Claims Settlement

It is because of this policy of liquidity that the company was able to respond and pay claims promptly, not only traditional claims but also those arising from unforeseen natural disasters. The earthquake loss of P 18.8 million arising from the collapse of the Baguio Terraces Hyatt Hotel was immediately paid. The sinking of two (2) inter-island vessels of George & Peter Lines brought about by typhoon “Ruping” which resulted in a claim amounting to almost P 20 million was also promptly paid. Last January 10, 2011 the company paid Thirty Seven Million ( P 37million) to Cargill, Inc. as a result of claim in the Performance Bond the company issued.

The following are recent claims and it’s status:

Line Assured Loss Reserved Date of Loss Status
Fire Marea Venture Php 1,991,402.79 December 23, 2011 Paid
Fire Raul & Lila Sison Php 1,420,030.21 September 27, 2011 Paid
Fire Bubunawan Power Co., Php 26,000,000.00 December 17, 2011 Partially paid-awaiting adjuster's final report


 


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