IAG to cover businesses for only centimeters of storm damage in Australia's Picton

Insurance Australia Group Ltd. has said that it will cover businesses for only centimeters of the loss and damage caused by the recent storm in the country's Picton town in New South Wales state, reports ABC Online.

IAG has defended its decision that the inundation to shops on Argyle Street in Picton was caused by both flooding from Stonequarry Creek and storm water. Payouts outside the policies provided to customers as a goodwill gesture could potentially lead to higher premiums, said an IAG official.

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