Tuesday 21 May 2024
 
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INSURANCE WILL COVER DAMAGE

The UAE Central Bank. Image courtesy: CBUAE

UAE banks told to defer loan repayment for rain-hit

, 28 days ago

The Central Bank of UAE has issued a notice to all banks and insurance companies to allow the deferral of repayment of instalments of personal and car loans for customers affected by the recent rains and flooding for a period of six months. 
 
The deferral shall be without imposing additional fees, interest or profits, or otherwise increase in the principal amount of the loan, it said.
 
The Central Bank also confirmed that the damage to vehicles and homes resulting from the heavy rains are covered by insurance if there is an insurance policy against loss and damage or what is normally referred to as “comprehensive insurance”. The insurance companies shall be considered responsible for indemnification, it said.
 
The Central Bank further added that the same applies to homes as well. Owners of real estate, whether homes or buildings covered by insurance are entitled to have their property repaired.
 
It also urged the public to carefully read and comprehend the insurance policy to protect their insurance rights, and approach Sanadak, the financial and insurance ombudsman, if they have a complaint or dispute with the insurance company.  - TradeArabia News Service



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