KUALA LUMPUR: The General Insurance Association of Malaysia (PIAM) has assured flood victims with flood insurance coverage its members are ready to speed up the claims process and payout claims 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,” it said in a statement today.
It said 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.
"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,” it said.
However, PIAM advised policyholders to check with their respective insurance companies on the relief measures or waivers they have in place, as it varies from one insurer to another.
While standard motor and fire policies exclude coverage against losses caused by natural catastrophes such as earthquakes, tsunamis and typhoons, PIAM said 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,” it said.
