Poe says IC is extending insurance coverage of PUVs
The insurance coverage of public utility vehicles (PUVs) will extend past its expiration date on Nov. 18, Senator Grace Poe said Friday.
Just days before the insurance coverages for buses and jeepneys expire, the Insurance Commission (IC) issued Circular Letter 2018-59 dated Nov. 15, which effectively implements a status quo on the Passenger Personal Accident Insurance (PPAI).
The insurance covers passengers, drivers and conductors of PUVs involved in vehicular accidents.
“Kamakailan lang, idinulog sa aking tanggapan ang tungkol sa pagtatapos ng bisa ng accreditation ng mga insurance providers ng milyun-milyong pasahero. Fortunately, the Insurance Commission immediately acted by hearing out the concerns of the riding public and the transport sector,” Poe, chair of the committee on public services, said.
Without the IC circular, transport owners or operators would have to pay the passenger claims and damages in the event of an accident, Poe explained.
The existing insurance providers shall continue to provide insurance coverage on a hold-over capacity until after the IC issues the necessary regulation.
Under the circular signed by Insurance Commissioner Dennis Funa, insurance coverage was also doubled for victims of vehicular accidents.
Death benefit has increased to P400,000 while total disability is now at P200,000. Other benefits covering passenger injuries and accidents have also been doubled.
New premium rates shall be: P5,120 (Metro Manila buses); P6,670 (provincial buses); P3,010 (AUV); P2,910 (jeep); P2,510 (sedan); and P1,655 (trucks).
The PPAI Program has been handled by the Land Transportation Franchising and Regulatory Board (LTFRB) since its inception in 1999. /jpv
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