“This is no time to nickel and dime” says Summit Insurance Company’s pres.
NASSAU, BAHAMAS — Insurers have reaffirmed their commitment to fairness in the post Hurricane Dorian claims process, with one insurance executive noting: “This is no time to nickel and dime”.
At a press conference today, Bahamas Insurance Association (BIA) Chairman Warren Rolle said that insurers remain committed to fulfilling their contractual obligations as the association sought to dispel what it called the “myths” that insures would not be fair in the claims process.
Rolle noted that A.M. Best, which is the international rating agency for insurance companies, recently issued a press release advising that the credit rating for several insurers are under review.
“We wish to convey to our clients that that there is no reason for concern,” he said. “This is the modus operandi for A.M. Best following any major disaster as they are required to provide objective commentary on any material development that may lead to a rating downgrade.”
Tim Ingraham, Summit Insurance Company’s president said, “We as insurers are committed to being very fair. This is no time to nickel and dime.”
Ingraham continued, “We do have some folks coming in from outside offering clients assistance with settling their claims. In many instances they don’t understand policy conditions because the policy conditions where they come from are different. This often leads to a protracted process. The claims where they get involved tend to be the ones that take a bit longer too settle because we find they are over inflated and there are things in there not covered by our policy, but may be covered by a policy in covered by a policy in another jurisdiction.”
He continued, “Some of the time when you get someone to assist with your claims, especially those who come across our border, be aware they will have significant fees which they take from your insurance settlement. I’m not saying you can’t get someone to assist in negotiating your settlement, but you must understand their fees. Make sure they are qualified and know what your policy covers.”
Patrick Ward, Bahamas First’s group president and chief executive urged persons who have suffered property loss from Hurricane Dorian to give their insurer the opportunity to deal with the claim fairly and quickly.
“Within the coming weeks there will be tens of millions of dollars coming into the country by way of reinsurance,” Ward said. “This is an important aspect of the recovery exercise and part of our aim is to make sure everything we can do as an industry is make sure those dollars reach the people who need it, so they can look after their personal affairs.”
This article was written by Senior Business Reporter Natario McKenzie