Gonzales suggests the creation of a Trust Fund: Calamity Insurance

CLIMBS Life and General Insurance Cooperative (CLIMBS) President and CEO Fermin L. Gonzales has urged member-investors of CLIMBS to support measures designed to give security to their individual members especially during calamities.

Gonzales made his call during CLIMBS 42nd General Assembly in Cebu City on April 25 and 26, 2014.

He suggested that cooperatives should give their members the Mandatory Calamity Insurance coverage. Under this concept, Gonzales explained that bundled products may be put in place for the benefit of the coop members.

Gonzales added that the premium for this insurance coverage may be divided by the coops and their members.

He also articulated the idea of setting up a Disaster Trust Fund to help cooperatives affected by disasters. Gonzales said he is encouraged to suggest such a policy because of the devastation experienced by a lot of people during the onslaught of Typhoon Yolanda, and the other calamities.

Gonzales said that the trust fund can be used for example to provide help to cooperatives that experience difficulty due to calamities or disasters.

Source: The CLIMBS Journal, Vol.1 No.25