What basic events does the Philippine standard fire insurance policy primarily cover?

The Philippine standard fire insurance policy is designed primarily to cover specific risks associated with properties, with a primary focus on fire-related incidents. Fire and lightning are key perils typically covered under this type of insurance policy. The inclusion of lightning as a covered event recognizes the fact that lightning strikes can cause significant fire damage, making it a relevant risk to insure against.

This focus allows policyholders to mitigate the financial impact of losses resulting from these specific hazards. While other perils, such as earthquake or theft, may be covered under different or additional policies, they do not fall within the standard fire insurance policy's core coverage. Therefore, the correct answer emphasizes the primary risks that the policy specifically addresses, reinforcing its role in protecting property owners against fire-related losses.