SENATOR Grace Poe yesterday said the insurance coverage of public utility vehicles (PUVs) will be extended past its expiration on November 18 for the protection of the riding public.
A few days before the insurance coverage of buses and jeepneys lapsed, Poe said the Insurance Commission (IC) issued a circular letter dated Nov. 15 to implement a status quo on the Passenger Personal Accident Insurance (PPAI).
This covers passengers, drivers and conductors of PUVs involved in vehicular accidents.
Poe has sought the attention of the Insurance Commission after receiving reports on the matter from concerned transport groups.
“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. Isang malaking pasasalamat sa agarang pagtugon ng Insurance Commission sa isyung ito,” said Poe, chair of the Committee on Public Services.
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 is also doubled for victims of vehicular accidents. For example, 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.
A public consultation was held lasy Oct. 25, 2017 to discuss the clamor of transport groups to increase the benefits of the PPAI program. The IC, in turn endorsed the matter to the LTFRB.