PIAM members ready to pay flood loss claims

PIAM member companies will process all flood claims as long as flood is an insured peril.

KUALA LUMPUR: Members of the General Insurance Association of Malaysia (PIAM) are ready to pay out claims against losses suffered by victims in the current floods.

In a statement today, PIAM said the claims would involve those who have purchased a flood cover as part of their general insurance policy.

“PIAM member companies will process all flood claims as long as flood is an insured peril, regardless whether a state of emergency is declared or not.

Standard motor and fire policies exclude coverage against losses caused by natural disasters such as earthquakes, tsunamis and typhoons. However, cover for flood-related loss or damage is optional and can be purchased as an extension to these standard policies,” it said.

PIAM said policyholders, both businesses and individuals, in flood-stricken areas, are advised to check their fire and motor policies to determine if they were covered for losses or damages resulting from the floods.

- BERNAMA