Malayan Insurance Co. Inc. announced that it again extended the automatic hold cover for matured or maturing policies to another 30 days this year. In an advisory on Thursday, the Yuchengco-owned insurance firm said the extension would last until May 30, as the government extended the enhanced community quarantine imposed on Luzon until May 15. It added that clients with expiring insurance policies starting March 16 to May 15, and who qualify for the terms and conditions of the auto hold-cover offer, will have their policies remain active until their renewal procedures are completed. It explained that hold cover means the insurer agrees to cover a part of the insured’s policy pending the completion of the person’s insurance application, and while an insurer cannot issue an insurance policy to its customer immediately due to valid limitations. Policyholders are asked to contact their agents if they have concerns.
