Amid all the media and public comments about flood insurance following the devastating floods in Queensland and Victoria, Vero Insurance has explained how it handles insurance in a flood situation.
Vero’s Executive General Manager Andrew Mair said, “The floods have been devastating for many of our brokers and we’re looking at a number of ways to help them and their clients. Like most insurers, at Vero we’ve had plenty of practice over the past few years in dealing with large scale events and this one will obviously provide some new lessons as well. Of course, we’re also conscious that for some brokers in Victoria, more flooding is yet to come.”
Mair said Vero had activated its event response teams so the insurer had more than 40 people dedicated to managing claims from these events.
“We’ve had mobile claims teams on the ground in areas like Emerald, Chinchilla, Dalby, Bundaberg and the Brisbane CBD. We’re currently going through all the commercial policies we have in the affected postcodes and sorting them by broker. Then we’ll provide this information to brokers to help them get a handle on which of their clients have flood cover with us.
“We understand that there are brokers and clients who are still having issues accessing their systems and even business premises so we’re taking a flexible and commonsense approach to issues such as ‘hold covered’ and payment of premiums.”
Many brokers would be aware that Suncorp-branded home and contents policies include automatic flood cover and so do Vero-branded home and contents policies, he added.
However for Suncorp and Vero commercial insurance policies, flood cover can be included as an option for clients.
“Recovering from the floods is not going to be quick – it is going to take a lot of time to understand the enormity of the situation and then prioritise what work needs doing and how it’s going to be done. Especially when you take into consideration the damage to infrastructure like the roads and rail – this is going to have a flow-on effect for all other repairs and suppliers, “ said Mair.
“In the communities that have been impacted, Vero is certainly looking to direct the work locally as much as possible, to continue to reinvest back into those communities. This is going to take a lot of co-operation and communication from the entire industry.”
Sourced and edited from Vero website’s article by John Heath.
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