By Herminia S. Jacinto
A FRIEND called me up the other day asking if she should still renew the comprehensive covers on her vehicles. Her family members have six vehicles between them, and the insurance premiums amount to quite a sum. She thinks that since they hardly go out and travel anyway, the chances of meeting with an accident is very minimal. I could not believe her saying that, but I immediately launched into a long explanation why she should continue insuring her vehicles. The risk is always present, and one cannot predict where and when it will occur. Just watch the TV news every day, and chances are, there is one or two accidents caused by motorcycle riders who deliver food and other essentials since people movement is restricted. Who would think that a mansion in a first-class subdivision will burn? Fires can occur anywhere as long as there are combustible materials. Since last year, many business establishments have closed shop, and the buildings or factories are not operating. The premises gather soot and dust and become prone to fire and damage, which can easily trigger combustion. The lockdown situation has also created risks of overheating of appliances and gadgets. Since almost 100 percent attention is focused on Covid-19, we might miss the point that climate change continues to threaten our country, and typhoons and flooding might still occur during the rainy season.
The cost of insurance is not exactly cheap, but the benefit that one derives from the occurrence of the event being insured for is many times over the cost. Plus, the peace of mind that it gives the insured that he or she can start his or her business operations again after the pandemic. Employers have to review and if possible, improve the insurance coverages and health maintenance programs of their employees, which will not be easy, considering the slackening of business operations. But it is now when the medical assistance is most needed.