All movable properties of government must be insured with GSIS. These include mobile, heavy, and contractor’s equipment used in government offices or projects which must be protected against damage or destruction.
The Property Floater insurance coverage of GSIS is neither subject to policy limitations nor confined to a particular location. GSIS insures the movable property for as long as the movable property is related to government undertakings.
All risks of direct physical loss or damage from any external cause to the insured property such as General Average and Salvage Charges are covered.
Below are the types of movable properties of government that must be insured with GSIS:
Type A – Heavy Equipment, Road Rollers, Dump Trucks, Garbage Compactors, similar vehicle (not regularly utilizing public highways)
Type B – Drilling Equipment, Pumps, Electronic Toll Booth equipment, Generator sets, Construction equipment
Type C – X-ray machines (cartwheel type), stationary, medicine palletizing equipment
Type D – Cell Phones, communication equipment, firearms, computer (laptop), etc.
Type E – Heavy Vehicles/Testing vehicles regularly utilizing the public roads, such as garbage dump truck, smoke belching/environment testing vehicles
The Property Insurance floater of GSIS covers the following: