Westpac has ensured flood-affected customers that they won't be caught out when trying to make insurance claims.
The bank has announced that it has adopted the Federal Government's standard definition of flood as a standard part of its home and contents insurance policy, saying it is the first major to do so. The definition proposed by the government last November in the wake of the Queensland floods and ensuing insurance fall-out covers both flash flooding and riverine flooding.
"The government’s definition provides consumers with absolute clarity on protection in the event of flooding and we’re pleased to be able to quickly adopt that definition in our policies and continue providing the strong protection for people that are caught up in these terrible situations," Westpac Group executive of retail and business banking Jason Yetton said.
Yetton said customers had always been covered for both flash and riverine flooding, but claimed the coverage was now more explicit with the adoption of the government's standard definition.
"Our home and contents insurance policy covers floods across all levels of insurance. Westpac customers can be reassured that covered really means covered, and is an indicator that we offer comprehensive building and contents insurance with generous limits," Yetton said.
The bank has also offered assistance to customers in flood-affected areas of NSW, and has vowed to process claims "as quickly as possible". Westpac said 99% of the claims filed as a result of the Queensland floods were approved.