MANILA, Philippines - A major insurance company said yesterday that it is extending an “acts of God” (AOG) provision in all comprehensive motor car insurance policies effective Oct. 15.
Standard Insurance Inc. also assured car owners that their claims for mandatory coverage of damage to and loss caused by the AOG in the wake of Typhoons Ondoy and Pepeng will be immediately settled.
Ernesto “Judes” Echauz, chairman and CEO of Standard Insurance, said about 50 percent of the total number of insured units with AOG coverage is concentrated in Metro Manila.
He said 300 of the 30,000 vehicles insured with Standard Insurance and which were severely damaged were covered by an AOG insurance clause.
Echauz said Standard supports a proposal to automatically include an AOG cover on the comprehensive insurance policy on motor vehicles damaged by floods and other calamities.
This, however, will not come free since “we will be sending endorsement with the prescribed rate,” he pointed out.
He said Standard Insurance require claimants to pay participation fees once they claim car damages from the company. He said such fees may cover depreciation and deductible costs.
“At the minimum, it may reach P2,000,” Echauz said.