The trail of destruction of Sunday’s storm is likely to cost several millions of euros, according to insurance industry sources.
Insurance companies were on Monday inundated with calls and requests for information about the coverage of their policies and how their damage could be recouped.
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Malta Insurance Association director general Adrian Galea told Times of Malta when contacted that it was still far too early to estimate or predict the value of the claims.
“The insurance industry is expecting a significant number of claims for damages to be lodged by all those who suffered some kind of damage to their property, business, vehicles and/or boats but it is too early to predict the value,” he said.
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Mr Galea said the association was in the process of collecting data from its members on the various types of claims for damages that insurance companies may receive over the coming days and weeks.
This, he said, is a slow process that will take several weeks, primarily because not everyone lodged claims immediately and each claim would then have to be assessed, based on its own merits.
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“It is the insurance company’s duty to ensure meeting all those legitimate claims as much as it is an insurance company’s duty to filter out those claims which are unjust, inflated or else simply not due because the policy conditions did not cover such risks,” he said.
Mr Galea said that as a general rule, a customer is entitled to expect settlement for the claim submitted provided that an insurance policy was in place to cover the risks associated with storm damage. He said the industry is often unjustly criticised over unaccepted claims but it all depends on the type of coverage.
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For example, unless a vehicle is insured against all risks, which is normally referred to as a comprehensive cover, damage caused by trees, falling debris or stones and severe flooding would not be covered.
He said that considering the severity of the storm, insurance companies could expect to see claims for damages to homes, repairs to solar panels or solar water heaters, broken glass, water ingress as well as claims for damage to business properties, construction sites and damage to protective walls, fences, machinery, tools and equipment.
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As for agriculture, claims for damages to equipment, sheds and/or greenhouses would be also expected.
“While insurance companies will try their best to settle a claim and reinstate their client to a similar position before the event took place, this will depend on the policy cover itself,” Mr Galea said.