Fire Victim Assistance

Fire Victim Assistance

Product Description

Benefits for all regular members shall be in accordance with their share capital level as follows:

Share Capital LevelFirst DegreeSecond DegreeThird Degree
5,000 – 9,9991,5002,5003,500
10,000 – 19,9992,0003,0004,000
20,000 – 39,9992,5003,5004,500
40,000 – 59,9993,0004,0005,000
60,000 – 79,9993,5004,5005,500
80,000 – 99,9994,0005,0006,000
100k and above4,5005,5006,500

Extent of damages shall be defined as follows:

Extent of DamageDescription of Loss
First DegreePortion of house or business or source of income/ employment is affected
Second DegreeHouse is damaged and business or source of income/ employment is lost
Third Degree100% loss of property

In case where all five victims are members of the cooperative who are residing under one dwelling or have the same place of work, the claim of benefit shall be as follows:

    • Loss of House/ Apartment – Each household member can claim benefit corresponding to third degree damage.
    • Loss of Business
      • In case the place of business is also the residence of the affected member, the owner can claim a third degree benefit while the salesclerk shall be entitled to first degree benefit if he/she is also a member of the Cooperative.
      • In case of leased premises, both lessor and lessee can claim fire victim assistance benefit corresponding to second degree damage.
    • Loss of fixed stalls

Fire victim-member can claim fire victim assistance corresponding to second degree damage.

Documentary Requirements
  • Report of Credit Investigator of the Cooperative
  • Certificate from the Fire Department and/or Barangay Captain stating that the member is a fire victim. This is applicable only in cases where the cooperative is not satisfied with the results of the investigation.
  • Notice of fire
    • Voluntary on the part of the Cooperative if the incident happened within the surrounding area.
    • In order to claim the benefit, the affected member must notify SMTCDC in writing of the occurrence of the fire (with proofs), within 30 days from such fire incident. Otherwise, the benefit will be forfeited.