsp;&nbsp;&nbsp;Assignment. Assignment of interest under this policy shall not bind the company until its<br />
consent is endorsed hereon: if, however, the named Insured shall die or be adjudged bankrupt or Insolvent within the policy period, this<br />
policy, unless cancelled, shall, if written notice be given to the company within sixty days after the date of such death or<br />
adjudication, cover &nbsp;the named Insured&rsquo;s legal representative as the named Insured.<br />
P. &nbsp;&nbsp;Cancellation. &nbsp;This policy shall not be<br />
cancelled by or on behalf of the Company except in accordance with and pursuant to the provisions of Sections 64 and 65 of the Insurance<br />
Code. In the event of such cancellation, the Company shall refund the paid premiums less the earned portion thereof the Insured.<br />
&nbsp;Likewise, this policy maybe cancelled on the short rate basis set forth &nbsp;in the short rate cancellation table at the request of the<br />
assured.<br />
Q, Declarations. &nbsp;By acceptance of this policy the named Insured agrees that the statements in the Declarations are his<br />
agreements and representations, that this policy is issued in reliance upon &nbsp;the truth of such representations and that this policy<br />
embodies all agreements existing between himself and the company or any of its agents relating to this insurance.<br />
R. &nbsp;&nbsp;&nbsp;Civil Code<br />
Waiver.&nbsp;<br />
&nbsp;IT IS HEREBY DECLARED AND AGREED that the provision of Article 1250 of the Civil Code of &nbsp;the Philippines (Republic Act No.<br />
386) which reads:<br />
&quot; In case an extraordinary inflation or deflation of the currency stipulated should supervene, currency at the time of<br />
the establishment of the obligation shall be the the value of the basis of payment,...&quot;<br />
shall not apply in determining the extent of<br />
liability under the provisions of this policy.<br />
S. &nbsp;&nbsp;&nbsp;Action or Suit. &nbsp;If a claim be made and rejected and an action or suit be not<br />
commenced either in the Insurance Commission or any Court of competent jurisdiction within twelve (12) months from receipt of notice of<br />
such rejection or, in case of an arbitration taking &nbsp;place as provided herein within twelve (12) &nbsp;months after due notice of the award<br />
made by the arbitrator, arbitrators or umpire then the claim shall for all purpose be deemed to have been abandoned and shall not<br />
thereafter be recoverable thereafter.<br />
T. &nbsp;&nbsp;&nbsp;Renewal. Unless the Company at least forty-five (45) days in advance at the end of the policy<br />
period mails or delivers to the Assured at the address shown in the policy notice of its intention not to renew the policy or to<br />
condition its renewal upon reduction of limits or &nbsp;elimination &nbsp;of coverages, the Insured should be entitled to renew to policy upon<br />
payment of the &nbsp;premium due on effective date of renewal.<br />
U. &nbsp;&nbsp;&nbsp;Settlement of Claim. &nbsp;The amount of loss, damage or liability for which<br />
the Company may be liable shall be paid within thirty (30) days after the said formal written claim and proof of loss, damage of<br />
liability is received by the Company and ascertainment of the loss, damage or liability is made either by agreement between the Insured<br />
and the Company or by arbitration; but if such ascertainment is not had or made within sixty (60) days after such receipt by the Company<br />
of the said formal written claim and proof of loss, then the loss, damage or liability shall be paid within ninety (90) days after such<br />
receipt.<br />
V. &nbsp;&nbsp;&nbsp;Arbitration Clause.All differences as to the amount of any loss or damage covered by this policy shall be referred to the<br />
decision of an arbitrator to be appointed by the parties in difference or if they cannot agree upon a single arbitrator to the decision<br />
of two arbitrators one to be appointed in &nbsp;writing by each of the parties within thirty (30) days after having been required in writing<br />
to do so by either of the parties or in case of disagreement between the arbitrators to the decision of an umpire to be appointed in<br />
writing by the arbitrators before entering on the references and an award by the arbitrator or arbitrators or umpire shall be a<br />
condition precedent to any right of action against the Company on in case of difference as to amount of liability actually arising out<br />
of this<br />
SHORT PERIOD RATE SCALE<br />
W. &nbsp;&nbsp;&nbsp;It is hereby declared and agreed that, in the event of the Policy being surrendered by the Insured<br />
for cancellation, the Company shall retain a premium in accordance with the following scale for the time the Policy has been in &nbsp;force.<br />
&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
MONTHS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 or less &nbsp;&nbsp;2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
11<br />
ANNUAL &nbsp;RATE &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% &nbsp;&nbsp;&nbsp;30% &nbsp;&nbsp;&nbsp;40% &nbsp;&nbsp;&nbsp;50% &nbsp;&nbsp;&nbsp;60% &nbsp;&nbsp;&nbsp;70% &nbsp;&nbsp;&nbsp;75% &nbsp;&nbsp;&nbsp;80% &nbsp;&nbsp;&nbsp;85% &nbsp;&nbsp;&nbsp;90% &nbsp;&nbsp;&nbsp;95%</p>

<p>72 HOURS SUDDEN &amp; ACCIDENTAL<br />
POLLUTION EXTENSION CLAUSE<br />
IT IS HEREBY DECLARED AND AGREED that this insurance does not cover any liability:<br />
To Bodily Injury of Property<br />
Damage arising out of the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acid, alkalis, toxic chemicals,<br />
liquids, or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any water course<br />
or body of water, but this exclusion does not apply if such discharge, dispersal, release or escape meets all five of the following<br />
conditions:<br />
1) &nbsp;&nbsp;&nbsp;The discharge, dispersal, release or escape must be neither expected nor intended by the Insured and<br />
2) &nbsp;&nbsp;&nbsp;The beginning<br />
of the discharge, dispersal, release or escape must take place during the policy period and<br />
3) &nbsp;&nbsp;&nbsp;The discharge, dispersal, release or<br />
escape must be physically evident to the Insured or other parties within 72 hours of the beginning of the discharge, dispersal, release<br />
or escape.<br />
4) &nbsp;&nbsp;&nbsp;The initial bodily injury or property damage caused by the discharge, dispersal, release or escape must ensue within 72<br />
hours of the beginning of the discharge, dispersal, release or escape.<br />
5) &nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in Condition H,<br />
&ldquo;Notice of Accident&rdquo; or any other policy Duties in the event of occurrence. Claim or Suit or any other Policy Duties in the Event of<br />
occurrence, Claim or &nbsp;Suit or any other policy conditions, all claims made against the Insured under this coverage must be reported to<br />
the company as soon as practicable but not later than 30 days after termination of the policy.<br />
ADDITIONAL DEFINITIONS<br />
The term release<br />
includes, but is not limited to any spilling, leaking, pumping, pouring, emitting, emptying, injection, dumping or disposing.<br />
ADDITIONAL<br />
CONDITIONS<br />
If the Insured and the Company should disagree with regards to when a discharge, dispersal, release or escape begins or<br />
becomes evident, the burden of proving that all five (5) enumerated conditions are met rests with the Insured, at the Insured&rsquo;s own<br />
expense. &nbsp;Until such proof is accepted by the Company, the Company may but is not obligated, to defend any claim.<br />
The Limit of Liability<br />
is : &nbsp;Please refer to Schedule<br />
Deductible &nbsp;&nbsp;&nbsp;: &nbsp;Please refer to schedule<br />
DOCUMENTARY STAMP<br />
Effective October 01, 2001, the Bureau of<br />
Internal Revenue under Revenue Regulations Number 15-2001, has implemented the use of &quot;ON-LINE ELECTRONIC DOCUMENTARY STAMPS TAX (DST)&quot;,<br />
among insurance companies.<br />
In view of the above, the Documentary Stamp Tax (DST) becomes immediately due once a policy is issued in<br />
effect, when a policy is cancelled, the liability for DST still exists and the same should be chargeable to the Insured.<br />
WAR &amp; TERRORISM<br />
EXCLUSION<br />
Notwithstanding any provision to the contrary within this insurance or any endorsement thereto, it is agreed that this<br />
insurance excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection<br />
with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss.<br />
For the<br />
purpose of this endorsement, an act of terrorism means an act, including but not limited to the use of force or violence and/or the<br />
threat thereof, of any person or group(s) of persons, whether acting alone or in behalf of or in connection with any organization(s) or<br />
government(s), committed for political, religious, ideological or similar purposes including the intention to influence any government<br />
and/or to put the public, or any section of the public, in fear.<br />
This endorsement also excludes loss, damage, cost or expense of<br />
whatsoever nature directly or indirectly &nbsp;caused by, resulting from or in connection with any action taken in controlling, preventing,<br />
suppressing or in any way relating to any act of terrorism.<br />
If the Underwriters allege that by reason of this exclusion, any loss,<br />
damage, cost or expense is not covered by this insurance, the burden of proving the contrary shall be upon the Assured.<br />
In the event any<br />
portion of this endorsement is found to be invalid or unenforceable, the remainder shall remain in full force and effect. &nbsp;NMA2920</p>

<p>DESIGNATION OF PROPERTY<br />
&nbsp;<br />
For the purpose of determining where necessary the item or column heading under which any property is Insured,<br />
Insurers agree to accept the designation under which such property has been entered in the Insured&#39;s books.</p>

<p><br />
DEVALUATION CLAUSE - [LIMIT -<br />
10% OF SUM INSURED OF EACH ITEM]<br />
&nbsp;<br />
If, after a loss due to an insured peril has occurred and a deficiency in the amount of collectible<br />
loss under this Policy was established caused by the devaluation of the currency, the Insurers will pay the Insured the difference,<br />
subject to additional premium computed pro--rata at the date of loss.&nbsp;</p>

<p>In the event of loss adjustment, the basis of determining the<br />
value of currency, for the purposes of settlement, application of deductible and application of limit will be the exchange rate as<br />
published by the Bankers Association of the Philippines at the time of loss.</p>

<p>If, at the time of loss falls on a Saturday or Sunday or a<br />
public holiday wherein there is no official exchange rate published on such days, the exchange rate that will be used as a basis of<br />
settlement will be published exchange rate on the previous Friday if the loss occurred on a Saturday or Sunday or the working day<br />
immediately preceding such public holiday.</p>

<p><br />
DIVISIBLE CONTRACT CLAUSE<br />
&nbsp;<br />
The breach of any condition of this policy in respect to any one or<br />
more of the buildings insured or containing the property insured, shall not prejudice the right to recover for loss occurring in any<br />
building insured or containing the property insured where at the time of the loss, a breach of condition does not exist.</p>

<p><br />
DOCUMENTARY<br />
STAMPS ADVISORY</p>

<p>Effective October 01, 2001, the Bureau of Internal Revenue under Revenue Regulations Number 15-2001, has implemented the<br />
use of &nbsp;&quot;ON-LINE ELECTRONIC DOCUMENTARY STAMPS TAX (DST)&quot;, among insurance companies.</p>

<p>In view of the above, the Documentary Stamp Tax<br />
(DST) becomes immediately due once a policy is issued in effect, when a policy is cancelled, the liability for DST still exists and the<br />
same should be chargeable to the Insured.</p>

<p><br />
EARTHQUAKE FIRE AND EARTHQUAKE SHOCK ENDORSEMENT</p>

<p>In consideration of the payment by the Insured<br />
to the Company of an additional premium the Company agrees, notwithstanding what is stated in the printed conditions of this Policy to<br />
the contrary, that this insurance covers loss or damage (including loss or damage by fire) to any of the property insured by this Policy<br />
occasioned by or through or in consequence of Earthquake.</p>

<p>PROVIDED always that all the conditions of this Policy shall apply (except in<br />
so far as they may be hereby expressly varied) and that any reference therein to loss or damage by fire should be deemed to apply also<br />
to loss or &nbsp;damage occasioned by or through or in consequence of Earthquake.</p>

<p>1. &nbsp;CONSEQUENTIAL LOSS</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No consequential loss or damage<br />
of any kind or description nor any loss or damage caused by confiscation or willful destruction by Government or any Municipal or Local<br />
Authority is covered.</p>

<p><br />
2. &nbsp;EXCESS CLAUSE</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is understood and agreed that the Insured shall bear that portion of the loss or damage<br />
caused by Earthquake to each affected item of insured property &nbsp;equivalent to two percent &nbsp;(2%) of its actual cash value at the time of<br />
loss, for each claim or series of claims arising out of one occurrence. For the purpose of this clause, the following shall be<br />
considered as separate items of insured property, regardless of what is indicated in the policy schedule:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;Each<br />
building, including machinery, equipment and fixtures normal to its operation;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;All machinery and equipment contained<br />
in each building;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;All stocks in trade (raw materials, work-in-process, supplies and finished goods), contained in&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each building;&nbsp;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;All other contents contained in each building.<br />
All losses caused by earthquake or<br />
series of earthquakes (whether continuous or sporadic and whether or not due to same seismic conditions) during each period of 48<br />
consecutive hours commencing from the first tremor shall be considered as arising out of one occurrence.</p>

<p>In case of other insurances on<br />
the same item of property, this clause shall apply only once regardless of the number of policies or insurers.</p>

<p>It is further understood<br />
and agreed that in the computation of the claims payable, Condition No. 20 (Average Clause) of this Policy shall apply after the<br />
application of the deductible provided herein.</p>

<p>IT IS FURTHER UNDERSTOOD AND AGREED THAT notwithstanding what is stated in Condition Nos.<br />
11 and 12 of this Policy to the contrary if this policy is issued for a period of less than one year or if this policy is surrendered by<br />
the Insured for cancellation, premium shall be charged or retained in accordance with the following scale of percentages of the annual<br />
rate:<br />
&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From inception up to 3 months................................................... &nbsp;&nbsp;&nbsp;50%<br />
&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In excess of 3<br />
months up to 6 months ..................................... &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75%</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After six [6] months<br />
....................................................................... 100%&nbsp;</p>

<p><br />
ERROR IN DESCRIPTION CLAUSE<br />
&nbsp;<br />
This policy shall not be<br />
prejudiced by any inadvertent error or omission in the name or title of the Assured or by any inadvertent error or omission is stating<br />
the name, of any property covered hereunder. &nbsp;In the event of material misdescription, however, the printed condition 1 of the policy<br />
shall apply.&nbsp;</p>

<p><br />
ERRORS AND OMISSION</p>

<p>&nbsp;If physical loss or damage is not payable under this Policy solely because of an error or unintentional<br />
omission the by Insured.</p>

<p>In the description of where insured property is physically located, or</p>

<p>To include any location purchased owned,<br />
rented, leased or used by the insured;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on the effective date of this Policy, or<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during the term<br />
of this Policy;</p>

<p>That results in the cancellation of the property insured under this Policy;</p>

<p>This Policy will cover to the extent it would<br />
have provided coverage had such error or unintentional omission not been made.</p>

<p>However, this coverage does not apply;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If<br />
coverage is found in whole or in part in any other insurance policy.</p>

<p>It is a condition of this coverage that any error or unintentional<br />
omission be reported by the Insured to the insurers when discovered and be corrected.&nbsp;</p>

<p><br />
EXPEDITING EXPENSES</p>

<p>&nbsp;<br />
The insurance afforded under<br />
this Policy is extended to include express delivery, air freight, overtime or holiday work incurred in connection with repairs or<br />
replacement of the property insured consequent upon its loss destruction or damage by an insured peril provided that insurer[s]<br />
liability for such costs shall not exceed P5,000,000.00 in respect of any one claim, subject to reinstatement after a loss.</p>

<p><br />
EXTENDED<br />
COVERAGE</p>

<p>Loss or damage directly caused by explosion, aircraft, vehicle and smoke shall be covered only by incorporation in, or<br />
endorsement upon, the policy covering the ordinary Fire risk.</p>

<p>The following endorsement wordings are obligatory in all cases where the<br />
perils of explosion, aircraft, vehicle and smoke are included by means of the endorsement of an ordinary Fire Policy.</p>

<p>In consideration of<br />
the payment by the Insured to the Company of an additional premium it is hereby agreed that this insurance, as herein defined subject to<br />
the Special Conditions hereinafter contained extend to include loss or damage directly caused by explosion, aircraft, vehicle and smoke.</p>

<p><br />
PROVISION APPLICABLE TO EXPLOSION</p>

<p>Loss of or damage to the property insured directly &nbsp;caused by explosion, but excluding loss of or<br />
damage to boilers, economizers, pipes, turbines, engines or vessels, machinery or apparatus in which pressure is used or their contents,<br />
resulting from their explosion, and rotating parts of machinery, including the machinery itself, caused by centrifugal force.</p>

<p>The<br />
following are not explosions within the intent or meaning of this endorsement;</p>

<p>a) &nbsp;Concussion unless caused by explosion;<br />
b) &nbsp;Electrical<br />
arcing;<br />
c) &nbsp;Water hammer;<br />
d) &nbsp;Rupture or bursting of water pipes.</p>

<p>PROVIDED always that all conditions of the Policy (except insofar as<br />
Condition No. 8(h) is hereby expressly varied) shall apply as if they had been incorporated herein and for the purpose hereof any loss<br />
or damage by explosion as aforesaid shall be deemed to be loss or damage within the meaning of this Policy.</p>

<p>SPECIAL CONDITIONS&nbsp;</p>

<p>1. &nbsp;The<br />
Company shall not be liable for loss or damage occasioned by or through or in consequence, directly&nbsp;or indirectly , of any act of any<br />
person acting on behalf of, or in connection with, any organization with&nbsp;activities directed towards the overthrow by force of the<br />
Government &nbsp;&quot;de Jure&quot; or &quot;de facto&quot; or to the&nbsp;influencing of it by terrorism or violence.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any action, suit or other proceeding,<br />
where the Company alleges that by reason of the provisions of this&nbsp;Condition any loss or damage is not covered by this insurance, the<br />
burden of proving that such loss or&nbsp;damage is covered shall be upon the Insured.</p>

<p>2. &nbsp;If there shall be any other insurance on the<br />
property insured under this Policy, the Company shall be liable&nbsp;only pro-rata for any loss or damage with such other insurance extended<br />
to cover loss or damage by explosion.<br />
3. &nbsp;The Company shall not be liable for loss or damage which at the time of the happening of such<br />
loss or&nbsp;damage is insured by or would, but for the existence of this insurance, be insured by any other existing policy or policies<br />
except in respect of any excess beyond the amount which would have been payable&nbsp;under &nbsp;such other policy or policies had this insurance<br />
not been effected.</p>

<p>PROVISION APPLICABLE TO AIRCRAFT AND VEHICLE</p>

<p>The term vehicle as used herein means vehicles running on land or tracks<br />
but not aircraft. Loss by aircraft or by vehicles shall include only direct loss resulting from actual physical contact of an aircraft<br />
or a vehicle with the property covered hereunder or with the building containing the property covered hereunder, except that loss by<br />
aircraft include direct loss by objects falling therefrom. The Company shall not be liable, however, for loss;</p>

<p>a) &nbsp;By any vehicle owned<br />
or operated by the Insured or by any tenant of the described premises;<br />
b) &nbsp;By any vehicle to fences, driveways, walks or lawns;<br />
c) &nbsp;To any<br />
aircraft or vehicle including contents thereof other than stocks of aircraft or vehicles in process of&nbsp;manufacture or for sale.</p>

<p>PROVISION<br />
APPLICABLE TO SMOKE</p>

<p>The term SMOKE as used in this endorsement means only smoke due to a sudden, unusual and faulty operation of any<br />
heating or cooking unit, only when such unit is connected to a chimney by a smoke pipe or by a vent, and while in or on the premises<br />
described in this policy, excluding however, smoke from fire places or industrial apparatus.</p>

<p>DEDUCTIBLE APPLICABLE TO EXPLOSION,<br />
AIRCRAFT, VEHICLE AND SMOKE</p>

<p>It is understood and agreed that the insured shall bear the first 1% of the sum insured on the affected item<br />
(s) under this endorsement but not less than P1,000.00 nor more than P500,000.00 on any material damage/loss from any of the above<br />
mentioned perils.</p>

<p>GENERAL CONDITIONS APPLICABLE TO EXPLOSION, AIRCRAFT, VEHICLE AND SMOKE</p>

<p>1. &nbsp;It is a condition of this insurance that the<br />
insured undertakes to exercise all ordinary and reasonable&nbsp;precautions for maintenance and safety of the property.</p>

<p>2. &nbsp;The Company shall<br />
not be liable for loss or damage occasioned by or through or in consequence of the&nbsp;action or order of any government or public<br />
authority.</p>

<p>3. &nbsp;In the event of this endorsement being surrendered by the Insured for CANCELLATION, the Company shall&nbsp;retain a premium in<br />
accordance with the following scale for the time this endorsement has been in force;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 1 month &nbsp;...................20% of the<br />
annual premium<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2 months ...................30% of the annual premium<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 3 months ...................40% of the annual<br />
premium<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 4 months ...................50% of the annual premium<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 5 months ...................60% of the annual premium<br />
&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;For 6 months ...................70% of the annual premium<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 7 months ...................80% of the annual premium<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 8<br />
months ...................90% of the annual premium<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In excess of 8 months .........100% of the annual premium</p>

<p>4. &nbsp;&nbsp;PROVIDED always<br />
that all the conditions on the policy to which this endorsement is attached shall apply, except as they may be hereby expressly varied<br />
and that any reference therein to loss or damage by Fire&nbsp;shall be deemed to apply also to loss or damage directly caused by the above<br />
named perils.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
EXTINGUISHMENT AND MITIGATION EXPENSES</p>

<p>&nbsp;It is hereby declared and agreed that this Policy extends to cover all expenses<br />
reasonably incurred by or on behalf of the Insured in extinguishing fires or in mitigating, containing or suppressing loss, destruction<br />
or damage by any peril or eventually hereby insured against occurring all or adjacent to or immediately threatening the situation of any<br />
property insured by this Policy, up to a limit of P2,000,000.00 per location.</p>

<p>It is further declared and agreed that the indemnity<br />
afforded by this special clause shall include [but not be limited to] the payment of wages to the Insured&#39;s employees [other than full<br />
time members of a works fire brigade], the cost of replenishing fire fighting appliances, and the cost of replacing, reinstating or<br />
repairing materials and equipment loss destroyed or damaged [including directors&#39;, partners&#39;, proprietors&#39;, employees&#39; and volunteers&#39;<br />
clothing and personal effects]</p>

<p><br />
FIRE BRIGADE CHARGES&nbsp;</p>

<p>&nbsp;The sums insured under this Policy extend to include charges raised by any local<br />
authority for the provision of fire fighting appliances called for the purpose of protecting the Premises.</p>

<p><br />
FIRE FIGHTING EXPENSE CLAUSE</p>

<p>Alliedbankers Insurance Corporation agrees to pay for fire fighting expenses reasonably incurred by the Assured to prevent or minimize<br />
the extent of any insured destruction of or damage to the insured property including the cost of materials expended but excluding<br />
Salaries, wages and similar disbursements to own employees or personnel on contract or secondment to the Assured. Coverage provided by<br />
this extension is limited to Ps.500,000 per occurrence without the application of any deductible.</p>

<p>IT IS AGREED;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Insurance<br />
under this policy shall extend to include loss or damage directly caused by Landslide, Landslip and Subsidence.</p>

<p>01. &nbsp;Landslide - shall<br />
mean the free movement of land or earth in a downward direction and includes</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01.01 Landslip - a rapid downward movement under the<br />
influence of gravity of a mass of rock or earth&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on a slope.&nbsp;</p>

<p>02. &nbsp;Subsidence - shall mean the<br />
gradual settling of land over an area without free movement and includes&nbsp;settlement.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided that:-</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All conditions of the<br />
policy shall apply [except insofar as they may be hereby expressly varied] and that any reference there to loss or damage by insured<br />
perils shall be deemed to apply also to loss or damage directly caused by the above-mentioned perils.</p>

<p><br />
FLOOD ENDORSEMENT</p>

<p>In consideration<br />
of the payment by the Insured to the Company of an additional premium, it is hereby agreed that this insurance as herein defined subject<br />
to the Special Conditions hereinafter contained extends to include loss or damage directly caused by FLOOD.</p>

<p>DEFINITION</p>

<p>The term &quot;FLOOD&quot; is<br />
defined as the entry of water into the premises insured, from without, due to the inundation of land not usually covered by water, (a)<br />
by reason of an extra ordinary high tide of (b) following Typhoon, Cyclone and/or Windstorm or (c) due to the bursting or overflowing of<br />
rivers, reservoirs canals and the like.<br />
SPECIAL CONDITIONS</p>

<p>1. &nbsp;It is a condition of this insurance that the Insured undertakes to exercise<br />
all ordinary and reasonable&nbsp;precautions for the maintenance and safety of the property.</p>

<p>2. &nbsp;Unless liability is specifically assumed by<br />
amendment to this endorsement, the Company shall not be&nbsp;liable for loss or damage to the following property: (a) goods in the open, or<br />
(b) drains, water courses,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;boundary walls, garden walls, retaining walls, gates, posts, fences, driveway roads, walks or&nbsp;bulkheads.</p>

<p>3. &nbsp;&nbsp;The Company shall not be liable for:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Loss or damage caused directly or indirectly by landslide, subsidence, cloudburst or<br />
explosion, whether incidental to flood or not nor by theft whether occurring during or after a flood, nor by the neglect of the Insured<br />
to use all reasonable means to save and preserve the property during and&nbsp;after a flood.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Loss or damage cause by overflowing,<br />
bursting or leakage of water tanks, pipes and other water&nbsp;apparatus; loss or damage caused by overflowing of gutters and down pipes or<br />
bursting or&nbsp;overflowing of municipal or other public water supply mains; loss or damage due to seepage,&nbsp;leakage or influx or water from<br />
basement walls, including doors, windows and other openings&nbsp;&nbsp;&nbsp;therein, foundations, basement floors and sidewalks or water, which backs<br />
up through sewers or&nbsp;drains; loss or damage occasioned by &nbsp;high water unless directly caused by flood as defined&nbsp;erein.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;Loss<br />
or damage occasioned by or through or in consequence of the action or order of any&nbsp;government or public authority;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;Loss or<br />
damage to property which at the time of the happening of such loss or damage, is insured&nbsp;by or would, but for the existence of this<br />
policy, be insured by Marine or Plate Glass policy or&nbsp;policies.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;Consequential loss or damage of any kind or description<br />
whatsooever.</p>

<p>4. &nbsp;&nbsp;&nbsp;&nbsp;In the event of this Policy being surrendered by the Insured for cancellation, the Company shall retain&nbsp;100% of the<br />
premium notwithstanding what is stated in Condition Nos. 11 and 12 of this Policy to the&nbsp;contrary.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
5. &nbsp;&nbsp;&nbsp;It is understood and<br />
agreed that the Insured shall bear that portion of the loss or damage caused by&nbsp;flood to each affected item of insured property<br />
equivalent to two percent (2%) of its actual cash value at&nbsp;the time of loss, for each claim or series of &nbsp;claims arising out of any one<br />
flood occurrence the duration&nbsp;and extent &nbsp;of which shall be limited to 168 consecutive hours. For the purpose of this clause,<br />
the&nbsp;following shall be considered as separate items of insured property, regardless of what is indicated&nbsp;in the Policy schedule:<br />
&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;1) Each building, including machinery, equipment and fixtures normal to its operations;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2) All machinery and equipment<br />
&nbsp;contained in each building;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3) All stocks in trade (raw materials, work-in-process, supplies and finished goods), contained in<br />
each building.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4) All other contents contained in each building.</p>

<p>6. &nbsp;&nbsp;&nbsp;&nbsp;Provided always that all the conditions of the policy<br />
shall apply except as they may be hereby expressly varied.</p>

<p><br />
IMMEDIATE REPAIRS</p>

<p>&nbsp;The insurers grant permission to the insured to carry out<br />
repairs for physical loss or damage to property insured under this Policy which conveniently and advantageously can be undertaken by the<br />
insured [subject to notification to the insurers as soon as practicable]. The actual cost of such repairs and all expenses and fees<br />
incurred related to such repairs will be included in any payment made to the insured.</p>

<p><br />
INDUSTRIES, SEEPAGE, POLLUTION &amp; CONTAMINATION<br />
CLAUSE</p>

<p>This Agreement does not cover any liability in respect of:</p>

<p>1.&nbsp;&nbsp;&nbsp;&nbsp;personal injury or bodily injury or loss of, damage to, or loss of<br />
use of property directly or indirectly caused by seepage, pollution or contamination, provided always that this paragraph shall not<br />
apply to liability for Personal Injury or Bodily injury or loss of or physical damage to or destruction of tangible property, or loss of<br />
use of such property damaged or destroyed, where such seepage, pollution or contamination is a consequence of an otherwise under this<br />
agreement indemnifiable sudden, unintended and unexpected happening.</p>

<p>2.&nbsp;&nbsp;&nbsp;&nbsp;The cost of removing, modifying or cleaning up seeping,<br />
polluting or contaminating substances unless the seepage, pollution or contamination is a consequence of an otherwise under this<br />
agreement indemnifiable sudden, unintended or unexpected happening.</p>

<p>3.&nbsp;&nbsp;&nbsp;&nbsp;Fines, penalties, punitive or exemplary damages</p>

<p>This clause<br />
shall not extend this Agreement to cover any liability which would not have been covered under this Agreement had this clause not been<br />
attached.</p>

<p><br />
INTERNAL REMOVAL</p>

<p>It is understood and agreed that in the event of removal of property from one building to another at any of the<br />
aforesaid situations being inadvertently not advice to Insurers, the Insurance on such property shall follow removal, the necessary<br />
adjustments in sum insured and premium being made as from the date of removal as soon as the oversight is discovered.</p>

<p><br />
LAND IMPROVEMENTS<br />
&nbsp;<br />
Property insured under this Policy includes landscaping improvements consisting of gravel or paved driveways, parking lots, lawns,<br />
bushes, plantings trees and the like, with limit of P10,000,000.00 first loss basis.</p>

<p><br />
LANDSLIDE, SUBSIDENCE AND COLLAPSE</p>

<p>Notwithstanding<br />
anything contained herein to the contrary, it is hereby declared and agreed that this insurance shall extend to cover direct loss or<br />
damage caused by Landslide, Subsidence and/or Collapse.</p>

<p>For the purpose of this endorsement&nbsp;<br />
LANDSLIDE - shall mean the sliding down of a<br />
mass of rocks, earth or artificial fill on a mountain or cliff side,;&nbsp;<br />
SUBSIDENCE - shall mean the gradual lowering or settling down of a<br />
portion of the land due to dynamic causes, mining operations or the like and;</p>

<p>COLLAPSE - shall mean the action of falling together, as<br />
the side of a body of land or the body itself by external pressure or withdrawal of the contents, breaking down or falling in.</p>

<p>NUCLEAR<br />
ENERGY RISKS EXCLUSION CLAUSE</p>

<p>This Insurance shall exclude Nuclear Energy Risks whether such risks are written directly and/or by way of<br />
insurance and/or via Pools and/or associations. For all purposes of this Insurance Nuclear Energy Risks shall mean all first party<br />
and/or third party insurances (other than Workers&#39; Compensation and Employers&#39; Liability) in respect of:&nbsp;</p>

<p>1. All property, on the site of<br />
a nuclear power station, Nuclear Reactors, reactor buildings and plant and equipment therein on any site other than a nuclear power<br />
station.</p>

<p>2. All Property, on any site (including but not limited to the sites referred to in (1)above) used or having been used for:<br />
&nbsp;&nbsp;&nbsp;&nbsp;<br />
(a) The generation of nuclear energy; or<br />
&nbsp;&nbsp;&nbsp;&nbsp;(b) The Production, Use of Storage of Nuclear Material.</p>

<p>3. Any other Property eligible for<br />
insurance by the relevant local Nuclear Insurance Pool and/or Association but only to the extent of the requirements of that local Pool<br />
and/or Association.</p>

<p>4. The supply of goods and services to any of the sites, described in (1) to (3) above, unless such insurances shall<br />
exclude the perils &nbsp;of irradiation and contamination by Nuclear Material.</p>

<p>Except as &nbsp;under noted, Nuclear Energy Risks shall not include:</p>

<p>1. Any insurance in respect of the construction or erection or installation or replacement or repair or maintenance or decommissioning<br />
of Property as described in (1) to (3) above (including contractors&#39; plant and equipment);</p>

<p>2. Any machinery Breakdown or other<br />
Engineering Insurance not coming wihin the scope of (1) above.</p>

<p>Provided always that such insurance shall exclude the perils or<br />
irradiation and contamination by Nuclear Material.</p>

<p>However, the above exemption shall not extend to:-</p>

<p>1.The provision of any insurance<br />
whatsoever in respect of:-</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;(a) Nuclear Material;<br />
&nbsp;&nbsp;&nbsp;&nbsp;(b) Any property in the High Radioactivity Zone or Area of any Nuclear<br />
Installation as from the introduction of Nuclear Material or - for reactor installations - as from fuel loading or first critically<br />
where so agreed with the relevant local Nuclear Insurance Pool and/or Association.</p>

<p>2. The provision of any insurance for the under noted<br />
perils:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fire, lightning, explosion<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Earthquake<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Aircraft and other aerial devices or articles dropped therefrom;<br />
&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;(d) Irradiation and radioactive contamination<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any other peril insured by the relevant local Nuclear Insurance Pool and/or<br />
Association. &nbsp;In respect of any other property not specified in (1) above which directly involves the Production, use or &nbsp;Storage of<br />
&nbsp;Nuclear Materials as from the introduction of Nuclear Material into such Property.</p>

<p>Definitions&nbsp;</p>

<p>&quot;Nuclear Material&quot; means:</p>

<p>1.&nbsp;&nbsp;&nbsp;&nbsp;Nuclear<br />
fuel, other than natural uranium and depleted uranium, capable of producing energy by a self-sustaining chain process of &nbsp;nuclear<br />
fission outside a Nuclear Reactor, either alone or in combination with some other material; and<br />
2.&nbsp;&nbsp;&nbsp;&nbsp;Radioactive Products or waste.</p>

<p>&quot;Radioactive Products or waste&quot; means any radioactive material produced in, or any material made radioactive by exposure to the<br />
radiation incidental to the production or utilization of nuclear fuel, but does not include radioisotopes which have reached the final<br />
stage of fabrication so as to be usable for any scientific, medical, agricultural, commercial or industrial purpose.</p>

<p>&quot;Nuclear<br />
Installation&quot; means:<br />
1. &nbsp;&nbsp;&nbsp;Any Nuclear Reactor;<br />
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any factory using nuclear fuel for the production of nuclear material , or any<br />
factory for the processing of Nuclear Material, including any factory for the reprocessing of irradiated nuclear fuel; and<br />
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any<br />
facility where nuclear material is stored , other than storage incidental to the carriage of such material.</p>

<p>&nbsp;&quot;Nuclear Reactor&quot;means any<br />
structure containing nuclear fuel in such an arrangement that a self-sustaining chain process of nuclear fission can occur therein<br />
without an additional source of neutrons.</p>

<p>&nbsp;&quot;Production, use or Storage of Nuclear Material&quot; means the production, manufacture,<br />
enrichment, conditioning, processing, reprocessing, use, storage, handling and disposal of&nbsp;</p>

<p>Nuclear Material.</p>

<p>&nbsp;&quot;Property&quot; shall mean all<br />
land, buildings, structures, plant equipment, vehicles, contents (including but not limited to liquids and gases) and all materials of<br />
whatever description whether fixed or not.</p>

<p>&nbsp;&quot;High Radioactivity Zone or Area&quot; means:</p>

<p>1.&nbsp;&nbsp;&nbsp;&nbsp;For nuclear power station and nuclear Reactors,<br />
the vessel or structure which immediately contains the core (including its support and shrouding) and all the contents thereof, the fuel<br />
elements, the control rods and the irradiated fuel; and<br />
2.&nbsp;&nbsp;&nbsp;&nbsp;For non-reactor Nuclear Installations, any area where the level of<br />
radioactivity required the provisions of a biological shield.</p>

<p><br />
OUTSIDE BUILDING<br />
&nbsp;<br />
Small outside buildings, annexes and conveniences are held<br />
to be insured with buildings to which such property is attached or belongs.</p>

<p><br />
PERMISSIONS CLAUSE</p>

<p>Permission is hereby given to the Assured:</p>

<p>1. &nbsp;To store and use any and all materials in the quantities and manner as permitted by law, By-law, or&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation, processes,<br />
power and appliances usual and incidental to the business or occupancy;</p>

<p>2. &nbsp;To make additions, alterations, repairs and to construct new<br />
buildings and structures and to generally act &nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as a Contractor or Sub-Contractor for the aforementioned whether for the Assured&#39;s<br />
own operations or for&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other parties. Furthermore the insurance by this policy shall extend to include loss, destruction, or damage<br />
&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;by or to theses activities;&nbsp;</p>

<p>3. &nbsp;To acquire real or personal property;</p>

<p>4. &nbsp;To cease operations and for any premises to be vacant or<br />
unoccupied; and</p>

<p>5. &nbsp;To obtain other insurances.</p>

<p><br />
PLATE GLASS ENDORSEMENT</p>

<p>Notwithstanding anything to the contrary contained in this Policy,<br />
it is hereby stipulated and agreed that medical conditions existing prior to the commencement date of this Policy are covered subject to<br />
the limit of benefits stipulated in the Policy Schedule. The Company, however, is not liable for medical expenses incurred as a result<br />
of confinement due to congenital conditions. Subject to the terms and conditions herein or endorsed hereon if any of the glass at the<br />
premises shall during any period of insurance be broken by fracture extending through its entire thickness as the result of any accident<br />
of misfortune not hereunder excepted, the Company shall;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
a. Replace the<br />
broken glass with glass of similar quality or at its option pay to the Insured the value of the glass broken at the price current at the<br />
date of breakage less the value of any salvage.&nbsp;<br />
b. Pay the reasonable cost of any necessary temporary boarding up pending replacement of<br />
the broken glass. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
Provided<br />
that the Company&#39;s liability shall not exceed in aggregate in any one period of insurance the total sum insured and for (a) above in<br />
respect of each item the sum expressed in this Schedule to Insured thereon. &nbsp;</p>

<p><br />
PROPERTY DAMAGE CLARIFICATION CLAUSE</p>

<p>Property damage covered<br />
under this Agreement shall mean physical damage to the substance of property.</p>

<p>Physical damage to the substance of property shall not<br />
include damage to data or software, in particular any detrimental change in data, software or computer programs that is caused by a<br />
deletion, a corruption or a deformation of the original structure.</p>

<p>Consequently, the following are excluded from this agreement:</p>

<p>A. Loss<br />
or damage to data or software, in particular any detrimental change in date, software or computer programs that is caused by a deletion,<br />
a corruption or deformation of the original structure&nbsp;and any business interruption losses resulting from such loss or damage.<br />
&nbsp;Notwithstanding this<br />
exclusion, loss of or damage to data or software which is the direct consequence of insured physical&nbsp;damage to the<br />
substance of property shall be covered. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p>B. Loss or damage resulting from an impairment in the function, availability, range<br />
of use or accessibility&nbsp;of data, software or computer programs and any business interruption losses resulting from such&nbsp;loss or damage.</p>

<p><br />
PROPERTY UNDER THEIR CARE, CUSTODY AND CONTROL<br />
&nbsp;<br />
This insurance is extended to cover the property as described in the Schedule belonging<br />
to or being in the care, custody or control of the insured for which the insured is legally liable.</p>

<p><br />
PUBLIC AUTHORITIES<br />
&nbsp;<br />
The Policy cover<br />
includes such additional cost of reinstatement of the destroyed or damaged sections of the property caused by a contingency insured<br />
against as may be incurred solely by reason of the necessity to comply with any Regulations, By-Laws or Statutory Provisions relating to<br />
the reinstatement of property provided that:</p>

<p>1] &nbsp;The amount recoverable under the extension shall not include:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. &nbsp;the cost in<br />
complying with any such Regulations, By-Laws or Statutory Provisions where destruction or damage occurs prior to inception of this<br />
clause, or is not insured by this Policy, or where notice to comply has been served upon the Insured prior to the occurrence of any<br />
destruction or damage or in respect of any undamaged section of the property;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. &nbsp;the additional cost that would have been required<br />
to make good the property damaged or destroyed to a condition when new had the necessity to comply with any of the aforesaid<br />
Regulations, By-Laws or Statutory Provisions not arisen;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. &nbsp;any increased rates, taxes, duties, charges, levies or assessment as a<br />
result of complying with such Regulations, By-Laws or Statutory Provisions.</p>

<p>2] &nbsp;The work of reinstatement must be completed within twelve<br />
[12] months of the date of occurrence of any loss or damage unless permitted by the Insurer within the said twelve months and may be<br />
carries out wholly or partially upon another site, provided that the liability of the Insurer is not increased thereby.&nbsp;</p>

<p><br />
REINSTATEMENT OF<br />
SUM INSURED<br />
&nbsp;<br />
In consideration of the insurance by this Policy not being reduced by the amount of any loss, the Insured undertakes to pay<br />
such reasonable and appropriate additional premium as may be required by the Insurer[s] on the amount of loss from the date on which the<br />
property lost, destroyed or damaged is repaired, reinstated or replaced and becomes the legal property or responsibility of the Insured.</p>

<p>The additional premium as aforesaid shall not exceed a pro-rate amount for the period referred to based on the original premium paid or<br />
payable and no such additional premium shall in any case be payable where the amount of the net loss is loess than one percent [1%] of<br />
the Sum Insured.</p>

<p><br />
REINSTATEMENT VALUE ENDORSEMENT</p>

<p>It is hereby declared and agreed that notwithstanding what is stated in the printed<br />
conditions of this policy to the contrary, in the event of the property insured, which shall be kept in a state of through repair, under<br />
this policy being destroyed or damaged the basis upon which the amount payable under (each of the said Items of ) the policy is to be<br />
calculated shall be reinstatement of the property destroyed or damage, subject to the following special provisions and subject also to<br />
the terms and conditions of the policy except &nbsp;in so far as the same may be varied hereby.</p>

<p>For the purpose of the insurance under this<br />
memorandum &quot;Reinstatement&quot; shall mean :</p>

<p>The carrying out of the aftermentioned work, namely -</p>

<p>(a) &nbsp;Where property is destroyed, the<br />
rebuilding of the property, if a building, or, in the case of other property, its replacement by the similar property, in either case in<br />
a condition equal to but not better or more extensive than its condition when new, provided the Alliedbankers Insurance Corporation -<br />
shall not be liable for any loss occasioned by the enforcement of any statute, municipal or city ordinance regulating the construction<br />
or repair of buildings.</p>

<p>(b) &nbsp;Where property is damaged, the repair of the damage and the restoration of the damaged portion of the<br />
property to a condition substantially the same as but not better or more extensive than its condition when new.</p>

<p>SPECIAL PROVISIONS</p>

<p>1. &nbsp;The<br />
work of reinstatement (which may be carried out upon another site and in any manner suitable to the requirements of the Insured subject<br />
to the liabilities of the Alliedbankers Insurance Corporation not being thereby increased) must be commenced and carried out with<br />
reasonable dispatch and in any case must be completed within six months after the destruction or damage or within such further time as<br />
the Alliedbankers may (during the said six months) in writing allow, otherwise, no payment beyond the amount which would have been<br />
payable under the policy if this memorandum had not been incorporated therein shall be made.</p>

<p>2. &nbsp;When any property insured under this<br />
memorandum is damaged or destroyed in part only the liability of the Alliedbankers Insurance Corporation shall not exceed the sum<br />
presenting the cost which the Alliedbankers Insurance Corporation could have been called upon to pay for reinstatement if such property<br />
had been wholly destroyed.</p>

<p>3. &nbsp;No payment beyond the amount which would have been payable under the policy if this memorandum had not<br />
been incorporated therein shall be made until the cost of reinstatement shall have been actually incurred.</p>

<p>4. &nbsp;Each item insured under<br />
this memorandum is declared to be separately subject to the following Condition of Average, namely :</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at the time of<br />
reinstatement the sum representing the cost which would have been incurred in reinstatement if the whole of the property covered by such<br />
item had been destroyed, exceeds the sum insured thereon at the breaking out of any fire or at the commencement of any destruction of or<br />
damage to such property by any other peril thereby insured against, then the Insured shall be considered as being his own insurer for<br />
the excess and shall bear a ratable proportion of the loss accordingly.</p>

<p>5. &nbsp;The Alliedbankers Insurance Corporation shall not be liable<br />
for the cost of removing the debris of the damage or destroyed property to be reinstated or replaced.</p>

<p>6. &nbsp;No payment beyond the amount<br />
which would have been payable under the policy if this memorandum had not been incorporated therein shall be made if at the time of any<br />
destruction or damage to any property insured hereunder such property shall be covered by any other insurance effected by or on behalf<br />
of the Insured which is not upon the identical basis of reinstatement set forth herein.</p>

<p>7. &nbsp;When the Insured is unable or unwilling to<br />
replace or reinstate the property destroyed or damaged on the same or another site or where by reason of any of the above special<br />
provisions no payment is to be made beyond the amount which would have been payable under the policy if this memorandum had not been<br />
incorporated therein the rights and liabilities of the Alliedbankers Insurance Corporation and the Insured in respect of the destruction<br />
or damage shall be subject to the terms and conditions of the policy, including any Condition of Average therein, as if this memorandum<br />
had not been incorporated therein.</p>

<p><br />
RIOT AND STRIKE ENDORSEMENT<br />
&nbsp;<br />
In consideration of the payment of the aftermentioned premium, it is<br />
hereby agreed and declared that notwithstanding anything in the within written policy contained to the contrary the insurance under this<br />
policy shall extend to cover RIOT AND STRIKE damage which for the purpose of this endorsement shall mean (subject always to the Special<br />
Conditions hereinafter contained) -</p>

<p>Loss of &nbsp;or damage to property insured directly caused by :</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;The act of any person taking<br />
part together with others in any disturbance of the public peace&nbsp;(whether in connection with a strike or lock-out or not) not being an<br />
occurrence mentioned in&nbsp;Condition 6 of the Special Conditions hereof.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;The action of any lawfully constituted authority in<br />
suppressing or attempting to suppress any such&nbsp;disturbance or in minimizing the consequences of any such disturbance.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;The willful act of any striker<br />
or lock-out worker done in furtherance of a strike or in resistance to a&nbsp;lock-out.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;The action of any lawfully constituted<br />
authority in preventing or attempting to prevent any such act&nbsp;or in minimizing the consequences of any such act.&nbsp;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPECIAL CONDITIONS</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this endorsement but not otherwise there<br />
shall be substituted for the respectively numbered Conditions of the Policy the following :</p>

<p>CONDITION 5</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;This insurance does<br />
not cover :</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. &nbsp;Loss of earnings, loss by delay, loss of &nbsp;market or other consequential or indirect loss or damage&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;of any kind or description whatsoever.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. &nbsp;Loss or damage resulting from total or partial cessation of work or the retarding<br />
or interruption or&nbsp;cessation of any process or operation.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. &nbsp;Loss or damage occasioned by permanent or temporary dispossession<br />
resulting from&nbsp;confiscation, commandeering or requisition by any lawfully constituted authority.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. &nbsp;Loss or damage occasioned<br />
by permanent or temporary dispossession of any building resulting&nbsp;from the unlawful occupation by any person of such building.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
e. &nbsp;Loss or damage directly or indirectly caused by or arising from or in consequence of or&nbsp;contributed to by nuclear weapons material.</p>

<p>&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided nevertheless that the Company is not relieved under (c) or (d) above of any liability to the Insured in respect of<br />
physical damage to the property insured occurring before dispossession or during the temporary dispossession.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;This<br />
insurance does not cover loss or damage directly or indirectly caused by or arising from or in&nbsp;consequence of or contributed to by<br />
ionizing radiations or contamination by radioactivity from any&nbsp;nuclear fuel or from any nuclear waste from the combustion of nuclear<br />
fuel. &nbsp;For the purpose of&nbsp;this Condition 5 (ii) only combustion shall include any self-sustaining process of nuclear fission.</p>

<p>CONDITION 6</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This insurance does not cover any loss or damage occasioned by or through or in consequence,&nbsp;directly or indirectly, of any of<br />
the following occurrences, namely :</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. &nbsp;War, invasion, act of foreign enemy, hostilities or warlike operations (whether war be<br />
declared or&nbsp;not), civil war.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. &nbsp;Mutiny, civil commotion assuming the proportions of or amounting to a popular rising,<br />
military&nbsp;rising, insurrection, rebellion, revolution, military or usurped power.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. &nbsp;Act of terrorism committed by a person or<br />
persons acting on behalf or in connection with any&nbsp;organization.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of this endorsement an act of terrorism means<br />
an act, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of person,<br />
whether acting alone or on behalf of or in connection with any organization(s) or government(s), committed for political, religious,<br />
ideological or similar purposes including the intention to influence any government and/or to put the public, or any section of the<br />
public, in fear.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This endorsement also excludes loss, damage, cost or expense of whatsoever nature directly or indirectly<br />
caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to any<br />
act of terrorism.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any action, suit or other proceeding, where the Company alleges that by reason of the provision of this<br />
condition any loss or damage is not covered by this insurance, the burden of proving that such loss or damage is covered shall be upon<br />
the Insured.</p>

<p>CONDITION 7</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise expressly stated in the Policy this insurance does not cover :</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. &nbsp;Goods held<br />
in trust or on commission.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. &nbsp;Bullion or unset precious stones.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. &nbsp;Any curiosity or work of art for an amount<br />
exceeding Php 200.00.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. &nbsp;Manuscripts, plans, drawings or designs, patterns, models or moulds.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. &nbsp;Securities,<br />
obligations, or documents of any kind, stamps, coined or<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;paper money, cheques, books of account or other business books,<br />
computer systems records.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. &nbsp;Explosives. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p>CONDITION 10<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Insurance may at any time be terminated by<br />
the Company on notice to that effect being given to the Insured, in which case the Company shall be liable to repay a ratable proportion<br />
of the premium for the unexpired term from the date of cancellation. &nbsp;If the insurance be terminated at the request of the Insured the<br />
Company shall not be liable to repay the premium or any part of it except in so far as the insurance applies to stocks in respect of<br />
which the Company shall retain a premium calculated according to its customary short period scale for the time the said insurance has<br />
been in force.</p>

<p>CONDITION 17</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In all cases where any other subsisting insurance or insurances, effected by the Insured or by any<br />
other person or persons covering any of the property hereby insured, either exclusively or together with any other property in and<br />
subject to the same risk only, shall be subject to average, the insurance on such property under this Endorsement shall be subject &nbsp;to<br />
average in like manner, but in any event the Company shall not be liable to pay or contribute in respect of any loss or damage beyond<br />
the proportion which the sum insured by this Endorsement shall bear to the total insurance, whether effected by the insured or not, on<br />
the same property against ordinary fire loss.</p>

<p>PROVIDED that it is hereby further expressly agreed and declared that</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;All the<br />
conditions of this Policy shall apply in all respects to the insurance granted by this&nbsp;extension save in so far as the same are<br />
expressly varied by the above Special Conditions and&nbsp;any reference to fire in Conditions of the Policy shall be deemed to include the<br />
perils hereby&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;insured against.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;The Special Conditions herein shall apply only to the Insurance granted by<br />
this extension and the&nbsp;Conditions of the Policy shall apply in all respects to the insurance granted by the Policy as if&nbsp;this<br />
Endorsement had not been made thereon.</p>

<p><br />
MALICIOUS DAMAGE ENDORSEMENT</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is hereby agreed and declared that the insurance under<br />
the said Riot and Strike Endorsement shall extend to include MALICIOUS DAMAGE which for the purpose of this extension shall mean</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;LOSS of or damage to the property insured directly caused by the malicious act of any person (whether or not such act is committed in<br />
the course of a disturbance of the public peace) not being an act amounting to or committed in connection with an occurrence mentioned<br />
in Special Condition 6 of the said Riot and Strike Endorsement.</p>

<p>But the Company shall not be liable under this extension for any loss or<br />
damage by fire or explosion nor for any loss or damage arising out of or in the course of burglary, housebreaking, theft or larceny or<br />
any attempt threat or caused by any person taking part herein.</p>

<p>Provided always that all the conditions and provisions of the said<br />
Endorsement shall apply to this extension as if they had been incorporated herein.&nbsp;</p>

<p>ROBBERY AND BURGLARY ENDORSEMENT<br />
It is hereby declared<br />
and agreed that the insurance under this policy extends to cover loss or damage as the result of Burglary &amp;/or Robbery as defined<br />
herein:-<br />
BURGLARY as herein used shall mean the felonious abstraction of the Insured&#39;s property following upon violent and forcible entry<br />
or followed by violent and forcible exit from the premises or any attempt there at:<br />
ROBBERY herein used shall mean an act by any person<br />
whi, intents to gain takes any personal property hereby Insured, by means of violence against or intimidation of any person, using<br />
forced upon things and subject to the following conditions:<br />
&nbsp;1. &nbsp;All sums which may from time to time be paid as or by way of<br />
compensation for loss or damage under this endorsement in any one year of insurancen for or in respect of each or any one description of<br />
property or any one specially described and valued article lost or damaged shall unless reinstated by endorsement with the consent of<br />
the company and additional premium paid be accounted in diminution of the sum insured thereon, so that in case of subsequent loss or<br />
damage during the same year or insurance the amount payable by the company shall not in any event exceed the sum insured in respect<br />
thereof nor altogether the total sum insured by this endorsement.<br />
&nbsp;2. &nbsp;This endorsement shall not extend to nor cover:<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. &nbsp;Loss or<br />
damage due to any robbery or theft or to any attempt thereat by or in collusion with any of the insured&#39;s family business staff or<br />
domestic servants or any person lawfully on the premises.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. &nbsp;Loss or damage by any person, due to theft not following upon violent<br />
and forcible entry nor followed by violent and forcible exit from the premises occupied by the insured defined above.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. &nbsp;Loss or<br />
damage arising from any consequence of flood, typhoon, hurricane, windstorm, volcanic eruption, subterranean fire, earthquake or other<br />
convulsion of nature, war invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, mutiny,<br />
revolution, insurrection or military or unsurped power, riots or strikes, military or popular rising, or loot, sack or pillage in<br />
connection therewith.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. &nbsp;Loss or damage upon the occasion of opr consequent upon fire or explosion or loss or damage which can be<br />
insured against by a fire or plate glass insurance policy.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. &nbsp;Loss or damage to deeds, bonds, bills or exchange, promisory notes,<br />
money or securities for money, stamps or coin collections, plans patterns, models, moulds, designs, documents of title to property,<br />
contracts or other documents books or manuscripts unless the same be specifically insured hereunder.<br />
&nbsp;3. &nbsp;This documents shall cease to<br />
be in force if the premises referred to in the schedule of this policy be left uninhabited by days and nights or for a period or periods<br />
exceeding in the whole ten days or nights in any period of insurance.<br />
&nbsp;4. &nbsp;Upon the happening of any eventt giving rise or likely to give<br />
rise to a claim under this endorsement.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. &nbsp;The insured shall so soon as is practicable give notice thereof in writing to the<br />
company stating the circumstances of the case and shall within fourteen days after loss or damage shall have come to his knowledge or<br />
within such further time as the company may allow in that behalf deliver to the company a claim in writing with an estimate of the<br />
intrinsic value of each articcle lost and the amount of damage sustained.&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. &nbsp;The insured shall furnish to the company all such<br />
particulars and evidence documentary or otherwise and execute and do all such acts and things as the company may reasonably require to<br />
substantiate the claim to discover and punish the guilty person to trace and recover the property lost and to recoup to the company so<br />
far as may be possible in respect of any amount the policy shall pay under this endorsement. The company shall bear the expense of all<br />
such particular evidence, acts and things as they may require with the above object or any of such particular evidence, acts and things<br />
as they may require with the above objects or any of them other than those required to substantiate the claim.<br />
&nbsp;5. &nbsp;The company may<br />
reinstate, repair or replace the property or premises lost or damaged as the case maybe instead paying the amount of the loss or damage<br />
and/or join with any other insurers in so doing in cases where the property is also insured elsewhere. &nbsp;Any lost property paid for under<br />
this endorsement shall belong to the company.<br />
&nbsp;6. &nbsp;If at the time of the happening of any loss or damage covered under this endorsement<br />
there shall be subsisting any other insurance of any nature whatsoever covering the same whether effected by the insured or not, then<br />
the company shall not be liable to pay or contribute more than its ratable proportion of such loss or damage. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;7. &nbsp;Nothing<br />
contained herein shall give any right against the company to any persons other than the insured his executors or administrators and the<br />
company will not be bound by any passing of the interest of the insured otherwise than by death unless and until the compan y shall<br />
endorse hereon declare the insurance to be continued.<br />
&nbsp;8. &nbsp;The company shall at any time by giving notice in writing to the insured by<br />
registered letter at his address as last known to the company be at liberty to determine and cancel this endorsement from the date of<br />
such notice and the company shall in that event return to the insrued a proportionate part of the premium corresponding to the unexpired<br />
term of policy by like notice to the company. &nbsp;The insured may at any time simarly determine and cancel this endorsement in which case<br />
the company will retain the customary short period rate for the time this endorsement has been in force.<br />
&nbsp;9. &nbsp;If at the time of the<br />
happening of any loss or damage the total value of the property insured under this endorsement or by each item thereof if more than one<br />
does not exceed the sum insured thereon this insurance shall be declared free of average: &nbsp;but if the amount insured be less than such<br />
total value the insured be considered as being his own insurer for the difference between the sum insured and the total value of the<br />
property insured under the endorsement or by each item thereof as from the case may be and shall bear a ratable share of the loss<br />
accordingly.<br />
10. &nbsp;If any claim be made by or on behalf of the insured shall be in any respect unfounded or farudulent or intentionally<br />
exaggerated or if any false declaration or statement shall be made in suport of any claim. &nbsp;The company shall not be liable to make any<br />
payment whatsoever under this endorsement.<br />
11. &nbsp;The insured shall take all due precautions for the safety of the property insured as<br />
regard selection and supervison of employees securing with all existing protective devices all doors and windorws and other means of<br />
entrance and otherwise and shall not do suffer or permit anything whereby the risk of the company shall be increased and this<br />
endorsement shall cease to be in force so far as regard any of the property or articles thereby insured if the insured shall make any<br />
change or alteration in the premises on the particulars and information set forth in the proposal to insure are no longer correct<br />
statements of the facts. &nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
SERVICES CLAUSE<br />
&nbsp;<br />
The insurance by this Policy relating to buildings and machinery extends to include<br />
telephone, gas, water and electrical instruments, meters, piping, cabling and the like and the accessories thereof, including similar<br />
property in adjoining yards or roadways or underground [and pertaining to the building or contents insured by the respective items of<br />
this Specifications] all the property of the insured or of suppliers or others, for which the Insured is responsible.</p>

<p><br />
SPRINKLER LEAKAGE<br />
ENDORSEMENT<br />
&nbsp;<br />
&quot;Sprinkler Leakage&quot; means leakage or discharge of water or other substances from within any automatic sprinkler system.<br />
&nbsp;Direct loss or damage by collapse or fall of a tank forming part of such automatic sprinkler system not caused by earthquake, volcanic<br />
eruption or other convulsions of nature [except as in conflict with the perils covered by this Policy] is also covered, such loss being<br />
considered as incidental to and part of the damage caused by Sprinkler Leakage.</p>

<p>The term &quot;automatic system&quot; means any automatic fire<br />
protective system, including sprinkler, discharge nozzles and ducts, pipes, valves, fittings, tanks [including components, parts and<br />
supports], pumps and private fire protection mains, all connected with and constituting a part of an automatic fire protection system<br />
and non-automatic fire protective systems, hydrants, standpipes or outlets supplies from an automatic fire protective system.</p>

<p>SUE AND<br />
LABOR</p>

<p>&nbsp;The sum Insured by this Policy extends to include reasonable expenses Incurred by the Insured in their efforts to recover,<br />
safeguard or preserve the property Insured, to minimized any loss insured thereunder or to prosecute in its own name any claim for<br />
indemnity or damaged or otherwise in respect of such loss provided Insured(s) have consented to such action.&nbsp;</p>

<p>TEMPORARY REMOVAL INCLUDING<br />
STOCK</p>

<p>&nbsp;Subject to the following provisions, the property insured by this Policy (including stock in trade or merchandise if insured<br />
hereby) is covered whilst temporarily removed for cleaning, renovation, repair or other similar purposes, elsewhere on the same Premises<br />
or to any other premises and in transit thereto and therefrom by road, rail or inland waterway in the Philippines.</p>

<p>&nbsp;The amount<br />
recoverable under this Extension in respect of each item of the Policy shall not exceed the amount which would have been recoverable had<br />
the loss occurred in that part of the Premises from which the property is temporarily removed.</p>

<p>&nbsp;This extension does not &nbsp;apply to<br />
property if and so far as it is otherwise insured nor, as regards to losses occurring elsewhere than at the Premises from which the<br />
property is temporarily removed to.</p>

<p>a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motor Vehicles and Motor Chassis licensed for normal road use;</p>

<p>b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property held by<br />
the Insured in the trust, other than machinery and plant.</p>

<p>It is further agreed that this Policy is extended to cover direct loss by<br />
removal from the described Premises endangered by the perils insured against, on pro-rata for ten (10) days at each proper place to<br />
which the property covered shall necessarily be removed for preservation from the perils Insured against.</p>

<p><br />
TERRORISM EXCLUSION ENDORSEMENT</p>

<p>Notwithstanding any provision to the contrary within this insurance or any endorsement thereto, it is agreed that this insurance<br />
excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any<br />
act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss.</p>

<p>For the purpose<br />
of this endorsement, an act of terrorism means an act, including but not limited to the use of force or violence and/or the threat<br />
thereof, of any person or group(s) of persons, whether acting alone or in behalf of or in connection with any organization(s) or<br />
government(s), committed for political, religious, ideological or similar purposes including the intention to influence any government<br />
and/or to put the public, or any section of the public, in fear.</p>

<p>This endorsement also excludes loss, damage, cost or expense of<br />
whatsoever nature directly or indirectly &nbsp;caused by, resulting from or in connection with any action taken in controlling, preventing,<br />
suppressing or in any way relating to any act of terrorism.</p>

<p>If the Underwriters allege that by reason of this exclusion, any loss,<br />
damage, cost or expense is not covered by this insurance, the burden of proving the contrary shall be upon the Assured.</p>

<p>In the event any<br />
portion of this endorsement is found to be invalid or unenforceable, the remainder shall remain in full force and effect. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p>NMA2920 &nbsp;&nbsp;</p>

<p><br />
TIDAL WAVE ENDORSEMENT</p>

<p>Loss or damage caused by the inundation of the sea by an unusually high sea wave whether<br />
directly resulting from the occurrence of an earthquake or typhoon or otherwise is deemed to be covered under this policy.</p>

<p><br />
TRANSFER OF<br />
LOCATION CLAUSE<br />
&nbsp;<br />
It is hereby understood and agreed that coverage with respect to any location[s] scheduled herein or endorsed hereto<br />
remains in full force and effect in the event of the transfer of location[s], subject to notification of the transfer being made to<br />
Alliedbankers Insurance Corporation within not more than 90 days of the transfer.</p>

<p><br />
TSUNAMI ENDORSEMENT</p>

<p>The term &ldquo;tidal wave&rdquo; shall mean<br />
inundation of the sea by an unusually high sea wave whether directly resulting from the occurrence of an earthquake or typhoon or<br />
otherwise.</p>

<p>This extension shall not provide cover for:</p>

<p>1.&nbsp;&nbsp;&nbsp;&nbsp;loss by reason of any ordinance or law regulating the construction or repair<br />
of buildings:<br />
2.&nbsp;&nbsp;&nbsp;&nbsp;loss by theft, whether occurring during or after a tidal wave;<br />
3.&nbsp;&nbsp;&nbsp;&nbsp;any loss or damage which at the time of the<br />
happening of the loss or damage is insured by or would but for the existence of this policy be insured by any plate glass, casualty,<br />
accident or other policy or policies except in respect of any excess beyond the amount which would have been payable under such policy<br />
or policies had this insurance not been affecteding of the loss or damage is insured by or would but for the existence of this policy be<br />
insured by any plate glass, casualty, accident or other policy or policies except in respect of any excess beyond the amount which would<br />
have been payable under such policy or policies had this insurance not been affected</p>

<p><br />
TYPHOON ENDORSEMENT</p>

<p>In consideration of the payment<br />
by the Insured to the Company of an additional premium, it is hereby agreed that this insurance as herein defined subject to the Special<br />
Conditions hereinafter contained extends to include loss or damage directly caused by TYPHOON.</p>

<p>DEFINITION</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term TYPHOON as<br />
used in this endorsement shall be understood to mean a TYPHOON or STORM as recorded by the Weather Bureau.</p>

<p>SPECIAL CONDITIONS:</p>

<p>1. &nbsp;It is a<br />
condition of this insurance that the Insured undertakes to exercise all ordinary and reasonable precautions for the safety of the<br />
property.</p>

<p>2. &nbsp;Unless liability is specifically assumed by amendment to this endorsement, the Company&nbsp;shall not be liable for loss or<br />
damage to buildings in the course of construction or reconstruction&nbsp;or their contents) unless entirely enclosed and under roof &nbsp;with all<br />
outside doors and windows&nbsp;permanently in place, or property contained in any portion of any building described in this policy not<br />
completely enclosed and roofed. &nbsp;</p>

<p>3. &nbsp;The Company shall not be liable for :<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;a. &nbsp;&nbsp;&nbsp;&nbsp;Loss or damage caused directly or<br />
indirectly by flood, tidal wave, high water or overflow&nbsp;whether driven by wind or not. &nbsp;The Company shall not be liable for loss and/or<br />
damage&nbsp;caused directly or indirectly by backing up of sewers, drains, canals, creeks, rivers and/or&nbsp;storm drainage system.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;b. &nbsp;&nbsp;&nbsp;&nbsp;<br />
Loss or damage caused directly or indirectly by landslide, subsidence, cloudburst or&nbsp;explosion, whether incidental to Typhoon or by<br />
theft whether occurring during or after a Typhoon or by the neglect of the Insured to use all reasonable means to save and preserve&nbsp;the<br />
property during and after a Typhoon.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;c. &nbsp;&nbsp;&nbsp;Loss or damage caused by rain whether driven by wind or not, unless the building insured<br />
or containing the property insured shall first sustain an actual damage to roof or walls by the&nbsp;direct force of a Typhoon and shall then<br />
be liable for such loss or damage to the building or&nbsp;insured property therein as may be caused by rain entering the building through<br />
openings in&nbsp;the roof or walls made by direct action of such Typhoon.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;d. &nbsp;&nbsp;&nbsp;Water damage as a result of doors, windows, transoms or<br />
roof lights being left open, notwithstanding the existence or presence of Typhoon.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;e. &nbsp;&nbsp;&nbsp;Loss or damage to any building, or the<br />
contents thereof, if on the happening of such loss or &nbsp;damage the building was already in a damaged, defective, fallen or displaced<br />
condition as regards foundations, walls, ceiling, roofs, roof gutters and flushing, roof lights, air vents, doors, windows and<br />
transoms.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. &nbsp;&nbsp;&nbsp;&nbsp;Loss or damage occasioned by or through in consequence of the action or order of any government<br />
or public authority.</p>

<p>4.&nbsp;&nbsp;&nbsp;In the event of this Policy being surrendered by the Insured for cancellation, the company shall&nbsp;retain 100% of<br />
the premium notwithstanding what is stated in Condition Nos. 11 and 12 of this&nbsp;Policy to the contrary.&nbsp;</p>

<p>5. &nbsp;&nbsp;It is understood and agreed<br />
that the Insured shall bear that portion of the loss or damage caused&nbsp;by typhoon to each affected item of insured property equivalent to<br />
2% of its actual cash value at the&nbsp;time of &nbsp;loss, for each claim or series of claims arising out of any one Typhoon occurrence the&nbsp;<br />
duration and extent of which shall be limited to 168 consecutive hours. &nbsp;For the purpose of this&nbsp;clause, the following shall be<br />
considered as separate items of insured property, regardless of what&nbsp;is indicated in the policy schedule :</p>

<p>&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp;Each building,<br />
including machinery, equipment and fixtures normal to its operation;</p>

<p>&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All machinery and equipment contained in each building;</p>

<p>&nbsp;&nbsp;<br />
&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All stocks in trade (raw materials, work-in-process, supplies and &nbsp;finished goods),contained in each building;</p>

<p>&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All<br />
other contents contained in each building.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of other insurances on the same item of property, this clause shall apply<br />
only once&nbsp;regardless of the number of policies or insurers.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is further understood and agreed that in the computation of<br />
the claims payable, Condition No. 20 Average Clause) &nbsp;of this Policy shall apply after the application of the deductible provided<br />
herein.</p>

<p>6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided always that all the conditions of the policy shall apply except as they may be hereby&nbsp;expressly &nbsp;varied. &nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;</p>

<p>PROFESSIONAL FEES</p>

<p>The Insurance by this Policy relating to buildings and machinery extends to include Architects&rsquo;, Surveyors&rsquo;, Legal<br />
and Consulting Engineers&rsquo; Fees unless separately insured hereby.</p>

<p>Any insurance of Fees applies only to those necessarily incurred in the<br />
reinstatement of the property insured consequent upon its destruction or damage but not for preparing any claim, it being understood<br />
that the amount payable for such fees shall not exceed those authorized under the scales of the various institutions and/or bodies<br />
regulating such charges and that the liability for such destruction or damage and fees shall not exceed in the aggregate the sum insured<br />
by each property.</p>

<p>Limit 5% of the Sum insured for each location subject to reinstatement after a loss.</p>

<p><br />
VOLCANIC ERUPTION ENDORSEMENT</p>

<p>It is<br />
hereby understood and agreed that in consideration of the payment by the Insured to the Company of an additional premium the Company<br />
agrees, notwithstanding what is stated in the printed conditions of this Policy to the contrary, that this insurance covers direct loss<br />
or damage (including loss or damage by fire) to any of the property insured by this Policy occasioned by volcanic eruption reported and<br />
recorded by the Philippine Institute of Volcanology and Seismology</p>

<p>DEFINITION:<br />
Volcanic eruption shall mean the process wherein molten<br />
rock materials (collectively called as magma or lava) are emited or ejected in the form of flowing masses (lava flows and pyroclastic<br />
flows), discrete particles (volcanic ash and pyroclastic and steam (water vapour and gases) from a crater, vent or fissure. Provided<br />
always that all the conditions of this Policy shall apply (except in so far as they may be hereby expressly varies) and that any<br />
reference therein to loss or damage by fire should be deemed to apply also to loss or damage occasioned by volcanic eruption.</p>

<p><br />
CIVIL CODE<br />
ARTICLE 1250 WAIVER CLAUSE</p>

<p>IT IS HEREBY DECLARED AND AGREED that the provision of Article 1250 of the Civil Code of the Philippines<br />
[Republic Act No. 386] which reads:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;In case an extraordinary inflation or deflation of the currency stipulation should supervene,<br />
the value of the currency at the time of the establishment of the obligation shall be the basis of payment,&rdquo; . . . .</p>

<p>shall not apply in<br />
determining the extent of liability under the provisions of this Policy.</p>

<p><br />
OMNIBUS CLAUSE</p>

<p>All applicable provisions of Presidential Decree<br />
No. 612 otherwise known as the &ldquo;The Insurance Code&rdquo; are deemed to have been incorporated into this Policy and will supersede any<br />
agreement/condition of the Policy inconsistent therewith.</p>

<p><br />
DELETION OF CONDITION NO. 8-C</p>

<p><br />
REMOVAL OF DEBRIS</p>

<p>It is understood that the<br />
insurance by this Policy relating to buildings, machinery, contents and stock extends to include costs and expenses necessarily,<br />
incurred by the Insured with the consent of Insurer[s] in:</p>

<p>a.&nbsp;&nbsp;&nbsp;&nbsp;removal debris;<br />
b.&nbsp;&nbsp;&nbsp;&nbsp;dismantling and/or demolishing;<br />
c.&nbsp;&nbsp;&nbsp;&nbsp;shoring up or<br />
propping;<br />
d.&nbsp;&nbsp;&nbsp;&nbsp;affecting access to and/or recovery; and<br />
e.&nbsp;&nbsp;&nbsp;&nbsp;clearing drains and sewers</p>

<p>of the portion or portions of the property<br />
insured by the said items, destroyed or damaged by fire or by any other peril hereby insured against.</p>

<p>The liability of insurer[s] under<br />
this clause and the Policy in respect of any item shall in no case exceed P10,000,000.00 per location nor P25,000,000.00 per occurrence.</p>

<p>NOTICE</p>

<p>For your own protection you are requested to the read this Policy in full, including its conditions, and it is not in accordance<br />
with your intentions, please return it immediately for correction.<br />
&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p>STOCKS DECLARATION ENDORSEMENT</p>

<p><br />
1. &nbsp;In consideration of the premium<br />
by this policy being provisional in that it is calculated on 75% of the sum insured hereby and is subject to adjustment on expiry of<br />
each period of insurance.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Insured agrees to declare to the Company in writing the value of his stocks (other than retail) less<br />
any amount insured by policies other than declaration policies on the following basis, namely the average value risk on the end of each<br />
month which relates and to make such declaration within seven days of this day, such declaration to be signed by the Insured or by a<br />
responsible person authorized to sign on his behalf.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If other policies on a declaration basis cover the stocks hereby insured the<br />
declaration shall be made so as to apportion to each policy a share of the value of the stocks insured under such declaration policies<br />
pro-rata to the respective amounts named in the policies.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a declaration not being made within the seven days<br />
mentioned above then the Insured shall be deemed to have declared the sum Insured hereby as the value at risk. &nbsp;On the expiry of each<br />
period of insurance the premium shall be calculated at the rate of 100% on the average sum insured, namely, the total of the values<br />
declared or deemed to have been declared divided by the number of declaration due to have been made. &nbsp;If the resultant premium be<br />
greater than the provisional premium the Insured shall pay the difference; &nbsp;if it be less the Company shall retain provisional premium.</p>

<p>2. &nbsp;If after the occurrence of a loss it is found that the amount of the last declaration previous to the loss is less than the amount<br />
that ought to have been declared, then the amount which would have been recoverable by &nbsp;the Insured shall be reduced in such proportion<br />
as the amount of the said last declaration bears to the amount that ought to have been declared.</p>

<p>3. &nbsp;Notwithstanding the occurrence of a<br />
loss it is understood that the sum insured will be maintained at all times during the currency of the policy and the Insured therefore<br />
undertakes to pay extra premium on the amount of loss pro-rata from the date of such loss to the expiry of the period of insurance, the<br />
premium being calculated at the rate applicable to the stocks destroyed and such extra premium shall not be taken into account &nbsp;in and<br />
shall be distinct from the final adjustment of premium.</p>

<p>4. &nbsp;In the event of this policy being cancelled by the Insured during its<br />
currency (whether stocks exist or not) the premium to be retained by the Company shall be the appropriate short period premium<br />
calculated on the average amount insured up to the date of the cancellation, but if the policy is cancelled by the Insured after a loss<br />
has occurred the premium to be retained by the Company shall be the pro-rata proportion of the premium calculated on the average amount<br />
insured up to the date of cancellation plus the pro-rata proportion of the premium from the date of loss to the expiry of the period of<br />
insurance on the amount of the loss paid or &nbsp;the provisional premium whichever is the greater.</p>

<p>5. &nbsp;The maximum liability of the Company<br />
shall not exceed the sum insured hereby and premium shall not be receivable on values in excess thereof. &nbsp;The sum insured may, however,<br />
be increased by prior agreement with the Company, in which event the new sum insured and the date from which it is effective will be<br />
recorded on the policy by endorsement.</p>

<p>6. &nbsp;It is warranted that every policy covering the insured&#39;s stocks on a declaration basis shall<br />
be identical in wording.</p>

<p>7. &nbsp;This insurance is subject in all respects to the printed conditions of the policy except in so far as they<br />
may be varied by these Special Conditions.</p>

<p>&nbsp;&nbsp;&nbsp;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p><br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALLIEDBANKERS INSURANCE CORPORATION</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; ______________________________________________<br />
&nbsp;&nbsp;&nbsp;<br />
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUTHORIZED SIGNATURE<br />
&nbsp;</p>
