Standard Insurance fully settles $5-M fire damage claims

Leading non- life insurer Standard Insurance Co. Inc. said it has fully settled all the insurance claims filed by Steel Corp. of the Philippines (SCP) whose warehouse in Batangas was gutted by fire in December 2009.

In a statement, Standard Insurance legal chief Rica Pingol said they have already paid SCP the amount of $5 million.

“Our participation on the SCP’s industrial ‘ all risks’ insurance policy covering the steel company’s property machinery and equipment that were destroyed during fire was immediately settled in 2011 or only after one-a-half after the incident,” Pingol said.

The amount represents 12 percent participation under the policy or share of the amount claimed by the steel company five years ago.

SCP manufactures flat and corrugated steel sheets and coil for export, in Barangay Munting-tubig, Balayan town in Batangas

However, it was learned that four other insurers refused to pay the insurance claim of SCP for that of 2009 fire, except Standard Insurance, according to Pingol.

“Our company (Standard Insurance) has paid its share amounting to $5.025 million and the settlement effectively validated SCP’s claims, she said.

She also said the claim has been found to be valid and compensable with Standard Insurance’s panel of reinsurers responding under its reinsurance treaty covering the insurance policy.

As such, she clarified that Standard Insurance is not a party in any of the cases by the steel company with the Insurance Commission or other courts against other insurers on the aforesaid insurance policy.