31 Dec '14, 9am

PM's advisor shld be sacked Insurance regulator confirms emergency declaration won’t affect payout …

Malay Mail Online December 31, 2014 04:41 PM KUALA LUMPUR, Dec 31 — Despite Putrajaya’s argument, Malaysia’s insurance regulator has confirmed insurance firms will not be absolved of liability in paying out compensation for flood claims filed if a state of emergency were declared. The General Insurance Association of Malaysia (Piam) said its member companies must process the claims so long as flood is an “insured peril”. While standard motor and fire insurance policies exclude coverage against losses caused by natural catastrophes, PIAM said that the option to cover disasters like earthquakes, tsunamis and typhoons, cover for flood-related loss or damage, can be purchased as an extension to the 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 ...

Full article: http://blog.limkitsiang.com/2014/12/31/insurance-regulato...

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