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Property Damage From Chennai Floods - Papers

Property Damage From Chennai Floods

Facts

The recent floods in Chennai have caused massive property damage. As a result, insurance claims are expected to touch Rs 5000 cr in the region. Till 15 December when the water was gradually receding, non-life insurance claims had shot up to 2500 cr for the financial year.

The largest portion of the claims are from the Chennai Based United Insurance which has received around 1850 claims with a value of over Rs 657 Crore. Highest number of claims has been for Auto insurance due to the large number of cars that were affected by the flood.

Insurance companies have simplified the claim process, opened up dedicated claim processing centres, giving waiver of certain documentation, ...

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for parking, repair estimates and towing. Reports have suggested that dealers have been charging 11,000 for parking, 7-9k for towing and 4-4.5k for preparing repair estimates. Dealers are also pushing customers to buy new cars in order to avoid high waiting time for repairs and services.

Significance

Due to the massive pile-ups at service stations a lot of people are suffering due to unavailiblity of their cars, slow services and insurance claims. Reports suggest that a few claims have been denied as certain actions after flooding of the vehicle qualify as deliberate damage. To make sure that your insurance claim gets approved, please follow certain do's and don'ts-

Do

- Make sure your insurance policy covers flood damage.

- Inform your insurance company immediately if your vehicle was flooded or damaged by rain

- Take pictures of the vehicle if submerged in water.

- Alert an authorised service station/workshop to facilitate the towing of your ...

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Property Damage From Chennai Floods. (2016, July 14). Retrieved April 23, 2024, from http://www.essayworld.com/essays/Property-Damage-From-Chennai-Floods/105759

"Property Damage From Chennai Floods." Essayworld.com. Essayworld.com, 14 Jul. 2016. Web. 23 Apr. 2024. <http://www.essayworld.com/essays/Property-Damage-From-Chennai-Floods/105759>

"Property Damage From Chennai Floods." Essayworld.com. July 14, 2016. Accessed April 23, 2024. http://www.essayworld.com/essays/Property-Damage-From-Chennai-Floods/105759.

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PAPER DETAILS

Added: 7/14/2016 06:10:41 AM
Submitted By: karan10
Category: Economics
Type: Premium Paper
Words: 409
Pages: 2

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