Insurance
Grenada had approximately thirty thousand
(30,000) buildings in 2004, at the time
of Hurricane “Ivan”. According to the
Association of Grenada Insurance Companies
(AGIC), based upon data compiled from
its membership, there were approximately
five thousand (5000) claims reported and
a number of properties had two or more
claims impacting the same property. Of
the approximate thirty thousand (30,000)
buildings, more than seventy percent (70%) of
them, say twenty-one thousand (21,000), were
damaged in varying degrees. But there were
only five thousand (5,000) claims reported, in
the circumstances, one has to conclude that
many buildings had no coverage. to educate citizens, and businesses, regarding
the advantages of protecting your assets, your
financial security and that of your loved ones,
through the purchase of insurance.
To be quite honest one of the causes of this,
Ronald Hughes believes, is an underlying
distrust of the insurance industry. This
distrust suppresses the willingness of
persons to buy coverage, be it life, pension,
or property. The recent failure of a large
Caribbean financial institution, has further
deepened this distrust. However, through
various mediums, there is an ongoing effort of interest. The insured is obliged to present
that information to the insurer. We can
assist by guiding the client, but ultimately it
is the duty of the insured to provide accurate
information. Should an individual or corporate
body choose to give an insurer an exclusive on
their business, there is the likelihood of being
able to leverage better terms, particularly if the
relationship is long term”.
52
When seeking to purchase insurance you
need to have the relevant information to
present to the insurer. Hughes adds “Some
people attempt to have insurers advise them
on values. Personally, I see it as a conflict
Sum insured (SI) $500,000 X
Loss Incurred (LI) $250,000
Replacement cost (RC) $1,000,000
=$125,000 Pay out to the client
www.businessgrenada.com
In closing Ronald Hughes states “Our rates are
competitive and we maintain the lead position
in the Grenada Insurance Market”.
Clearly according to Hughes, when it comes
to Insurance…some things are just worth
paying for.
So…”Protect your Assets!”
Guardian General Insurance provides insurance
for residential properties, commercial
interests, motor vehicles, public and employers
liability, marine craft and cargo, aviation risks,
construction and erection risks, financial risks,
performance and bid bonds, and professional
indemnity.
Parent Company GHL through its various
subsidiaries trade in over 21 Caribbean
Countries and is one of the largest Insurance
providers in the region, with three divisions of
operations covering General Ins. Life / Health /
Pensions, and Asset/Wealth management. BG
Guardian General Insurance (OECS) Limited
The Mutual/Trans-Nemwil Office Complex
P.O.Box 221, The Villa St George’s Grenada
West Indies Tel. 1 473 440 3099