Eagle goes beyond contractual obligations to settle claims of Tsunami victims
- 6 January 2005
Demonstrating Eagle’s continued commitment to its policyholders and capability to deliver more than promised the company has taken steps to support clients who have been affected by the recent Tsunami with a special scheme. This has been developed to minimize the impact on the national economy to support the national economic development through the re-establishment of the affected sources of economic value and to strengthen public confidence in the insurance industry in general.
Although damages caused by the recent Tsunami are not covered under the motor insurance policies and was not available for clients to obtain, in an effort to help the customers overcome these difficulties the company has decided to offer an Ex-gratia Financial Support Package where 100% of the claim will be paid to all our loyal customers who have been with the company for more than 10 years and 50% for those who have been with Eagle for more than 3 years. If the flood cover has been obtained the total claim will be honoured by Eagle irrespective of the period of loyalty.
This special package is possible owing to the financial strength of the company and the commitment of its shareholders although there is no re-insurance cover for earthquake related damages to motor vehicles in Sri Lanka. Eagle Insurance will always function within the core values of Accepting Risk with Responsibility, Being Ethical and Dedication to customers when developing mechanisms to support clients affected by this type of natural catastrophe.
Clients who have claims arising from property and casualty lines of business and who have taken earthquake cover will be honoured by the company. “We have the total support and commitment of our re-insurers who are world leaders with sound financial ratings. The claims settlement process with regard to earthquake claims has already commenced.” said a spokesperson for the company.
With regard to Life Insurance, all claims are considered accidental deaths arising from this natural catastrophe; hence beneficiaries of clients who had taken accident covers will receive those accidental death benefits in addition to basic life cover. The company is currently assessing the extent of the impact to its Life insurance clients in order to determine what further relief measures may be possible. The company has also set-up a process to assist staff and agents who have been affected by this catastrophe.
In discharging its obligations to the general public, Eagle has committed to set up a fund to support a project implemented by Sarvodaya to provide care and shelter for children aged up to 11 years who have been orphaned as a result of the Tsunami.
Policy holders who have lost their policy documents will be issued new policy documents after receiving the relevant information. In addition to the regular hot lines: 011 2 310310, 011 2 310410, another 24-hour phone line has also been established on 011 2 310400
