A GROUP of nonlife insurance companies accredited by the Philippine National Police said effective next month, all legitimate gun owners shall start to reap the benefits of the enhancements introduced into the so-called firearm bond.

The firearm bond, from its inception under Act 1780 enacted in 1907 until its latest modification under Executive Order 580 in 2006, has been treated as a mere compliance in the process of gun-license application.

Romulo de los Reyes Jr., executive vice president and general manager of Stronghold Insurance Co. Inc., one of the two lead insurance companies of the group, revealed that in 2008, nonlife insurance companies have already proposed enhancements to the firearm bond that would accord third-party liability benefits to victims of accidental firearms discharge, and would create a special fund for victims of crossfire in legitimate police operations and of stray bullets during national festivities.

He said these enhancements, which have gone through stringent legal and practical validations, are timely responses to various issues and public clamor for a greater degree of responsible gun ownership and gun control.

Chief Supt. Napoleon Estilles of the Philippine National Police (PNP) Firearms and Explosives Office said enhancing the firearm bond is an outcome of the changing times when the rapid increase of gun ownership and its consequences must be addressed fully.  He added that the EFAB program was a product of years of careful study and planning on how to protect the general public. 

“In several fora conducted with firearm stakeholders, there was legitimate clamor from the public and private sectors to further study a policy, wherein legitimate gun owners must secure an insurance cover for possible victims of accidental firing of their guns,” Estilles said.

The firearms and explosive chief believes that the enhanced firearm bond program does not only support the policy of the state to afford guarantees that would answer for fines and penalties imposed on licensed gun owners in cases of lost firearms but would also ensure the eradication of fake-firearm bonds in the PNP, the immediate payment of claims of victims of accidental discharge of firearms and the prompt and correct payment of taxes to government by the participating insurance companies.

Volunteers Against Crime and Corruption head Dante Jimenez last year lauded the PNP’s idea on how to insure innocent victims of accidental firing since it will benefit the majority of the citizenry who are not registered and licensed gun owners.

“I believe that the implementation of this new regulation will be good for the majority of our people who do not own guns. If we make compulsory third-party liability insurance coverage for licensed firearms, at least innocent victims will be automatically compensated and they will not be burdened by going into the tedious judicial process in seeking justice and compensation in our courts,” Jimenez said.   

Joy Carlos, president of Pacific Union Insurance Co. Inc., affirmed that in August 2010 this group of insurance companies, as witnessed by the leadership of the PNP, embarked into a memorandum of agreement to commence introduction of these enhancements into the firearm bond.

Carlos added that due to the magnitude of the risks involved and required to be insured under any mandatory coverage and in order to ensure viability, these insurance companies accredited by the PNP have decided to form a group specifically to harness their resources in optimizing services to best help the government, the PNP, the licensed gun owners and the general public.