Politicians demand for flood peril to be defined by insurance companies

Politicians demand for flood peril to be defined by insurance companies

Insurers in Australia have been confronted with their share of controversy since the floods in Queensland and are now hard pressed to come up with answers. The Minister of Employment and Economic Development, Andrew Fraser, states there is no obvious difference in damages caused by storm, flash flooding or riverine flooding, and that the clean-up after such damages is indistinguishable. He takes issue with the fact that many insurance policies can draft clear definitions regarding the damage. The issue lies in many insurers refusing, or being unable, to pay for…

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