Chennai, May 6 (SocialNews.XYZ) In a proactive move that will comfort fire insurance policy holders, government-owned National Insurance Company Ltd has announced that there will be continuity in the insurance coverage till May 17 for premises remaining unoccupied due to the lockdown.
The company had made this announcement on its website following the sectoral regulator's advice to the industry players to inform their policyholders on the matter.
As per the standard fire and special policy conditions, the insurance cover ceases if the covered business premises remains unoccupied for more than 30 days.
In such cases, the policyholders have to intimate their insurers about their premises remaining unoccupied for more than 30 days and get the insurance cover extended.
However the Covid-19 nationwide lockdown prevented the policyholders from getting in touch with their insurers on the matter.
The General Insurance Council - the industry lobby body - had earlier announced a one-time relaxation for fire insurance policyholders whose property is unoccupied on or after March 25 till May 3, stating that properties were deemed to be covered subject to the policy being in force.
Later, the Insurance Regulatory and Development Authority of India (IRDAI) had advised the general insurers to inform the policyholders about the policy conditions beyond May 3.
With the lockdown extended, National Insurance has announced its decision on its website about the automatic extension of insurance cover till May 17 even if the premises remain unoccupied.
Source: IANS
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