IC calls for speedy release of insurance proceeds for Nueva Ecija bus crash victims
Posted: 2017-Apr-19 17.00.04 UTC+0800
MANILA — Insurance Commissioner Dennis B. Funa called on Passenger Accident Managementand Insurance Agency (PAMI) to expedite the release of the insurance proceeds due to the families of the 'victimsof the vehicular accident in Nueva Ecija involvingLeomarick Trans Bus.
Based on initial reports, the bus was traveling from Isabela province to Candon, llocos sur when the accident happened this morning leaving 24 individuals dead.
Funa said, "We already coordinated with PAMI requiring it to expedite the release of the insurance proceeds to the families of the victims of the bus accident and to render assistance to the victims and their families in relation to the processing of insurance claims."
"We will also require them to submit a written report on the status of the payment of insurance claims, particularly the number of claimants paid with the correspondingamount of claims actually paid," Funa said.
Based on the initial information given to the Insurance Commission (IC), PAMI will meet with the operator of Leomarick Trans Bus in Nueva EJica Wednesday to discuss the details of the release of the insurance proceeds.
PAMI manifested that it will comply with the directives of Insurance Commissioner Funa and assured him that it is ready to release the full amount of insurance proceedsto the beneficiaries of the victims of the accident upon submission of complete documentary requirements.
Under the Passenger Personal Accident Insurance Program or PPAIP, it is mandatory upon operators of public utility vehicles to procure insurance coverage for theirpassengers, including the driver.
Under the PPAIP, the mandatory insurance providesfor accidental death benefits and bodily injury benefits on top of the Compulsory Third Party Liability (CTPL) insurance.
The insurance coverage under the PPAIP is an "all risk no fault" which means that insurance companies shall cover all authorized public utility vehicles even if the proximate cause is the mechanical failure of the insured vehicle, negligence or fault of its driver, or other vehicles, mechanical failure or "Acts of Gods". (PNA)