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PIA Press Release
2008/02/14

GSIS calls on gov't entities to insure all gov't properties

Tacloban City (February 14) - In the light of the 2000 World Report of the International Committee of the Red Cross that the Philippines ranked as one of the disaster prone countries in the world, the Government Service Insurance System (GSIS) is calling on all government agencies to insure government properties.

GSIS Area Manager Estrella Colasito informed that Republic Act 656 mandates all heads of government offices to secure from the General Insurance Fund administered by GSIS all insurance covering properties and other insurable risks of natural and manmade disasters or calamities.

Manager Colasito said that considering the benefits and comparative advantage of property insurance against rehabilitation, reconstruction and restoration, the GSIS provides financial assistance to prevent, mitigate and respond to disaster and assists in the recovery from its ill effects.

Manager Colasito expressed a call on all the government heads to cooperate by securing prompt and adequate protection of all their government properties and interests.

There are several packages from which the GSIS is offering to its partners in government service, the Fire and Special Risk Insurance, the Motor Vehicle Insurance, Bond, Personal Accident Insurance and Unlimited Optional Life Insurance.

These packages will cover all government entities, active member, legitimate spouse of an active GSIS member, all GSIS retirees/pensioners, children of single parent or unmarried active members, acting as guardians for their relatives, brothers or sisters of active GSIS members, brothers or sisters of GSIS retirees and pensioners and barangay positions.

The Fire and Special Risk Insurance indemnify the insured's property against loss or damage due to fire or lightning and other perils, Manager Colasito informed.

The Motor Vehicle Insurance covers the risks and liability pertaining to the use or ownership of insured vehicles.

The Bond serves as a contract whereby the surety for a valuable consideration binds itself or himself to guarantee the obligation or undertaking of the principal with or in favor of the obligee.

The Personal Accident Insurance provides indemnity or benefits in case of losses to the person or physical well-being of an insured individual arising out of accident.

Finally, the Unlimited Optional Life Insurance is an additional life insurance to increase or augment without any limit on its coverage.

For further queries, interested parties may call 323-2506 or visit the Special Business Division at the 2nd Floor of the GSIS Building in Tacloban City. (PIA 8) [top]

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