Flood: PIAM Pooled RM2.43 Million To Assist Vehicle Owners

Persatuan Insurans Am Malaysia (PIAM) has set up a CSR Flood Relief Fund with a contribution of RM2.43 million to alleviate the hardship faced by the car owners whose vehicles were inundated under floodwater.

The CSR Fund in the form of subsidy for mechanical clean-up cost (excluding repair) at any competent workshops is provided by the general insurance industry on top of existing assistance provided by insurers. This is to expedite payment of flood claims settlement, waiver of certain mandatory claims documentation, simplified claims process, additional special relief measures that may be provided by the individual insurer. Once the fund is fully exhausted the initiative will also be closed.

The subsidy is given on a per-vehicle basis to motorcycles, private vehicles including commercial vehicles irrespective of the types of motor policy i.e. comprehensive cover with or without special perils extension, third party fire and theft, and third party. The motor policy must be valid at the time of flooding and in the event of lapsed motor policies, the vehicles must be at least last insured on or after 1 Jun 2021. The subsidy will be based on an actual cost incurred basis and is capped at a maximum of RM100 per motorcycle, and a maximum of RM500 per private/commercial vehicle. A successful claim will not affect the No Claim Discount (NCD).

Eligible policyholders can apply for the subsidy by submitting online via the portal MyCSR-Flood.my effective from 15 January 2022.

All claim payouts to the eligible claimant who fulfills all the CSR Fund eligibility criteria and requirements will be credited directly to the bank account that was provided.

PIAM is led by Chairman and Non-Independent Director Anthony Lee Fook Weng.

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