Are your losses insured? Evaluation begins after Mumbai rains

Aug 31, 2017, 19:43 IST | Vinod Kumar Menon

The Ghatkopar East office of Jilu Parekh was submerged in more than 1.5 feet of water
The Ghatkopar East office of Jilu Parekh was submerged in more than 1.5 feet of water

Damage to property is likely to run into crores of rupees after Tuesday's flood, which left several factories and business premises submerged in knee-deep water. Many are unsure whether these damages will be covered by insurance companies, which will begin evaluation today.

A disaster management official from the BMC said this morning, "The estimated losses due to flooding may run into crores, as water has penetrated almost all the low-lying areas."

Ankit Mehta, an insurance expert, said, "It depends on the type of insurance policy that a person has taken. Many familhou­seholds in Mumbai do not have the practice of taking insurance cover for their business or home. The surveyor's biggest challenge will be to ascertain the exact loss amount. In cases of underinsurance (not covering entire stock value), the insurer will not be entitled for complete coverage and will have to incur loss."

Voices
Deluge victim Jilu Parekh, owner of print design office in Ghatkopar (E)
'All our machinery was dren­ched in knee-deep water. Today, we were shocked to find muck and filth all over the office. I am not sure if the insurance company will even clear the entire claim'

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