Insurance Cover For Floods
By Sonia K.

Bandar Seri Begawan - Takaful BIBD (TBIBD) is in the forefront in offering its customers a unique insurance package against natural disasters and flooding is one of them.

And with these issues of flooding Takaful BIBD would like to highlight to its customers that TBIBD now offers the Fire Protection Takaful Scheme, which has a package that covers for natural disasters such as storms tempests, cyclones, windstorms and most importantly right now for Brunei - flooding.

"Previously there was not a consideration when it comes to flooding but now it is under serious consideration. The damages it inculcates are very serious, especially for those who have built their houses on the ground level, but even stilt houses can still suffer from damages.

This coverage is offered in Package C of the Fire Protection Takaful Scheme, which is the most comprehensive protection package.

Explaining further why they have decided to offer protection against flooding, he said, "Within the terms of our treaty, insurance business is based purely on the sort of risk we can cover. We are a small business so we can absorb only a slight amount of the risk, in which case is about B$200,000 to $250,000. The rest of it, we look at the international market and spread out the risk with other providers, so that we can get a consolidated portfolio on how much we can cover.

"The agreement between us and the panel of other brokers, is what we call a treaty. Within the terms of that treaty, outlines what we can or cannot cover. But we have taken it on to ourselves to cover flooding," he shared.

The Fire Protection Takaful Scheme is a yearly policy and covers against loss or damage to private dwelling and business. It is eligible for individuals owning or renting a house and for companies owning assets. Interested customers can also choose to cover their properties against fire, electrical installation, impact damage, loss of rent and theft. -- Courtesy of Borneo Bulletin

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