The General Insurance Association of Malaysia (PIAM) has urged consumers and business owners to review their property insurance policies such as fire insurance and business interruption coverages where necessary as the country continues to ride through the wave of the current Covid-19 pandemic. – File photo
KUALA LUMPUR: The General Insurance Association of Malaysia (PIAM) has urged consumers and business owners to review their property insurance policies such as fire insurance and business interruption coverages where necessary as the country continues to ride through the wave of the current Covid-19 pandemic.
PIAM said the basic fire insurance policy provided protection for their buildings and/or its contents from losses or damages caused by fire, lightning and domestic gas explosion.
“It may also be extended to include special perils such as storm and tempest, earthquake and volcanic eruption, flood damage, impact damage, riot, strike, malicious damage, landslip and landslide,” it said in a statement today.
It said the coverage for businesses could be extended to electrical installation, bush fire, spontaneous combustion, sprinkler leakage, and smoke damages, while the business interruption insurance, which can only be taken together with fire insurance, provided indemnity to the insured in respect of loss of profit.
“PIAM advises consumers and business owners to contact their respective insurers and insurance agents or brokers for any assistance/clarifications on their property insurance policies.
“Be aware that there may be unscrupulous parties which are prepared to make promises that cannot be met by your insurance company,” it said.
Meanwhile, PIAM said its members are committed to continue serving and supporting policyholders’ interests during these unprecedented times.
All relevant fire policy coverage which are conditioned on the premise being occupied would not be affected by restrictions imposed by the Movement Control Order (MCO), it said.
“However, policyholders are expected to take all reasonable precautions to safeguard their premises during this period, and the consumers are also advised that under the current de-tariff environment policy coverage, terms and conditions may differ between one insurer and another,” it added. – Bernama