Fortune General Insurance Corp. (Fortune General) has partnered with Archipelago Philippine Ferries Corp. (AFPC) to launch a vehicle protection product to insure vehicles using the roll-on, roll-off (Roro) service in the country.
According to Fortune General President Michael F. Rellosa, the insurance product, called Ferry Sure VIP, is a convenient and cost-effective alternative to traditional marine-cargo insurance. This was developed through a partnership with AFPC, the operator of FastCat, and was explained to bridge the protection gap for motor vehicles taking Roro vessels to different islands in the country.
“In marine-cargo insurance, you will need to accomplish a lot of paperwork and the cost is relatively high. Here, you have a fast, convenient and affordable way of insuring your motor vehicle onboard a sea vessel,” he said.
It was pointed out that a number of motor vehicle owners do not know that insurance for their respective cars, motorcycles, trucks, or buses is suspended onboard a ship or any seafaring vessel. Hence, if something unfortunate happens to their vehicle during the trip, they cannot file an insurance claim for the loss.
Ferry Sure VIP includes partial and total damage to the insured vehicle, and third-party liability cover of up to P10,000 in case the vehicle hits another vehicle or causes injury to a person. Coverage duration is from the time the vehicle is being loaded, while it is on the ferry, and up to the point it is unloaded.
The price of the insurance depends on the sum insured. A P95 purchase buys a P200,000 protection, while P225 buys up to P500,000.
Fortune General has also partnered with Telcom Live Content Inc. for the development of a mobile application for buying protection and filing insurance claims, the partnership is explained to simplify the process of insuring vehicles.
AFPC Chairman and CEO Christopher Pastrana said this new innovation adds up to their motto of “Ferry Safe, Ferry Fast, and Ferry Convenient.”
“Now our passengers can be Ferry Sure when they board our ferries,” Pastrana said.
FastCat’s fleet of 10 brand-new ferries carry as much as 160,000 motor vehicles, mostly delivery trucks and buses, to major islands of the country every year.
It aims to double the size of its fleet by 2020 and even serve the needs of travelers to and from Malaysia and Indonesia via Palawan and General Santos City.