sail-world.com
 
 
News Home Cruising Photo Gallery Video Gallery

 

Sail-World.com : Insurance Industry agrees to standardise definition of 'flood'

Insurance Industry agrees to standardise definition of 'flood'

'Defining the word ’flood’ is the first step to claims and recovery.'    . ©
Australia's insurance industry has agreed to establish a standard definition for flood insurance, according to the federal Assistant Treasurer Bill Shorten, commenting on the torrent of insurance claims that have followed the recent crises in Queensland, NSW and Victoria.

About half of all homeowners affected by the summer floods in eastern Australia don't have insurance to cover the disaster.

Following a meeting with the Insurance Council of Australia in Sydney today, Mr Shorten said the industry had agreed to apply a standard definition to flood insurance and write policies in simpler language.

'I think everyone who owns a home and contents and insurance policy knows that a lot of the fine print is very hard to decipher,' he said at a press conference last week.

'When tragedy strikes, as it has with the floods, many people are left scrambling to wonder if they are adequately insured for the flood or event that has just occurred. It is not acceptable in the future not to have standard definitions ... so people know what they've bought and what they haven't bought.'

In the aftermath of the floods, many homeowners discovered their insurance policy covered them in the event of a flash flood or flooding resulting from a storm, but not flooding from a river.

Mr Shorten said he would meet the council twice over the next month, and consumer groups would be consulted on how best to apply a standard definition.

The move would 'not be without its complexities', he said. 'Giving a standard definition is not going to be the panacea, the silver bullet for sorting out all costs arising out of floods. But the insurance industry accepts that having better contracts and clarity on what's covered and what isn't is an important building block to ensuring Australian communities are resilient and safe.'

Insurance companies were handling about 40,000 claims worth $1.5 billion in Queensland and nearly 4500 claims in Victoria, Mr Shorten said.

He said anyone who believed their claim was not being fairly dealt with should appeal to the Financial Ombudsman Service.

Mr Shorten pointed out that 'many millions of dollars of claims' had already been paid out. 'In terms of admissions about what's gone wrong in terms of insurance, I'm more interested at this point in sorting out the problem for the future than allocating blame for the past.'

More at fos.org.au




by Jeni Bone

  

Click on the FB Like link to post this story to your FB wall

http://www.sail-world.com/index.cfm?nid=80098

5:03 AM Tue 8 Feb 2011 GMT






Click here for printer friendly version
Click here to send us feedback or comments about this story.


News - USA and the World





ISAF Santander - Upwards path for Austrian women's 470 crew + video by Luissa Smith, International 470 Class Association,
























2014 Rolex Big Boat Series - Farr 40 Day 4 by William Wagner, San Francisco






































Volvo Ocean Race: Latest starter wins opening race
2014 J/70 World Championship - Healy, Abdullah, Becker and Borges win
2014 Rolex Big Boat Series - Full-blown, once again
ISAF Worlds - Americans jump up Laser and Laser Radial leaderboard
2014 Rolex Big Boat Series - Farr 40 Day 3
America's Cup: Luna Rossa sailing with two foiling AC45's + Video
Extreme Sailing: Emirates Team NZ retain second overall
ISAF Sailing Worlds, Santander - Rio Olympic Laser spots snapped up
Rolex Swan Cup - All set for final showdown
Upper Midwest sailors need help to take it to the next level
ISAF Sailing World Championships - RS:X action begins in Santander
ISAF Sailing Worlds, Santander - Americans rise in Laser and Radial
Extreme Sailing Series - A remarkable penultimate day’s racing + Video
Marseille One Design - GC32 GDF Suez unstoppable in the light
Rolex Swan Cup - Day 3 images by Carlo Borlenghi
ISAF Sailing World Championships - Images of the leaders in Santander
Rolex Big Boat Series - Good day for Double Trouble
Rolex Big Boat Series - Day 2 images by Erik Simonson
Royal Cup Marina Ibiza - TP52 fleet ready for tricky race tracks
Rolex Big Boat Series - Plenty maintains lead
2014 Asia Pacific Student Cup - Count down begins   
Extreme Sailing Series: Live coverage of Day 3 - view here   
Volvo Ocean Race 2014-15 - Going away   
Volvo Ocean Race 2014-15 - Practice makes perfect   
2014 J/70 World Championship - Contrasting conditions on Day 4   
Rolex Big Boat Series - 50 years of big boat racing: a retrospective   
2014 Rolex Big Boat Series - Day 2   
Snipe Western Hemisphere and Orient Champ: Rios takes the Championship   
Volvo Ocean Race: Leg Zero signals start of the significant racing   
Extreme Sailing Series: Physically demanding racing for BAR on Day 2   
Emirates Team NZ: Holding second overall after Day 2 in Istanbul   
Extreme Sailing Series: A force to be reckoned with in Istanbul +Video   
ISAF Sailing Worlds - Day 1 images by Jesus Renedo and Pedro Martinez   
Marseille One Design: GC32's Armin Strom storms ahead on day 2 + Video   
ISAF Sailing World Championships - Racing underway in Santander +Video   
ISAF Sailing Worlds, Santander - Erika Reineke claims Radial race win   
Santander Worlds 2014 Mat Belcher (Part II) *Feature   
Rolex Swan Cup - Mistral keeps fleet shoreside   
PWA Cold Hawaii World Cup rescued by wave of local support   
ISAF Sailing World Championship, Santander - Opening ceremony images   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News







Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  http://www.sail-world.com/event_images/image/RSS-Icon.png

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL NEW US
LocalAds   DE  ES  FR  IT