Malakas Department Store had an existing fire insurance coverage over its department store issued by ABC Insurance Company. The fire insurance policy was good for one year. ABC Insurance Company had been the insurer of Malakas for several years. The practice between Malakas and ABC Insurance was that Malakas was granted a 60-day credit term (that is, 60 days from the expiration of the policy) for the payment of the premiums to renew the policy. The fire policy expired on 22 May 2006. On 25 May 2006 ABC Insurance called up Malakas and informed the latter that it was cancelling and no longer renewing the policy. On 12 June 2006 a fire razed the Malakas Department Store to the ground. Two days later Malakas filed a notice of loss and claim upon the policy. ABC denied the claim stating that (a) the policy had already been cancelled and that (b) the fire policy was not valid and binding since the premiums to renew the policy had not been paid. May Malakas recover against ABC Insurance on the fire policy?