THE General Insurance Association of Malaysia (PIAM) have assured flood victims who have purchased a flood cover as part of their general insurance policy that its members are ready to quicken the claims and pay-out processes against losses caused by the current flood situation.
“PIAM member companies will process all flood claims so long as flood is an insured peril, regardless of whether a state of emergency is declared or not,” the 26-member trade association pointed out.
“Member companies are committed to expedite flood claims settlement by reaching out to claimants and prepared to waive claim forms and supporting documents for shorter turnaround times,” it added.
Additionally, PIAM said insurance companies are also prepared to offer special waivers for proof of reinstatement policies, allow application of average on policies that are underinsured and grant waivers on excess applicable on personal line policies.
“However, we would advise policyholders to check with their insurance company what relief measures or waivers they have in place as it varies from one insurer to another,” advised PIAM.
“While standard motor and fire policies exclude coverage against losses caused by natural catastrophes such as earthquakes, tsunamis and typhoons, cover for flood-related loss or damage is optional and can be purchased as an extension to these standard policies.”
All policyholders – both businesses and individuals – located at the flood-stricken areas are therefore advised to check their fire and motor policies to determine whether they are covered for loss or damage resulting from the floods.
Below are PIAM’s seven-step checklist for easy processing of flood-related claims:-
Step 1: Check your insurance policy or certificate whether the loss or damage is covered.
Step 2: Notify your insurance company with full details of the incident.
Step 3: Provide complete and correct information relevant to the insured items. Describe the time, date, extent and cause of the loss or damage.
Step 4: Complete the claims form (if required) with full details and return it together with the relevant documents such as bills, reports, etc.
Step 5: If the loss is minor, you must provide photographs showing the cause and extent of the loss or damage.
Step 6: Adjusters will be appointed by the insurer for large losses. Always request full identification of the adjusters or investigators before allowing them to assess your property.
Step 7: You should check the time frame for claim notification as stipulated in your policy. – Jan 11, 2021
