Inform policyholders about unoccupied properties, IRDAI tells insurers

CHENNAI: The Insurance Regulatory and Development Authority of India (IRDAI) on Thursday suggested non-life insurers to tell policy-holders about properties remaining unoccupied after May Three and the policy-holders to learn the coverage circumstances.
In a press release, the IRDAI welcomed the stand of the overall insurance coverage trade to proceed to increase insurance coverage cowl for properties coated underneath their hearth insurance coverage insurance policies although they remained unoccupied for over 30 days.

The IRDAI mentioned this gesture of giving one-time leisure for the properties unoccupied throughout the nationwide lockdown between March 25 to May 3, is within the curiosity of policy-holders given the present unprecedented scenario.

As per the fireplace insurance coverage coverage situation, the insurance coverage cowl ceases to exist if a property stays unoccupied for greater than 30 days.

“The General Insurers have been suggested by the Authority to tell the policy-holders of how the related clause(s) would apply past third May 2020 in all insurance policies and what motion is required by the policy-holders to avail the uninterrupted protection.

“The insurers need to take a reasonable and suitable approach depending on the local situation in different geographies,” IRDAI mentioned.

The IRDAI additionally requested the policy-holders to learn their coverage circumstances and pay attention to the coverage necessities in case they or their insured properties are positioned in areas the place there shall be extended restriction of motion.

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