Insurance
There is an insurance policy for any and all needs: it’ s just a matter of knowing how to find it. We also do marine and aviation, all the diverse liabilities of which you can think.
Insurance
individuals. I asked the board to change that approach in Grenada and allow me to pursue personal lines. The reason is that I cannot say to a manager that CGM wants to provide their business insurance but not their personal needs, such as house or car. You have to be personal in Grenada”.
Since Tricia changed the approach of the Grenada office and, as more people here became aware of the elite service CGMG provides, more new clients have sought the company’ s services.
Insurance companies assess the value of cover according to the risk involved, and an insurance broker such as CGM finds the company that offers appropriate cover for the least cost to those seeking security.“ If you have an asset, such as a car or a house or a business, you are likely to be able to cover minor repairs”, Tricia explains.“ However, in the event of a significant loss, is anyone able to easily fund a repair? Unlikely. Insurance provides that security”, she says, adding that“ people pay into the insurance pool to help each other out should something bad happen”. Tricia sees insurance as a prudent form of spreading risk through community action.
Since Hurricane Ivan struck Grenada, causing roughly US $ 1.1 billion of damage, a lot of people have learned prudence and read their policy documents carefully. For instance, there is a condition of average that relates to those who have insufficient insurance.“ If you insured a $ 500k house for half its value”, Tricia says,“ because you decided you would not lose it all, the condition of average says that in the event of a loss then you are a co-insurer. You retain 50 % of the loss, however much that is. So if you suffer
$ 100k
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There is an insurance policy for any and all needs: it’ s just a matter of knowing how to find it. We also do marine and aviation, all the diverse liabilities of which you can think.
damage then you are responsible for $ 50k of that”.
She explains that it is essential“ to go to a qualified property surveyor, preferably one we recommend. You need a property valuation within the year before you take out insurance. You don’ t have to renew it annually if you don’ t develop your property. It can be good for three or four years. If you do increase the value of your home then you have to have a new valuation. There’ s a market value and a replacement value. You need to know what it will cost to return your building to its current state”.
CGM has brokered insurance services to several of the Caribbean’ s utility companies for many years, and counts Grenlec, Flow, Lime, and Digicel among its clients here and elsewhere. However, for such companies insurance can become difficult because there are treaty restrictions on, for example, transmission and distribution lines for the telecommunications companies. This means that utility companies have to selfinsure by forming what is known as“ captive” reinsurance, and one of CGM’ s specialities is helping regional companies with huge risk to set up their reinsurance. On this scale, CGM combines the other insurance requirements of utility companies and takes this to the
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London market.“ The utility companies have benefitted”, Tricia explains,“ because the premiums have been significantly reduced due to the combined size of the deal for which we are asking”.
One of CGM standards is to undertake a full review to ensure a client receives the optimal deal.“ We study what you have and look at your operations”, Tricia says, because“ your insurance may or may not be appropriate for your risk exposure”. Providing an example, she says that a“ supermarket has goods that are on or close to the floor, which is a risk when the public are in the shop”. In such a case a robust insurance would include a public liability policy.
Another area where liability policy is much needed is in the hospitality sector. Hotels and marinas, for instance, sign contracts with third parties who provide on-site yet independent services such as restaurants and boutiques, or who take guests out on diving or walking tours. The many excellent shops and businesses that are based at Port Louis, for instance, and add so much to the attractiveness a n d
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