USE OF STANDARD MOTOR VEHICLE POLICY AND EQUIPMENT FLOATER POLICY FORMS
National Administrative Register July 21, 1976 [ IC CIRCULAR LETTER NO. 9-2003, November 17, 2003 ]
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:
- 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
- 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.
For strict compliance.
Adopted: 17 Nov. 2003
(SGD.) EDUARDO T. MALINIS
Officer-in-Charge