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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