^

Banking

Standard bats for AOG inclusion

-

MANILA, Philippines - Standard Insurance Inc. believes that local insurance companies should carry the “Acts Of God” (AOG) clause in the comprehensive auto insurance policy.

Standard Insurance chairman and chief executive officer Ernesto Echauz said that damaged or destroyed vehicles without the AOG cover and acquired through a bank loan, will just abandon the automobile. “The bank is left with a defaulted client, and in most cases an un-repairable vehicle,” Echauz said in a press statement.

Senate minority leader Aquilino Pimentel Jr. in the same statement slammed the deceptive policy of some insurance companies not to indemnify owners of motor vehicles destroyed by the typhoons.

Pimentel hit the firms for deliberately resorting to the AOG clause to avoid payments leaving car owners by comprehensive insurance plans helpless.

vuukle comment

ACTS OF GOD

AOG

AQUILINO PIMENTEL JR.

BANK

CLAUSE

COMPANIES

ECHAUZ

ERNESTO ECHAUZ

INSURANCE

STANDARD INSURANCE

STANDARD INSURANCE INC

  • Latest
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with