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CLASS D MANUAL OF LBP INSURANCE BROKERAGE, INC. Processing of Bidding/Request for Insurance Quotation

Page : 0101.1

Date First Prepared : November 2015

Date Last Revised :

CHAPTER 1

PROCESSING OF BIDDING/REQUEST FOR INSURANCE QUOTATION

0101 GENERAL GUIDELINES

1. LIBI – Insurance Division shall conduct a periodic bidding among

accredited insurers based on their risk exposure limits for

specific types of insurance products/services which its clients

require.

2. The following are the types of products/services for which

periodic bidding is conducted:

a. mortgage redemptions

b. home loan insurance c. personal accident and life

d. comprehensive car insurance

3. Previously accredited insurers shall be allowed to bid for a range of insurance coverage. The bidders shall be ranked according to

the best terms offered.

4. Bidding for the insurance of properties for fire and/or lightning

with allied perils (i.e., earthquake, fire and shock, typhoon,

flood, extended coverage, riot, strike, malicious damage, broad form water damage and bursting of water tanks and pipes,

windstorm, tornado and hail) shall be conducted for every

request for quotation for new policies or endorsements for

changes in collaterals, but if the insurance of the same properties are to be renewed, there is no need for a bidding

unless the existing insurance carrier is not within their risk

exposure limits.

5. The accredited insurer shall be given three (3) working days to

respond to RIQ (Exhibit 1.1). RIQ received after the set deadline shall be disqualified from bidding for the particular

request.


Page : 0102.1


Date Last Revised :

0102 DETAILED PROCEDURES

PERSON/UNIT

RESPONSIBLE ACTIVITY

Administrative

Analyst,

Administrative Unit

1. Sorts the following documents and

distributes the same to AMS/AMA1,

Marketing Unit

a. Letter-request from LBP LC/client

b. AR

c. IP

d. Other RDs

AMS/AMA1,

Marketing Unit

2. Checks from IIBS if the requesting client

has existing record and if no record found, forwards the document to the IT,

Administrative Unit for the creation of new

record

3. Prints RIQ (Exhibit 1.1) for each request

and attaches a photocopy of AR/IP or

other RDs of the property to be insured

4. Forwards the documents to Head,

Marketing Unit for review

Head, Marketing

Unit

5. Reviews the documents and affixes initials

in the RIQ

6. Forwards the documents to the President

and CEO for approval

President and CEO 7. Reviews the documents and signs on the

‘Approved by’ portion of the RIQ

8. Forwards the documents to AMS/AMA1, Marketing Unit for appropriate action

AMS/AMA1, Marketing Unit

9. Forwards the RIQ, AR/IP and other RDs to Accredited Insurer using the Broadcast

System or through e-mail

10. Upon receipt of the RIQ from the Accredited Insurer, compares the same

with the file copy of RIQ


Page : 0102.2


Date Last Revised :

PERSON/UNIT RESPONSIBLE

ACTIVITY

AMS/AMA1,

Marketing Unit

11. Prepares and prints the manual SQ

(Exhibit 1.2)

12. Signs on the ‘Prepared by’ portion of the

SQ and forwards the same to Head,

Marketing Unit for review and signature

Head, Marketing

Unit

13. Checks SQ vis-à-vis the approved RIQ

14. Checks the recommendation of AMS/AMA1

best offer by considering the following:

a. Rate (lowest)

b. Net worth (sufficient to cover the

amount insured)

c. Promptness of claims payment

15. Signs on the ‘Checked by’ portion of the

SQ and forwards the same to the

President and CEO for approval and

signature

President and CEO 16. Reviews the SQ, RIQ and RDs

17. Selects/chooses the insurer based on

recommendation and/or whoever has the

lowest premium bid based on LIBI’s

previous transaction with the insurer

18. Approves and signs the SQ

19. Forwards the documents to AMS/AMA1,

Marketing Unit for appropriate action


20. Generates and prints the QL (Exhibit 1.3) from IIBS

21. Forwards a copy of QL to client via fax or e-mail

22. Files the approved SQ, RIQ, QL and other

RDs and waits for client’s confirmation of the insurance coverage


Page : 0103.1


Date Last Revised :

0103 INTERNAL CONTROLS

1. All related documents, encoded data in the IIBS, and financial

reports as well as the letter-request and RIQ shall be monitored and thoroughly reviewed by the AMS/AMA1 and Marketing Unit

Head.

2. Personnel concerned shall ensure promptness in delivering

documents/policies to the clients to meet customer’s

expectations and lead to resolute Bank’s reputation.

3. Correlation with the IT to ensure uninterrupted operations and

immediate recovery from system failures.

4. RIQ shall be attached in the SQ for reference in the review and

approval of same.

5. Letter of Coverage shall be reviewed/validated against the

request from client and other related documents.

6. Marketing Unit personnel shall ensure that all documents are approved in accordance with CASA.

CLASS D MANUAL OF LBP INSURANCE BROKERAGE, INC. Processing of Request for Insurance Coverage/Renewal/

Endorsement

Page : 0201.1


Date Last Revised :

CHAPTER 2

PROCESSING OF REQUEST FOR INSURANCE

COVERAGE/RENEWAL/ENDORSEMENT


1. An insurance request for coverage (Exhibit 2.1)/renewal

(Exhibit 2.2)/endorsement (Exhibit 2.3) shall be made when

there is a need to make new accounts, renewal of accounts and corrections on amendments or cancellation of an active IP or

premium invoice.

2. Coverage/Renewal/Endorsement shall be made under the following circumstances:

a. New Accounts or Request for Renewal and Corrections b. Amendments

c. Cancellations

For Bonds, Personal Accident, Salary Loan and PFO accounts,

the following circumstances shall be considered:

a. Guarantee the fulfillment of a particular contract

b. Guarantee satisfactory completion of a project by a

contractor

c. Provide compensations in the event of injuries, disability

or death caused solely by violent, accidental, external and visible events

d. Provide power to an individual/party to loan a CAR, MRI,

Easy Home, and Motor in exchange for future repayment of the principal amount along with interest or other

finance charges

e. Source documents used, subsidiary record kept, and

generated by the Insurance

3. The AMA1 of DB and the LBPB Section of the Insurance Division shall be responsible for accepting the request, initiating the

endorsement, coverage and renewal procedures, and monitoring

the flow of the documents that support policy endorsements, coverage and renewal based on the DSE.


Endorsement

Page : 0201.2


Date Last Revised :

4. Coverage/Renewal/Endorsements shall be monitored by attaching NPR (Exhibit 2.4), NPC (Exhibit 2.5) and NPE

(Exhibit 2.6) to the documents supporting the accounts for

coverage, renewal and endorsement. The details of the

coverage, renewal and endorsement shall be indicated in the NPC, NPR and NPE.

5. Request for insurance of Bonds, Personal Accident, Salary Loan, and PFO accounts (i.e., CAR, MRI, Easy Home Loan and Motor)

shall be made when there is a need to provide compensations

for future or unforeseen event based on agreed contract.

6. A CM (Exhibit 2.7) shall be prepared and sent to the clients/

units concerned in case of change in policy and premium

receivables.


Endorsement

Page : 0202.1


Date Last Revised :


PERSON/UNIT



1. Upon receipt of request for coverage/ renewal/endorsement, prepares letter-

request for coverage (Exhibit 2.8)/

renewal (Exhibit 2.9)/endorsement

(Exhibit 2.10) to the Insurer

2. Signs on the ‘Prepared by’ portion of the

letter-request and forwards the same to Head, Marketing Unit for review and

signature

Head, Marketing Unit

3. Reviews the documents and signs on the ‘Checked by’ portion of the letter-request

for coverage/renewal/endorsement


and CEO/authorized signatory per CASA for

approval and signature

President and

CEO/Authorized

Signatory

5. Approves and signs the letter-request for

coverage/renewal/endorsement


For new business

6. Forwards the following documents to accredited Insurer or authorized

representative:

a. Letter-request for coverage/

renewal/endorsement

b. AR (Exhibit 2.11) c. RDs

d. RIQ (Exhibit 1.1)

For renewal/endorsement (increase/decrease/ cancellation)

7. Based on the AR, updates the amount of coverage, property insured and period of

insurance in the IIBS


Endorsement

Page : 0202.2


Date Last Revised :


ACTIVITY

AMS/AMA1,

Marketing Unit

8. Safekeeps the copy of documents on a per

account basis

9. Receives the policy/schedule from the

Insurer

10. Reviews the accuracy of the policy/schedule

11. Forwards the policy/schedule to Encoder,

Marketing unit for preparation of SOA (Exhibit 2.12)

Encoder,

Marketing Unit

12. Encodes the schedule of borrowers in the

IIBS

13. Prepares Proof list (Exhibit 2.13) and

forwards the same to AMS/AMA1, Marketing Units

AMS/AMA1,

Marketing Unit

14. Checks the Proof list

15. Prepares transmittal of schedule and other

documents

16. Forwards the documents to Encoder,

Marketing Unit

Encoder, Marketing Unit

17. Effects correction, if any, and prints the SOA

18. Forwards the SOA and other documents to AMS/AMA1, Marketing Unit

AMS/AMA1,

Marketing Unit

19. Safekeeps the schedule and distributes the

SOA as follows:

a. white copy – Client

b. pink copy – Accounting Unit c. blue copy – File


Endorsement

Page : 0202.3


Date Last Revised :


ACTIVITY

Bonds

Head, Marketing

Unit

1. Checks the IIBS for any record of the

requesting client and if no existing record,

forwards the following documents to IT, Administrative Unit for creation of new

record:

a. For Surety Bond

1) Duly accomplished Bond

Application Form together with the two (2) co-signor’s

Application Form

2) TIN Nos. of applicant/s and co-signer’s

3) CIS (Exhibit 2.14)

4) Copy of title (back to back) or

TCT, if applicable

5) Bank Certification

6) Photocopy of two (2) valid IDs of the applicant and co-signers

7) Affidavit of loss of MC, personal check, passbook, etc.

b. For Performance Bond


Application Form

2) TIN Nos. of applicant/s and

co-signor’s

3) CIS (Exhibit 2.14)

4) Company Profile

5) Articles of Incorporation and

By-laws


Endorsement

Page : 0202.4


Date Last Revised :


ACTIVITY

Head, Marketing

Unit

6) SEC Registration

7) Audited Financial Statement for the past two (2) years

(stamped by BIR)

8) Secretary’s Certificate of Authorized Bond Signatory/ies

9) Notice of Award

c. For Heir’s Bond


Application Form together with

the two (2) co-signor’s

statement

2) Photocopy of government-

issued ID of both applicant/s and co-signers

3) TIN Nos. of applicant/s and co-signor’s

4) Client Information “KYC”

5) Copy of title back to back

6) Affidavit of Publication

7) Proof of Publication

8) Extra-Judicial Settlement

9) SEC Registration and By-Laws

10) Latest Audited Financial

Statement

2. Sends the request and other documents to

the Insurer and asks for quotation for bond

insurance (i.e., Surety Bond, Performance

Bond and Heir’s Bond)


Endorsement

Page : 0202.5


Date Last Revised :


ACTIVITY

Head, Marketing

Unit

3. Receives the call or faxed copy of the

Insurer’s premium quotation

4. Prepares Insurance Quotation (Exhibit

2.15), Bond Application Form and KYC

documents (Exhibit 2.16)

5. Forwards the original copy of the above

documents to LBP HO (i.e., MBD 1 and 2,

CBD 1 and 2, SME-MLD 1 and 2, LRD, FID PSD, PFO, etc.) for evaluation/approval

6. Receives the policy/schedule from the Insurer, informs the client of the availability

of the policy and advises client to pay/settle

the premium

7. Forwards the IP and other documents to

Encoder, Marketing Unit for preparation of

SOA (Exhibit 2.12)

Encoder,

Marketing Unit


IIBS


forwards the same to Secretary, Marketing

Unit

Secretary,

Marketing Unit


11. Prepares transmittal of bonds and other documents

12. Forwards the documents to Encoder, Marketing Unit

Encoder,

Marketing Unit

13. Effects corrections, if any, and prints the

SOA

14. Forwards the SOA to Secretary, Marketing

Unit


Endorsement

Page : 0202.6


Date Last Revised :


ACTIVITY

Secretary,

Marketing Unit 15. Safekeeps the IP for bond and distributes

the SOA as follows:


b. pink copy – Accounting Unit

c. blue copy – File

Personal Accident

Marketing Clerk,

Marketing Unit

1. Reviews the Application Form together with

the prrof of payment from the client

2. Prepares letter-request for coverage

(Exhibit 2.1)/renewal (Exhibit 2.2)/

endorsement (Exhibit 2.3)

3. If no proof of payment, calls the client and

requests for payment of premium prior to preparation of letter-request



Head, Marketing

Unit

5. Reviews the documents and signs on the

‘Checked by’ portion of the letter-request for coverage/renewal/endorsement


and CEO/authorized signatory per CASA for approval

President and CEO/Authorized

Signatory

7. Approves the letter-request for coverage/ renewal/endorsement

8. Forwards the documents to Marketing

Clerk, Marketing Unit

Marketing Clerk,

Marketing Unit

9. Receives the policy/schedule for Personal

Accident accounts from the Insurer


11. Forwards the policy/schedule to Encoder, Marketing Unit for preparation of SOA


Endorsement

Page : 0202.7


Date Last Revised :


ACTIVITY

Encoder,

Marketing Unit


IIBS


forwards the same to Marketing Clerk,

Marketing Unit

Marketing Clerk,

Marketing Unit


15. Prepares transmittal of schedule and other documents to client


Marketing Unit

Encoder,

Marketing Unit

16. Effects corrections, if any, and prints the

SOA

17. Forwards the SOA to Marketing Clerk,

Marketing Unit

Marketing Clerk,

Marketing Unit

18. Safekeeps the schedule and distributes the

SOA as follows:




Salary Loan

Marketing Clerk,

Marketing Unit

1. Receives from Cashier, Accounting Unit the

schedule of paid CLI premium of borrowers submitted by LBP MBC/Ayala Branch

2. Forwards the schedule to Encoder,

Marketing Unit for appropriate action

Encoder,

Marketing Unit


IIBS


forwards the same to Marketing Clerk,

Marketing Unit


Endorsement

Page : 0202.8


Date Last Revised :


ACTIVITY

Marketing Clerk,

Marketing Unit

5. Checks the Proof list against the Schedule

of Borrowers

6. Forwards the document to Encoder,

Marketing Unit for preparation of SOA

Encoder, Marketing Unit

7. Effects correction, if any, and prints the SOA

8. Forwards the SOA to Marketing Clerk, Marketing Unit

Marketing Clerk,

Marketing Unit

9. Collates the schedule for transmittal to

Insurer

10. Distributes the OR and SOA as follows:

a. OR

1) white copy – Client

2) pink copy – Accounting Unit 3) yellow copy – File

b. SOA

1) white copy – Client

2) pink copy – Accounting Unit 3) blue copy – File

11. Receives the COI (Exhibit 2.17) from the

Insurer and forwards the same to LBP Branch concerned/client

PFO Accounts (i.e., Easy Home Loan, Motor and MRI and CAR Loans)

AMA2/Marketing

Clerk, Marketing

Unit

1. Receives request from PFO

2. Prepares letter-request for coverage (Exhibit 2.1)/renewal (Exhibit 2.2)/

endorsement (Exhibit 2.3)

3. Inputs data in the IIBS for individual

accounts


Endorsement

Page : 0202.9


Date Last Revised :


ACTIVITY

AMA2/Marketing

Clerk, Marketing

Unit



Head, Marketing

Unit

5. Reviews the documents and signs on the

‘Checked by’ portion of the letter-request

for coverage/renewal/endorsement


and CEO/authorized signatory per CASA for approval

President and

CEO/Authorized

Signatory

7. Approves the letter-request for coverage/

renewal/endorsement

8. Forwards the documents to Marketing

Clerk, Marketing Unit

AMA2/Marketing Clerk, Marketing

Unit

9. Receives the policy/schedule from the Insurer


11. Forwards the policy/schedule to Encoder,

Marketing unit for preparation of SOA

Encoder,

Marketing Units

12. Encodes the schedule in the IIBS


forwards the same to Marketing Clerk, Marketing Unit

Marketing Clerk,

Marketing Unit


15. Prepares transmittal of schedule and other

documents


Marketing Unit


Endorsement

Page : 0202.10


Date Last Revised :


ACTIVITY

Encoder,

Marketing Unit

17. Effects correction, if any, and prints the

SOA

18. Forwards the SOA to Marketing Clerk,

Marketing Unit

AMA/Marketing Clerk, Marketing

Unit

19. Collates the policy for transmittal to PFO

20. Distributes the SOA as follows:




For Encoding Processing (Endorsement)

Encoder (CM),

Marketing Unit

1. Inquires request/endorsements in the IIBS

to process CM

2. If no request for endorsement in the IIBS,

initiates request per instruction of the

AMS/AMS1

3. Prints the CM and distributes as follows:

a. white copy – Client b. blue copy – Accounting Unit

c. yellow copy – Accounting Unit

Note: CM copies for Accounting Units shall be

forwarded every closing of the books.


Endorsement

Page : 0203.1


Date Last Revised :


1. All related documents, encoded data in the IIBS, and financial

reports as well as the letter-request and RIQ shall be monitored

and thoroughly reviewed by the AMS/AMA1 and Marketing Unit Head.

2. Personnel concerned shall ensure promptness in delivering documents/policies to the clients to meet customer’s




4. Letter-request for coverage/endorsement/renewal shall be attached in the SQ for reference in the review and approval of

same.

5. Letter of Coverage shall be reviewed/validated against the


6. Details/information indicated in the NPR/NPC/NPE shall be

validated against DSE.

7. Marketing Unit personnel shall ensure that all documents are approved in accordance with CASA.

CLASS D MANUAL OF LBP INSURANCE BROKERAGE, INC. Monitoring/Renewal of Existing Policies

Page : 0301.1


Date Last Revised :

CHAPTER 3

MONITORING/RENEWAL OF EXISTING POLICIES


1. Monitoring shall prepare reports summarizing the insurance

policies that are for renewal, cancellation, or amendment and sending them to the LUs to remind them to likewise relay these

to clients in order to obtain from the latter and provide staff

concerned instructions for client’s existing policies.

2. LIBI shall inform/alert DB and LBPB clients the need to

communicate/submit to LIBI in writing the status of the loan for

which the expiring IP has been acquired. This will be the basis for renewal or cancellation of the policy.

3. Undelivered requests of policies/endorsements (delayed policy issuance follow-up) from Insurers done by the Document

processor were summarized and updated on a weekly basis.

4. The Document Processor shall print, on a monthly basis, the

following documents for policies that will expire in 60 days from

the date of printing:

a. RN (Exhibit 3.1)

b. FLFRN (Exhibit 3.2)

c. FQ (Exhibit 3.3)

5. If the DB and/or LBP Business clients have not responded within

90 days after the receipt of the RN, the Document Processor shall consider the policy for cancellation. The Document

Processor shall now issue the FLFRN to assure whether the

account is still for renewal even the policy has expired already.

6. If there were no instructions were received for renewal of

insurance, the policy/ies will cease effectivity as of the date of

their expiry. Otherwise, if the DB and/or LBP Business clients replied to the letter with remarks or instructions, the request for

business shall forwarded to the Marketing Unit for renewal.


Page : 0302.1


Date Last Revised :


PERSON/UNIT


Monitoring of Quotation

Document

Processor, Marketing Unit

1. Prints the following from IIBS:

a. Monthly FQ for LC (Exhibit 3.3)

b. Weekly SR for delayed policy

issuance/undelivered policies notice (Exhibit 3.4)

2. Forwards the documents to Head, Marketing Unit for review

Head, Marketing

Unit

3. Reviews the documents and affixes initials

4. Forwards the same to the President and

CEO/Authorized signatory per CASA for

approval

President and

CEO/Authorized

Signatory

5. Approves the documents

6. Forwards the documents to Document Processor, Marketing Unit

Document Processor,

Marketing Unit

7. Sends the documents to the following:

a. FQ – LC/other client

b. SR – Insurance Company

Monitoring of Unrenewed Policies

Document

Processor, Marketing Unit

At the end of the Month:

1. Prints FLFRN (Exhibit 3.2)

2. Checks with AO the pending request for

renewal

3. After processing by AO, tags the request

as ‘renewed’ in the IIBS

4. Forwards the FLFRN to the President and

CEO for approval and signature


Page : 0302.2


Date Last Revised :

PERSON/UNIT


President and CEO 5. Approves and signs the FLFRN

6. Forwards the same to Document

Processor, Marketing Unit for transmittal

Document

Processor,

Marketing Unit

7. Sends the FLFRN to LBP-LC/client through

fax/mail/e-mail

8. Safekeeps a copy of approved/signed

FLFRN


Page : 0303.1


Date Last Revised :


1. All related documents, encoded and printed data in the IIBS and

financial reporting shall be monitored and thoroughly reviewed

by the AMS/AMA1 and Marketing Unit Head.

2. Personnel concerned shall ensure promptness in delivering

documents/policies to the clients to meet customer’s




4. RN, FLFRN, and FQ shall be attached in the SQ for reference in

the review and approval of same.

5. Letter of Renewal shall be reviewed or validated against the


6. Marketing Unit personnel shall ensure that all documents are

approved in accordance with CASA.

CLASS D MANUAL OF LBP INSURANCE BROKERAGE, INC. Processing of Claims

Page : 0401.1


Date Last Revised :

CHAPTER 4

PROCESSING OF CLAIMS


1. Whenever possible, all claims must be reported directly to

Insurer as soon as possible. Immediate notice can be relayed

through a telephone call, with Assured given one week’s time to

formalize said verbal notice. For locations outside of Metro Manila, initial notification of loss can be done through a long

distance telephone call or through a telegram message.

The following information shall be relayed:

a. Nature of Loss (and its cause/origin, if known)

b. Date and time of loss and the exact location of the risk

site

c. Contact person/s (and phone number, if any) at the loss

site

d. If known to Assured (or person reporting the loss), the

corresponding Policy Number and the inception period of

the said policy

e. Extent of damage to the insured property, whether a total

or a partial loss

f. Any other information that would help the adjuster prior

to his conducting initial inspection at the loss site

2. During initial inspection at the loss site, the attending adjuster

shall request the Assured to accomplish the following claim

forms:

a. Formal Claim Form (whenever applicable)

b. Sworn Statement of Loss (whenever applicable)

c. Interview Sheet (whenever applicable) d. Information Sheet for Building Loss (whenever applicable)


Page : 0401.2


Date Last Revised :

3. The following documents shall be required from the claimant:

a. Pictures of the damaged property/ies

b. Inventory list of insured property/ies damaged with

corresponding valuation of repair or replacement, liens

and encumbrances, if any, and estimated value of salvage

c. A brief written report as to the events that lead to the

loss, including the name of witness/es if available,

location/nature of ownership of the property/ies insured and the year the building was constructed as well as the

original construction cost (for building loss)

d. Arson Investigation Report or Fire Certification (for fire

losses)

e. PAG-ASA Report (for lightning, typhoon and other

weather disturbance losses)

The complete list of requirements for processing of insurance claims is presented as Annex 4.1.


Page : 0402.1


Date Last Revised :


PERSON/UNIT


Claims Assistant,

Marketing Unit

1. Receives notice of claim from LANDBANK,

borrowers and other clients

2. Opens claim file, reviews policy and checks premium payment

3. Performs the following:

a. If premium is paid, prepares NC to

Insurer (Exhibit 4.1)

b. If the premium is outstanding and

within credit term, requests from

Accounting Unit the immediate remittance of premium to Insurer

then prepares the NC

c. If the premium is outstanding and

beyond credit term,

1) Advises Marketing Unit Head, AMA2 and LB and claimant

2) Prepares letter of reconsideration (Exhibit 4.2)

to Insurer to accept premium

payment despite the loss

4. Forwards NC together with documentary

requirements to Head, Marketing Unit for

review and endorsement

Head, Marketing

Unit

5. Reviews and endorses the documents and

recommends approval to the President and CEO

President and

CEO

6. Approves or disapproves the request


Page : 0402.2


Date Last Revised :


ACTIVITY

Claims Assistant,

Marketing Unit

7. Receives the documents and if approve,

prepares NC (Exhibit 4.3), otherwise, prepares denial letter (Exhibit 4.4)

8. Forwards copy of NC to Insurer and Head,

Marketing Unit and files a copy of same

9. Assigns an Adjuster thru e-mail copy

furnish the Insurer

Adjuster

10. Inspects, investigates, requests submission

of documents, and prepares various reports

to Insurer based on standard reporting requirement

11. Advises and updates claimant status of the claim on a regular basis

12. Submits evaluation report to Insurer for approval

Claims Assistant,

Marketing Unit

13. Makes the necessary follow-ups and calls

the attention of the Adjuster, in case of delay

14. Receives Settlement Offer from Insurer

15. Reviews and evaluates the same is in order

16. If not acceptable, requests for clarification or re-evaluation or meets with the Insurer/

Adjuster for discussion

17. Prepares revised Settlement Offer based on

discussion

18. Forwards the same to Head, Marketing Unit

Head, Marketing

Unit

19. Reviews Settlement Offer and recommends

approval of same to the President and CEO

President and

CEO

20. Approves the Settlement Offer


Page : 0402.3


Date Last Revised :


ACTIVITY

Claims Assistant,

Marketing Unit

21. Prepares Letter Offer (Exhibit 4.5) to

LANDBANK/claimant and forwards the same to Head, Marketing Unit

Head, Marketing

Unit

22. Reviews/recommends Letter Offer and

seeks approval of the President and CEO

President and

CEO

23. Approves Letter Offer

Claims Assistant,

Marketing Unit

24. Forwards approved Letter Offer to

LANDBANK/claimant and Head, Marketing

Unit and files a copy of same

25. Receives acceptance of offer from claimant

26. Sends the same to Insurer through the Head, Marketing Unit and President and

CEO

27. Receives settlement check from the Insurer

and forwards the same together with the

release papers to LANDBANK/claimant

28. Prepares monthly outstanding claims report

and claims loss report

29. Forwards the reports to Head, Marketing

Unit for review

Head, Marketing

Unit

30. Reviews the reports and endorses the same

to the President and CEO for approval

President and CEO

31. Approves and signs the reports


Page : 0403.1


Date Last Revised :


1. LIBI personnel concerned shall ensure that all accredited

insurers and adjusters complied with the following standard reporting requirement of LIBI:

a. Acknowledgement Report – within one (1) working day of receipt of the assignment

b. Inspection – within two (2) working days of receipt of the

assignment

c. Preliminary Report – within two (2) working days for

Metro Manila and within three (3) working days for outside Metro Manila upon initial inspection; The report

shall include loss reserves

d. Request For Documentation – to be sent to the insured

within seven (7) days upon completion of initial inspection

e. Status Report – to be submitted every 10 working days and should include follow up of other documents and

other development

f. Evaluation Report – to be submitted within 15 days upon

receipt of complete documents

g. Negotiation/Offer – to be sent or personally discussed

with the insured within two (2) working days following

receipt of insurers advice/instruction

h. Final Report – to be issued within three (3) days upon

assured’s acceptance of offer

i. Settlement Check – to be released within three (3) days

from acceptance of offer

Note: Should there be unreasonable delays in the aforementioned requirement, the Claims Assistant shall make the necessary follow-ups and call the attention of the officers of the

Adjustment and Insurance companies.

2. Marketing Unit personnel shall ensure that all documents are

approved in accordance with CASA.


Page : Annex 4.1.1


Date Last Revised :

ANNEX 4.1

DOCUMENTARY REQUIREMENTS FOR PROCESSING OF CLAIMS

A. For loss of or damage to buildings

1. A Civil Engineer’s or Architect’s detailed estimate (obtained at

the expense of the Assured) to place the building in the same

state of repair as before the accident. (Note: No contemplated

improvements may be included in the estimate and/or proper allowance for age and depreciation etc. may be allowed.)

2. Appraisal Report, if any

3. Copy of the building plan, complete with dimensions and design specifications

4. Lease Contract or Agreement, if Assured is not the lot owner

5. Certified True Copy of Building Permit, Transfer Certificate of Title and Declaration of Real Property

6. Original or Copy of the Policy

7. Item Nos. 1 to 5 of the General Requirements

B. For Goods and Merchandise Claims

1. Detailed inventory of articles damaged, showing the cost price of

each, extent of damage and salvage value, if any, if the risk

sustained partial or water damage 2. Proof of damage (technical report/laboratory analysis)

3. Inventory of the whole goods and merchandise in the building

(for partial loss)

4. Latest inventory report, for total loss, filed with the Bureau of Internal Revenue or any government entity, prior to the loss

5. Movement reports/documents in between the last inventory

report submitted and the date of loss (for total loss) 6. Production and movement report, for loss in manufacturing area

7. Certified True Copies of Income Tax Return together with the

Financial Statement for the last three (3) years 8. Books of Account, Purchases and Sales Invoices and all other

business records (to be made available for adjuster’s review)

9. Location of the other store or warehouse and amount of

insurance on stocks contained therein, if any 10. Original or copy of the policy



Page : Annex 4.1.2


Date Last Revised :

C. For Machinery and Equipment/Furniture, fixtures, and Fittings

Claims

1. Detailed inventory of articles damaged or destroyed, showing the cost price of each and the date acquired

2. Records, invoices, receipts, if any (to be made available for

adjuster’s review) 3. Building contents lay-out

4. Original or copy of the policy


D. For Pier Impact Claims

1. Comprehensive loss report indicating the circumstances of the

loss

2. Marine Protest (to be filed with the Coast Guard within 24 hours from the date of loss)

3. Formal claim against the vessel owner (to be filed within 30 days

from the date of loss)

4. Underwater Survey 5. Photographs of the damaged property

6. Complete plans and design specifications of the affected

property 7. Detailed repair estimate, including bid proposals, if any

8. Technical Report


E. For Combustion Claims

1. Insured’s report on the circumstances of the loss

2. Laboratory analysis of burnt product for adjustment of volume

3. Weigh scale/ticket card indicating the volume of the burnt product

4. Daily Inventory/Production Records prior to incident

5. Shipping/Delivery records 6. Photographs of the burnt product


F. For Construction/Erection All Risks Claim

1. Insured’s report on the circumstances of the loss 2. Drawing plans and design specifications

3. Building permit (for building losses)

4. Detailed repair estimate or replacement proposal


Page : Annex 4.1.3


Date Last Revised :

5. List of bid items and quantities and any additional offers made

stating dimensions and standard prices

6. Inspection reports, if possible

7. Original and/or revised PERT/CPM 8. Records of interrogations of parties concerned

9. Expert’s reports on soil and ground conditions, etc.

10. Reports written by the police 11. Newspaper clippings on the incident, if any


G. For IAR/Machinery Breakdown Claim

1. Original or Copy of the policy including warranties and clauses attached to it

2. Insured’s report on the circumstances of the loss

3. Pictures of the damaged property/ies 4. Technical/Engineering Report and Analysis

5. Detailed repair estimates

6. Quotations, catalogs from manufacturers/suppliers

7. Copy of Contract Order/Agreement between insured and the contractor

8. Other documents that may be required by the adjuster

H. For Electronic Equipment/Business Computer Claim


2. Duly accomplished information in the Notice of Loss or Damage

for Electronic Equipment Insurance

3. Police Investigation Report 4. Incident Report

5. Photographs of the damaged equipment

6. Detailed repair estimates 7. Technical Report/Analysis

8. Records, Invoices, Receipts, if any

9. Detailed inventory of article/s damaged or destroyed showing each cost price and the date acquired

10. Other documents that may be required by the adjuster

I. For Business Interruption/Loss of Profit Claim

1. Non-Manufacturing Risks

a. Profit and Loss Statement for fiscal year immediately

preceding the loss

b. Monthly Sales Report (at least two years prior to the loss)


Page : Annex 4.1.4


Date Last Revised :

c. Application for Business Interruption Insurance if any has

been filed with the insurance company

2. Manufacturing Risks

a. Annual Financial Statement for two (2) fiscal years ended

prior to the loss 1) Income Statement

2) Balance Sheet

b. Monthly/Quarterly a) Operating Statement

b) Inventories

c) Production Schedules d) Daily/Hourly production in units or in sales value

e) Gross Earnings Value

SUBMISSION PERIOD: Not more than two (2) months from the date

of loss

J. Fidelity Guarantee/Comprehensive Dishonesty, Disappearance

and Destruction, Position Schedule Bond, etc.

1. The Insured should notify the insurance company as soon as

practicable to enable them to interview the involved parties

2. Upon discovery of the loss, the Insured should conduct an audit to determine the extent of the loss

3. Provide detailed statement of the cash accountabilities of the

employee

4. Provide source documents from which each item of the cash accountabilities was based

5. Provide statement of accounts due but not paid to the employee

as the date of termination of services like salaries, commissions, allowances, 13th month pay, bonuses, earned sick/vacation

leave, etc.

6. Provide photocopy of the policy and official receipt of premium

K. Equipment or Property Floater Claim

1. The Insured should notify the insurance company as soon as

practicable upon discovery or immediately after the occurrence

of the loss 2. Attach a copy of the Police Report, if applicable

3. Provide proof of ownership of the unit/equipment lost or

damaged


Page : Annex 4.1.5


Date Last Revised :

4. Provide the cost and date of acquisition of the property including

its specifications, complete description and serial number

5. Provide pictures of the damaged unit/equipment and secure

repair estimates or quotations for the repair 6. Photocopy of the policy and official receipt of premium payment

L. Livestock Insurance Claim

1. The Insured should immediately notify the insurance company

after the discovery of the loss 2. Provide Affidavit of Ownership

3. Take photos of the dead animal and secure Livestock Death

Certificate 4. Submit Veterinary Disease Report, if the animal died from a

disease

5. Police Report, if applicable 6. Proof of proceeds of sale if carcass was sold with the insurer’s

consent

7. Photocopy of the policy and official receipt of premium

M. Liability Claim (Comprehensive Personal Liability/Comprehensive

General Liability/Products Liability/Garagekeepers Liability/Professional Liability/Manufacturers and Contractors Liability/Officers and Directors

Liability, etc.)

1. Notice of claim may be in the form of a letter from the Insured

to the insurance company indicating among others, the

following:

a. Date, time and place of occurrence

b. Description of the occurrence or circumstances of the loss

c. Name, personal circumstances and address of third party claimant/s

d. Name and address of witness

e. On bodily injury, the nature of injury sustained and the name and address of the attending physician and/or

hospital where claimant was treated and/or confined

f. On property damage, nature, photos and estimate of

damage g. If claim arises from contract, attach a copy of the contract

h. Attach a copy of the Police Report, if available

i. Photocopy of the policy and official receipt of premium payment


Page : Annex 4.1.6


Date Last Revised :

2. It is the obligation of the Insured to cooperate with the

insurance company in attending hearings, secure and give

evidence and obtain the attendance of witnesses. He should

promptly report to the company any summons, subpoena, complaint, notice of hearing, order or decision that he may

receive to enable the company to take appropriate action.

N. Crime Coverage Claim (Money, Securities and Payroll Robbery/Theft/

Burglary)

1. The Insured should report the loss to the Police immediately

upon discovery thereof

2. A copy of the Police Report must be submitted by the Insured 3. The insurance company must likewise be notified by the Insured

4. In case of burglary or force upon things, take photos of the

damage. The damage should not be repaired until it is inspected by the adjuster or agreed by the insurance company

5. Photocopy of the policy and official receipt of premium payment

O. Accident and Health Claim

1. The Insured must accomplish a Claim Form which should be signed by the attending physician. This form will be supplied or

provided by the insurance company.

2. Submit this form together with the following documents:

a. Hospital Statement of Account

b. Doctor’s Certification/Attending Physician’s Statement c. Charge slips/Official Receipts

d. Police Report, if applicable

e. Marriage Contract, if applicable f. Birth Certificate, if applicable

g. Death Certificate, if applicable

P. Bond Claims

1. A copy of demand made by the obligee against the principal and/or surety for sums of money by way of indemnity based on

failure of the principal to comply with the obligations he

assumed under a contract; and 2. Additional documentation may include change orders and any

electronic or written communications, subsequent to contract

signing, that bear upon the alleged default and a timeline

outlining the sequence of events leading to the alleged default


Page : Annex 4.1.7


Date Last Revised :

Q. Cargo Claims (Damage by hooks, Oil Damage, Fresh Water Damage,

Damage by Sweat, Damage by other cargo, Damage by mud, stains or

acids, Damage by rust, oxidation or discoloration, Heating damage,

Leakage, Breakage, Chipping, denting, scratching, bruising and spotting damage, Damage due to inadequate packing, Damage due to

insect infestation)

1. All claims must be reported immediately to the insurance

company upon discovery thereof.

2. A surveyor is then instructed to conduct an inspection on the

damaged cargo. 3. The following documents are to be submitted to the insurer:

a. Original Marine Risk Note and Endorsements, if any

b. Original/Certified copy of Commercial Invoice c. Original/Certified copy of Bill of Lading

d. Copy of Packing List

e. Copies of formal claim filed against the following: 1) Arrastre Operator/Contractor

2) Vessel’s Owner/Agent

3) Other bailees like Customs Broker, etc. and their

respective replies f. Copy of Delivery Receipts

g. For claim involving shipments in bad order condition:

1) Bad Order Certificate issued by the Arrastre Contractor

2) Copy of Turn-over Survey of Bad Order on Board

Cargoes issued by the Arrastre Contractor as attested by the vessel’s representative

3) Original Laboratory or Quality Control Analysis

4) Original Invoice for repair/reconditioning of bad

order or damaged items h. For claim involving short-landed shipments/spillage/

leakage:

1) Bad Order Certificate 2) Turn-over Survey on Bad Order Cargoes

i. For claim involving short delivered shipments:

1) Short delivery or Short landing Certificate issued by the Arrastre Contractor certifying the non-discharge

of package/s or Tally Sheet of Discharge

2) Notice of Unlocated Cargo files by the insured’s

Customs Broker against the shipowner or Arrastre Contractor

3) Permit to Deliver imported goods

j. For Theft or Pilferage claim: 1) Turn-over Survey

2) Bad Order Certificate


Page : Annex 4.1.8


Date Last Revised :

R. Hull Claim

1. Original Marine Hull Policy

2. Copy of Vessel’s Certificate of Philippine Register 3. Copy of Vessel’s Certificate of Ownership

4. Copy of Vessel’s Coastwise License

5. Copy of Vessel’s Departure Clearance 6. Copy of Vessel’s Certificate of Inspection

7. Master’s Note of Protest

8. Repair Estimates of the damaged vessel

9. Deck Logbooks/Extracts covering the repair period 10. A Statement of the Cost and Expenses of towing together with

the additional costs and expenses of putting the vessel in to

worthy condition in accordance with the Hull Underwriters’ Surveyors Recommendation

11. Survey Reports and Bill

12. Statement of Fees and Expenses incurred in attending the casualty and diving survey

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