Cyclone damage: CMA calls for adherence to precautions for claims
Published: 08:10 AM,Oct 04,2021 | EDITED : 11:10 AM,Oct 04,2021
MUSCAT: The Capital Market Authority (CMA) called on citizens and residents to follow instructions with regard to their protection as well as of their properties
In a statement, the regulator said that owners of industrial establishments, shops and other properties should take all reasonable precautions as per the instructions in order to make insurance claims.
“Adherence to safety and security instructions will have a significant impact in mitigating the consequences of the tropical situation in terms of property damage and reducing losses that may fall on individuals and establishments”, the statement said.
The Authority also confirmed that the unified vehicle insurance policy in the comprehensive insurance coverage provides coverage for damages caused by natural disasters like tropical storms or overflowing wadis.
“For the claims, it requires the policy holder to take all reasonable precautions to protect the vehicle and not to risk crossing wadis and work to follow Royal Oman Police Instructions”, it alerted.
The regulator pointed out that deliberate crossing of valleys and failure to follow instructions may lead to the loss of the policy holder's right to compensation in the event of proving that the damage to the vehicle resulted from a deliberate act committed by its driver.
This alert coincides with the developments in the tropical situation and the torrential rains caused by tropical cyclone Shaheen.
In a statement, the regulator said that owners of industrial establishments, shops and other properties should take all reasonable precautions as per the instructions in order to make insurance claims.
“Adherence to safety and security instructions will have a significant impact in mitigating the consequences of the tropical situation in terms of property damage and reducing losses that may fall on individuals and establishments”, the statement said.
The Authority also confirmed that the unified vehicle insurance policy in the comprehensive insurance coverage provides coverage for damages caused by natural disasters like tropical storms or overflowing wadis.
“For the claims, it requires the policy holder to take all reasonable precautions to protect the vehicle and not to risk crossing wadis and work to follow Royal Oman Police Instructions”, it alerted.
The regulator pointed out that deliberate crossing of valleys and failure to follow instructions may lead to the loss of the policy holder's right to compensation in the event of proving that the damage to the vehicle resulted from a deliberate act committed by its driver.
This alert coincides with the developments in the tropical situation and the torrential rains caused by tropical cyclone Shaheen.