USE OF STANDARD MOTOR VEHICLE POLICY AND EQUIPMENT FLOATER POLICY FORMS

[ IC CIRCULAR LETTER NO. 9-2003, November 17, 2003 ]

USE OF STANDARD MOTOR VEHICLE POLICY AND EQUIPMENT FLOATER POLICY FORMS

<DIV ALIGN=JUSTIFY>The following guidelines regarding the use of standard motor vehicle policy and equipment floater policy forms contained in IC Circular Letter dated 21 July 1976 are hereby reiterated:

<BLOCKQUOTE><OL>
<LI> All insurance coverages taken on a voluntary basis for motor vehicles that need compulsory third party liability insurance as a prerequisite to registration with the Land Transportation Office (LTO) must be covered by an appropriate motor vehicle policy or a land transportation operator's policy and not by an equipment floater policy; and

<LI> Only those motor vehicles that do not require a compulsory third party liability insurance and need not be registered with LTO, may be covered by an equipment floater policy.</OL></BLOCKQUOTE>

For strict compliance.

Adopted: 17 Nov. 2003

<CENTER>(SGD.) EDUARDO T. MALINIS
<I>Officer-in-Charge</I></CENTER></DIV>