One of the first principles which ought to be defended staunchly by a Democratic government is to protect the parties to a freely made CONTRACT from each other .
Especially to protect the weaker of the two and to ensure that unambiguous laws are made so that the weaker parties are not pushed to the courts, where delays and costs could wipe them out.
I think while everyone is doing his/her bit to the alleviation of the enormous man hours and property lost, one segment which is SILENT like Jonah and sleeping in the lower decks unheard and undetected are the INSURANCE GUYS!
No doubt they are running a business, but they should also realise that they are under the protective cover of the Government in many ways and areas.
I would appreciate if the IRDA sets up an office in Chennai to look into the claims of those who have been affected by the rain/drain water flooding and settle their claims expeditiously.
Otherwise, most of the claims are bound to languish in the courts and the weaker individual would be eaten away by the metronomic inflation and the deep pockets of the insurance fat cats!
The INSURANCE companies, which prey on the improbable insecurities of human existence should also be willing to rush to the aid of those who get caught in those insecurities, if it ever happens.
Insurance companies have lived off India’s inflation more efficiently than any other industry. They have collected the premium today and paid more money of less purchasing power, after two or three decades. What the insurance companies have done with all the cream of the premium is anybody’s guess!
So as a gesture of solidarity with the Chennaiwasis, all property, life insurance companies should stop playing for TIME, which is the crux of their game!
Why I believe that the Government should get the Policies enforced is because it has not only control but also has been the only agency which knows the real value of the Govt owned insurance companies’ assets. Since the policy holder has in good faith taken a policy in good times, the Govt should ensure that the Insurance companies do not let their Lawyers distinguish before the courts as to why the claim cannot be settled!
Incidentally I haven’t seen a single insurance advertisement during and after the Chennai rains. A ‘claimable’ situation makes the whole insurance industry shy of being heard or seen!
Help! Rein in the Insurancewallahs!