Top Gear Philippines

TopGear.com.ph Philippine Car News - Bill seeks requiring Acts of God coverage in insurance policies

Motorists whose cars were damaged by the flood wrought by Typhoon Ondoy last year and who subsequently found out their comprehensive insurance policies weren’t exactly that have found an ally in a party-list solon who’s seeking to amend the Insurance Code of the Philippines.

Rep. Teodorico T. Haresco Jr. of the Ang Kasangga party-list said the Insurance Code of the Philippines should be amended to ensure that natural disasters or fortuitous events are clearly enumerated in a comprehensive motor vehicle’s insurance coverage.

"The figures that described the 2009 typhoons (Ondoy and Pepeng) are just devastating to the people and the economy," Haresco said.

Under Haresco’s House Bill 2672, which concerns the comprehensive motor vehicle insurance, no comprehensive motor vehicle insurance policy will be issued and delivered in the Philippines unless it contains in substance the provision that it (the comprehensive motor vehicle insurance) shall cover all fortuitous events, such as floods, landslides, typhoon, volcanic eruptions, earthquakes and other related natural calamities.

"However, such inclusion of fortuitous events in the comprehensive motor vehicle insurance shall be subject to additional fees, as may be prescribed by the Insurance Commission," Haresco clarified.

Do you agree with the lawmaker’s proposal? Post your comments below.

View More Stories About
car insurance Typhoon Ondoy
Sign up for EXCLUSIVE AUTOMOTIVE UPDATES!
Subscribe To Our Newsletter
Latest stories
Close

Forgot your password or email?
Reset your password or look up your email
If you need further assistance, email us at help@topgear.com.ph