I was lead to believe that after the Bangkok floods the policies of insurance companies changed and on 1st of July 2012 the new Natural Catastrophe Insurance Fund started?! Believe the max coverage is 100.000 baht for a minimal scale 7 Richter earthquake?!
Trembler
- Thread starter LivinLOS
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LivinLOS
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My only experience, was with a million dollar clifftop villa in Phuket crashing down the hill when the retaining wall gave out.. The insurance company just refused, for one reason, then another, then another.. The owner I leased from had about 30 something mil in that villa and probably 45 in the one above me.. Lost the lot..
Theres a 10 year court case trying to take the Phuket tessabaan to court for poor structural design.. Good luck with that !!
Farang property investment in Thailand !!
Theres a 10 year court case trying to take the Phuket tessabaan to court for poor structural design.. Good luck with that !!
Farang property investment in Thailand !!
Regarding the NCIF
"However, the policies are limited and come attached to various conditions some of which are subjective.
The NCIF will cover floods, earthquakes and storm damage but in order to qualify for a payout, the catastrophe must fall under one of the following conditions:
1) The Cabinet has announced the affected area a disaster zone upon the advice of the Department of Disaster Prevention and Mitigation, Ministry of Interior; or
2) The total claims made by the insured through NCIF policies exceeds Baht 5 billion; or
3) An earthquake of magnitude Richter Scale 7 or more; or
4) A storm with wind speed of at least 120 kilometers per hour."
With the Richter Scale, a 7.0 earthquake is 10 times as severe as the recent 6.0 quake. That is pretty bad.
"However, the policies are limited and come attached to various conditions some of which are subjective.
The NCIF will cover floods, earthquakes and storm damage but in order to qualify for a payout, the catastrophe must fall under one of the following conditions:
1) The Cabinet has announced the affected area a disaster zone upon the advice of the Department of Disaster Prevention and Mitigation, Ministry of Interior; or
2) The total claims made by the insured through NCIF policies exceeds Baht 5 billion; or
3) An earthquake of magnitude Richter Scale 7 or more; or
4) A storm with wind speed of at least 120 kilometers per hour."
With the Richter Scale, a 7.0 earthquake is 10 times as severe as the recent 6.0 quake. That is pretty bad.
So what does your 2014 Home Care policy with ThaiSri Insurance cover? Did you get the NCIF coverage at 537 Baht a year for a 100.000 baht coverage?
Maybe some clarification is in order here....maybe too plastered but no idea what you are saying here.....
The White Temple in Chiang Rai, Wat Rong Khun, may be beyond repair after the two aftershocks. Link>http://englishnews.thaipbs.or.th/wat-rong-khun-beyond-repair/
2wheels
Community Manager
Marcel - my policy covers 1 million on the building, 0.5 million on contents. You can pay more if you anticipate higher repair costs.
Some other items included with limits - like theft coverage for break-ins, temporary accommodations during repair, debris removal, loss of life, etc.
I have not been offered or purchased NCIF coverage at the last renewal. I will inquire this time, but I already have higher coverage included - and it will cover damage during minor earthquakes.
Some other items included with limits - like theft coverage for break-ins, temporary accommodations during repair, debris removal, loss of life, etc.
I have not been offered or purchased NCIF coverage at the last renewal. I will inquire this time, but I already have higher coverage included - and it will cover damage during minor earthquakes.
KMA
Senior Member
Well another big aftershock last night brought the house down.
The restaurant was unaffected so
If you are in the area want to stop by say hi, have a great lunch,
coffee and dessert it would be much appreciated as the parents can use all the help they can get.
It's the first business you come to on your left when coming from CM to CR before
hwy 118 & hwy 1 intersection in Maelao. It's really a neat restaurant with huge wood trunks etc
for the build and of course the best noodles & dessert in CR!
The restaurant was unaffected so
If you are in the area want to stop by say hi, have a great lunch,
coffee and dessert it would be much appreciated as the parents can use all the help they can get.
It's the first business you come to on your left when coming from CM to CR before
hwy 118 & hwy 1 intersection in Maelao. It's really a neat restaurant with huge wood trunks etc
for the build and of course the best noodles & dessert in CR!
KTMphil
Senior member
Glad no one was hurt Jim.
KMA
Senior Member
Thanks Phil
Sorry about that BobS, I was told all Thai insurance companies now do not cover natural disasters like earthquakes anymore.
This was done after the Bangkok floods when the Thai Insurance companies had to pay out a lot of damages (meaning less or no profit?) and that is why the NCIF was formed.
AXA being a foreign company does offer the natural disaster coverage for Thailand, again I was told this is the only insurance company in Thailand doing that.
This was done after the Bangkok floods when the Thai Insurance companies had to pay out a lot of damages (meaning less or no profit?) and that is why the NCIF was formed.
AXA being a foreign company does offer the natural disaster coverage for Thailand, again I was told this is the only insurance company in Thailand doing that.
LivinLOS
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Chiang Rai style humor......
2wheels
Community Manager
What a bastard this guy is.
Compare his mentality to that of KMA, whose family is truly suffering.
2wheels
Community Manager
bsacbob
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Being a Chiang Rai resident the earth is only moving twice daily right now, mainly due to the fact my girlfriend is too scared to get into the bedroom :jump or maybe i'm off topic ?
skeedary
Senior Member
Bob down to 2 a day would be shattering news for you and urgent repairs required
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""Sorry about that BobS, I was told all Thai insurance companies now do not cover natural disasters like earthquakes anymore."
Marcel, I will be renewing the policy soon, and will check the coverage."
Just renewed my Home Care Insurance at ThaiSri.
Cost is still 2100 Baht per year.
Coverage is 1 million on Building (excluding foundation), 1/2 million on contents.
No change in coverage - policy still lists coverage for earthquake damage. No mention of NCIF coverage.
Marcel, I will be renewing the policy soon, and will check the coverage."
Just renewed my Home Care Insurance at ThaiSri.
Cost is still 2100 Baht per year.
Coverage is 1 million on Building (excluding foundation), 1/2 million on contents.
No change in coverage - policy still lists coverage for earthquake damage. No mention of NCIF coverage.