Booby trap in the fine print as industry cops warning
Friday, February 4th, 2011
Booby trap in the fine print as industry cops warning by Clancy Yeates Brisbane Times 3rd February 2011
Cyclone Yasi is set to highlight another obscure clause buried in insurance policies that allows insurers to avoid paying claims in full when a natural disaster strikes.
North Queensland residents were warned yesterday that sea levels could rise by as much as 1.6 metres when the cyclone hit the coast, causing dangerous waves and flooding some areas.
But several big insurers exclude cover for this type of event, known as a storm surge, from their insurance against cyclones. Read article.