Bill seeks requiring Acts of God coverage in insurance policies

A must after Typhoon Ondoy?
Dec 15, 2010 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.

Continue reading below ↓

"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.

Continue reading below ↓
Recommended Videos
View other articles about:
  • Quiz Results

  • TGP Rating:

    Starts at ₱

    TGP Rating:
    Starts at ₱