Last updated on May 7th, 2021 at 06:20 am
The State Workers ‘ Pension Fund Government Service Insurance System (GSIS) announced on Tuesday that it will cover the insurance claims of the Philippine National Police (PNP) for the helicopter that crashed last week as well as the medical expenses and property damages incurred as a result of the incident.
Announcement In a tweet, GSIS president and general manager Rolando Macasaet said that the state pension fund is already processing the insurance claims of the PNP for its chopper that crashed in San Pedro, Laguna on 5 March of last year, carrying PNP Police Chief Archie Gamboa and seven others.
Apart from Gamboa, the two-year-old Bell 429 chopper was: PNP spokesman Police Brigadier General Bernard Banac PNP Director of Police Comptrollership Major General Jovic Ramos Director of Intelligence Police Major General Mariel Magaway Police Lieutenant Colonel Ruel Zalatar, pilot Police Lieutenant Colonel Macawili, senior police officer Sergeant Estona, crew, police officer.
The chopper allegedly hit a high voltage wire when it was elevated due to poor visibility due to thick dust.
Hours after the incident, GSIS announced that its Insurance Group immediately dispatched its third party insurance company, Crawford & Company Philippines Inc., to investigate the crash site and assess the total financial damage resulting from the accident.
Republic Act No. 656 or “Property Insurance Act” mandates all government agencies to cover their property, assets and other insurable liabilities with GSIS –”including vessels and aircraft, motor vehicles, machinery, buildings and equipment.” Currently, GSIS Insurance Group provides Fire, Construction, Securities, Vehicles, Personal Accidents, Maritime, Floater, Marine Cargo, Aviation and Marine Cargo.
The GSIS General Insurance Fund has a total assets of P4.5 billion as of 2019.
Last year, the state pension fund gained almost P2.2 billion of net income from its insurance business.
