Frequently Asked Questions
An insurance broker is a specialist in insurance and risk management. Brokers act on behalf of their clients and provide advice in the interests of their clients. Sometimes an insurance broker will act as agent of an insurer, but where this occurs the situation should be fully explained to you.
The main difference between an insurance broker and an insurance agent has to do with whom they represent. An agent represents one or more insurance companies. He or she acts as an extension of the insurer. A broker, on the other hand, represents the insurance buyer.
- a. Brokers are objective and qualified insurance experts, with a depth of experience, understanding and training that you just cannot match if you’re buying insurance directly yourself.
- b. Brokers are firmly on their clients’ side, and act as advocates at all times, including during time of claim. This can severely reduce your stress levels at times of crisis.
- c. Insurance brokers understand and assess your risk, using their expertise to review all options and tailor cover to match your risk and cost effectively.
- d. Brokers deliver personalized service because they take the time to understand your business and build long term relationships.
- e. Brokers can access insurance covers from a wide range of underwriters and insurance companies.
Not necessarily. It can cost less because brokers have knowledge of the insurance market and can negotiate competitive premiums on your behalf. A broker is obliged to advise you of the fees charged for the services provided to you, so there are no hidden costs.
Remember, not all insurance policies are the same. You might be able to get a cheaper policy elsewhere, but it may not provide the cover you need if something goes wrong.
Brokers generally offer a range of services from arranging new covers, insurance quotes, renewals and claims. Brokers form an ongoing business relationship with you, the client, which gives us the ability and knowledge to provide a better service to you.
GIBCO is a pioneering insurance intermediary, guaranteeing complete identification of various risk exposures and evaluation of insurance needs at the most reasonable cost. With GIBCO, you enjoy cost-effective insurance program, risk management services that will help you reduce your insurance costs, and above all, fast and competent service.
GIBCO offers a wide range of insurance products tailored fit for both the individual and group needs of its clients.
- Fire and Allied Perils Insurance
- Motor Car Insurance
- Engineering and Electronics
- Surety Bonds
- Accident Insurance
- Casualty and Crime Insurance
- Property Floater Insurance
- Marine Cargo Insurance
- Group Life Insurance
- Medical and Health Insurance
FIRE AND ALLIED PERILS INSURANCE
- a. Basic Cover : Fire and Lightning (FLS)
- b. Optional Cover: Flood, Typhoon, Earthquake Fire/Earthquake Shock, Robbery and Burglary, Extended Coverage, Riot and Strike, Malicious Damage
Residential and office buildings, furniture, fixtures and fittings, plant and machineries, stocks, stocks in trade, etc.
Persons with insurable interest in the property to be insured.
Replacement value means the cost to repair or replace the property with new property with new property of equivalent kind and quality to the extent practicable, without deduction for depreciation due to wear and tear.
You may fill-up our online fire insurance application form and we will be more than willing to assist you. Please click this link.
MOTOR VEHICLE INSURANCE
Comprehensive Motorcar Vehicle Insurance
Protects the vehicle owner against loss or damage incurred by the insured vehicle due to:
- a. Accidental Collision or Overturning
- b. Fire, External Explosion, Self-ignition or Lightning
- c. Burglary or Theft
- d. Malicious acts
- e. Unnamed Personal accident
- f. Third Party Liability Cover
- g. Third Party Property Damage
- h. Acts of Nature
Compulsory Third Party Liability Cover (CTPL)
The CTPL covers the car owner’s legal responsibility over the third party’s injury or death resulting from an accident involving the insured vehicle. CTPL covers pedestrians and is an annual requirement by the LTO
The Sum Insured is based on the Fair Market Value Matrix updated and released by PIRA every six months. For new vehicle, Sum Insured is based on the price indicated in the invoice provided by the client.
A deductible is the portion you are responsible for paying in the event of a claim. For example, if your car insurance policy has a Php3,000 deductible for collision and there is Php50,000 in damages, you will pay the first Php3,000 and the insurance company will pay the remaining Php47,000. Deductible is being charged to avoid petty claims and at other times, to keep premiums affordable.
You may fill-up our online motor vehicle application form and we will be more than willing to assist you. Please click this link.
ENGINEERING AND ELECTRONICS INSURANCE
- a. Contractors All Risks Insurance
Engineering policy that covers all types of construction works & civil engineering construction and offer protection against hazards which may threaten works under construction.
- b. Erection All Risks Insurance
Provides an "all risk" cover on projects such as installation of elevators, escalators, steel tanks, machinery, etc. The period of insurance starts from the time the equipment are move into the site and ends upon completion which may include a testing period.
- c. Electronic Equipment Insurance
A specialized insurance designed to provide coverage on machinery run by electronics. This includes computers, facsimile machines, x-rays, CAT scanners, photo-copiers, etc.
- a. Report the carnapping incident to the nearest police station for issuance of flash alarm.
- b. Proceed to HPG Office nearest to your locality for the nationwide formal alarm.
- c. Accomplish Alarm and Complaint Sheets.
- a. Seek assistance of a Law Enforcement Officer if available, or
- b. Prepare a duly notarized affidavit of loss or narration of accident.
- c. Take pictures of the damaged portions of the vehicle.
Vehicle collision involving Third Party
- a. Attend to any person requiring immediate medical attention.
- b. Take pictures of the positions of the vehicles after the impact.
- c. Take pictures of the damages.
- d. Move vehicles to the roadside to prevent obstruction of traffic flow.
e. Secure a Police Report.
- • Relate actual facts.
- • Be sure to fully describe the damages of all involved vehicles and passengers.
- • Be sure that information of the parties involved are completely indicated in the police report.
- • Read carefully the accident report and review sketch before signing.
- • Be sure that you, third party, and police investigator sign police report.
You may call our GIBCO Claims hotline at telephone numbers (02) 8531-2439, (02) 8531-4048 and look for the following:
Rasmund C. Sabado – Claims Manager
Joy M. Follero – Claims Officer
Joanna Marie M. Gabutero – Claims Assistant