In T&T: ATTIC: Flood claims may be higher

16 August 2012


Insurance companies set for busy period amidst influx of claims.

THE Association of Trinidad and Tobago Insurance Companies (ATTIC) yesterday said while it was too early to estimate losses from the floods in West Trinidad it anticipates insurance claims from these floods will equal or exceed those from last year, particularly for motor vehicles.

Massive flooding and land slips on Saturday led to the loss of two lives and millions of dollars in damage to property and infrastructure.

In a statement yesterday ATTIC explained that affected policyholders should contact their insurance company or broker as soon as possible to notify of any potential claims by phone or via email and should include the policy number.

They advised persons to present bills, photographs or some proof of ownership of lost items to support their claim.

If a building or vehicle has been damaged the Association requested that persons submit two estimates for repairs and submit these to the company with a claim form

It added that policyholders should note that all policies require them to bear the first part of a loss (excess or deductible) normally either one percent or two percent of the sum insured for building and contents and three percent to five percent of the sum insured for motor vehicles.

The association expressed its hope that authorities will include a disaster alert system to monitor river levels and notify persons in surrounding areas and motor ways of the potential danger.

“We trust that with latest disaster, protection of the environment and enforcement of laws will guide planners, builders and homeowners alike,” the association said.

Source

Comments are closed.