PIAM sets up RM2.43 million CSR flood relief fund

The General Insurance Association of Malaysia (PIAM) has set up a RM2.43 million CSR Flood Relief Fund (CSR Fund) to alleviate the burden faced by owners of vehicles that were affected by the recent floods.

The CSR Fund will be in the form of subsidy for mechanical clean-up cost (excluding repair) at any competent workshop is to expedite payment of flood claims settlement, waiver of certain mandatory claims documentation, simplified claims process and additional special relief measures that may be provided by individual insurers.

PIAM, in a statement today, said the subsidy is given on a per-vehicle basis to motorcycles, private vehicles including commercial vehicles irrespective of the types of motor policy.

"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 June 1, 2021. The subsidy will be based on actual cost incurred and is capped at a maximum of RM100 per motorcycle and RM500 per private/commercial vehicle.

"A successful claim for subsidy will not affect one's No Claim Discount (NCD)," it said.

Eligible policyholders can apply for the subsidy online via the http://mycsr-flood.my/ portal starting Jan 15, the statement read.

"The payout to eligible claimants who fulfil all the CSR Fund eligibility criteria and requirements will be credited directly to the bank account provided. If an email address is provided, one will be notified via email once the payment has been made," it said.

- BERNAMA