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GSIS insurance to pay for downed PNP chopper
GSIS insurance to pay for downed PNP chopper
Date Posted: March 9, 2020

GSIS to also shoulder medical expenses and property damages resulting from crash

President and General Manager Rolando Ledesma Macasaet of the Government Service Insurance System (GSIS) today announced that the state pension fund is already processing the insurance claim of the Philippine National Police (PNP) for its helicopter that crashed in San Pedro, Laguna last 05 March 2020 carrying PNP Chief Archie Gamboa and seven (7) others.

The downed Bell 429 Twin-Engine helicopter is covered by an insurance policy issued by GSIS worth $7 million (about ₱350 million).

“Our Insurance Group is fast-tracking the insurance claim of the PNP in response to the directive of the President to cut bureaucratic red tape by streamlining procedures and requirements in the delivery of public services,” Macasaet explained.

Just hours after the incident, the GSIS Insurance Group immediately dispatched its third-party insurance adjuster, Crawford & Company Philippines, Inc., to investigate the crash site and estimate the total financial damage resulting from the crash.

“We are just waiting for the investigation findings of our third-party adjuster. Once we get their final report, we will release the money to the PNP immediately,” the GSIS chief said.

Macasaet added that aside from the helicopter, the PNP’s insurance policy with GSIS also covers the hospitalization expenses of any person/s injured in the accident and any property damage/s resulting from the crash. The GSIS policy includes personal accident insurance (PAI) worth $100,000 (₱5 million), passenger medical expenses (PME) coverage amounting to $20,000 (₱1 million) and third party liability (TPL) insurance.

“May this unfortunate incident serve both as a lesson and a reminder to all government officials to insure their property assets with GSIS, because you never know when disaster will strike,” he added.

Republic Act No. 656, otherwise known as the “Property Insurance Act,” requires all government agencies to insure their properties, assets and other insurable risks with the GSIS – “including vessels and aircraft, motor vehicles, machineries, buildings and equipment.” The GSIS Insurance Group (IG) currently offers Fire, Engineering, Bonds, Motor, Personal Accident, Miscellaneous, Floater, Marine Cargo, Aviation, and Marine Hull insurance.

The GSIS General Insurance Fund (GIF) is one of the biggest in the country today, with total assets amounting to ₱44.5 billion as of 2019. Last year, the state pension fund earned nearly ₱2.2 billion in net income from its insurance business.