Malayan Insurance Co. Inc. is a Philippine non-life insurance company with offerings for various non-life business segments and diversified holdings. With ₱8.1 billion pesos in net worth and ₱26.7 billion in assets as of 2014, the company underwrites the following: aviation, engineering, fire/property, marine, miscellaneous casualty, motorcar, personal accident, residential fire and surety/bonds, as well as Malayan travel insurance offerings.
Enrique Yuchengco founded the company in 1930 under the name China Insurance and Surety Co. Inc. and renamed it in 1949 to its current brand. The insurer, a member of the Yuchengco Group of Companies currently has 34 branches and service offices nationwide.
Malayan offers the Travel Master insurance plan, which offers comprehensive travel protection for mishaps such as lost passport, lost luggage, accidents abroad, property damage, and other emergencies. Travel Master, which also covers travel on ships, trains, and cars, comes with three types of policies, all peso-denominated: Travel Master Local, Travel Master
In addition, Malayan insurance branches offer an insurance product called Travel Insurance Policy, or TIP. This plan covers the insured during the term of the policy against loss resulting directly and indirectly of all other causes from bodily injury caused by accident.
Aside from the usual benefits such as reimbursement of expenses related to personal accident, emergency medical treatment, personal liability, trip termination and various other inconveniences, the Travel Master plans from one of the prominent insurance companies in the Philippines also provide free insurance coverage for damage to rented cars, as well as medical treatment and assistance services for accidents resulting from sports activities.
The Travel Master Local, Travel Master
Meanwhile, the territorial and travel coverage of the TIP are the same as that of Malayan Insurance’s individual personal accident plans, except for the following: the term of coverage is for a short period, a fixed number of days, up to a maximum of 180 days. Commencement of the coverage is at any time of the day.
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