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Summit Guaranty & Insurance Co. Inc. Vs. G.Arnaldo

SUMMIT GUARANTY & INSURANCE COMPANY, INC., petitioner, vs. THE HONORABLE GREGORIA C. ARNALDO, in her capacity as Insurance Commissioner, and FGU INSURANCE CORPORATION, respondents.

G.R. No. L-48546 | 1988-02-29

D E C I S I O N


GANCAYCO, J.:

As a result of a vehicular accident that happened on November 26, 1976 whereby a Ford Pick-up with Plate No. UC-5925 Phil. '76 owned by Marcos Olaso was bumped by a cargo truck with Plate No. OY-783 then owned by Alberto Floralde, FGU Insurance Corporation (FGU) by reason of Motor Vehicle Insurance Policy No. IC-VF-07185 paid Olaso the sum of P2,817.50 as its share in the repair cost of the said Ford Pick-up. Having thus been subrogated to the rights and causes of action of said Olaso in the said amount FGU formally demanded payment of said amount from Floralde and attempted to verify Floralde's insurance...