After a series of deliberate evaluation, the Land Transportation Franchising and Regulatory Board (LTFRB) finally accredited two insurance consortia and their respective lead insurance companies to provide benefits to Public Utility Vehicles (PUV) commuters under the Passenger Personal Accident Insurance Program (PPAIP) 2015-2018.
With UCPB General Insurance Company, Inc. as the lead insurer, the Passenger Accident Management and Insurance Agency, Inc. (PAMI) retained the accreditation with a three-year passenger insurance contract.
The other insurance consortium is the SCCI Management and Insurance Agency Corp. with AlliedBankers Insurance Corp. to provide cover.
The contract signing happened at the LTFRB Main Office in East Avenue, Quezon City last November 11.
From the four agencies that submitted the accreditation documents, only the two mentioned consortia passed the qualifications. The accreditation process was done to ensure that only reputable companies shall provide benefits to passenger whenever claims arise.
To give better insurance benefits to passengers, LTFRB, with the approval of the Insurance Commission, improved the PPAIP coverage including the increase of death benefit of a passenger, driver, or conductor from PH P150,000 to PH P200,000.
Despite the improved benefits, premiums will not increase for all PUVs, except buses.
The enhanced PPAIP 2015-2018 took effect last November 17 (with facts from www.businessmirror.com.ph)
Photo Caption: SEALED WITH A SIGN. (L-R, seated) UCPB GEN President Isabelo P. Africa and PAMI President Eduardo R. Atayde , together with LTFRB officials, Board Member Engr. Ronaldo Corpus, Chairman Winston Ginez, Executive Director Roberto Cabrera III and representatives from SCCI and AlliedBankers Insurance Corp., pose for a photo opportunity after the contract signing.