KUALA TERENGGANU: Business owners in the state are up in arms over the banks' imposition of insurance premiums to cover floods for their mortgaged properties. “They even insist on properties on islands to take on the insurance premium when no floods, not to mention tsunami, ever occurred there,” said the former secretary-general of the Terengganu Chinese Chamber of Commerce and Industry. Chong added that insurance companies levied 0.086 per cent premium of the mortgage amount for floods, in addition to the 0.114 per cent for fire risk. “We understand that banks and financial institutions want to protect their interests but they should take into consideration the risks involved. Low added that there were cases where insurance companies had outrightly declined offering premiums for heavily flood-prone areas like in Kemaman, Terengganu.

Source: New Strait Times July 27, 2017 09:22 UTC