Questions: If a company has insurance, what should be done in order to claim damages owing to the floods from the insurance company?
Answer: The company should do the following:
- Examine the company’s insurance policy to ensure it has cover for any damage caused to the company's property or insurance for business loss as a result of flooding.
- If such insurance covers the damages and/or losses arising from flooding, the company must contact the agent or insurance company (as the case may be) to claim compensation from the insurance company within the period specified in the conditions stated in the policy such as within 30 or 60 days from the date of acknowledgment of the such damage.
However, the company may not be able to claim the full amount of compensation from an insurance company as specified in the insurance policy because such policy may include an exemption or conditions in claiming compensation for damages and, in certain cases, the insured will be responsible for any deductions as specified in the policy.