Muscat: Considering the forecast for heavy rains in different parts of the Sultanate of Oman in the coming days, the Capital Market Authority (CMA) warned vehicle owners to stay away from venturing into flowing wadis or during heavy rains.
It requires the policyholder to take all reasonable precautions to preserve the vehicle, not to risk crossing valleys, and to follow instructions to avoid losing the right to compensation in the event that it is proven that the damage to the vehicle resulted from an intentional act committed by its driver.
It may be noted that untoward issues related to getting stranded in wadis were not reported during the just concluded Tej weather conditions in the Dhofar Governorate.
CMA called on citizens, residents, property owners, and owners of industrial establishments and shops that the unified vehicle insurance policy provides coverage for damages resulting from natural disasters, including storms, cyclones, and flowing valleys.
Last year, the Capital Market Authority (CMA) instructed all insurance companies to include the benefit of natural calamities coverage at the conclusion or renewal of insurance policies related to properties, homes, and establishments as the coverage against natural calamities is essential.
