Aviation Insurance provides protection against direct physical loss or damage arising out of the operations of an aircraft while it is in flight, taxiing, on the ground, or moored. It also includes third party liability, passenger personal accident, pilot and crew personal accident, including but not limited to war, hijacking, among others.
Contracts of suretyship, where GSIS as SURETY, guarantees the performance by another party, the PRINCIPAL (or Obligor), of an obligation or undertaking in favor of the government as the OBLIGEE. GSIS issues different types of bonds such as Bidders Bond, Performance Bond, Surety Bond, Haulers Bond and Customs Bond.
GSIS insures all government cargoes in transit either by land (including dock storage), sea and air against loss or damage resulting from heavy weather, fire, lightning, explosion, grounding, stranding, collision, machinery damage, ranging, piracy, barratry, sue and labor.
Miscellaneous Insurance covers livestock, fidelity guarantee, comprehensive triple “D” (dishonesty, disappearance and destruction) and Comprehensive General Liability. The latter includes damages for death and care, loss of services resulting from bodily injury as well as damages for loss of use of property arising from property damage.
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