NASSAU, BAHAMAS — The Bahamas Insurance Brokers Association (BIBA) is urging Bahamians and residents to take pre-cautionary measures to insure their personal property ahead of the 2020 Atlantic Hurricane season.
The 2020 Atlantic hurricane season runs from June 1st to November 30th and is predicted to be more active than usual.
According to the Colorado State University Tropical Meteorology Project, projections indicate 16 named storms, 8 hurricanes and 4 major hurricanes.
BIBA is a non-profit organization of professional insurance intermediaries that advocates for brokers’ and their customers’ interests.
“The Bahamas lies in a hurricane belt and we are guaranteed to be faced with the possibility of hurricane hazards such as heavy rains, destructive winds, high surf, rip currents and flood surges, which all pose a threat to life and property,” read its statement.
“It only takes one event to change the status quo. We all ought to take pre-cautionary measures to protect our investments through insurance of our personal property, home and contents. While government agencies such as NEMA assist in disaster recovery they are limited to providing a maximum grant of perhaps up to $4,000 to eligible persons such as senior citizens, persons with disability, and eligible single parents in owner occupied homes.
“Neither NEMA nor government rebuild private homes or property; the insurance companies pay for this. Your insurance should be your first line of protection and recovery against hurricane or any insurable catastrophic event.”
BIBA noted there are still dozens of homes throughout The Bahamas that are in a state of disrepair from hurricanes Joaquin, Matthew, Irma and Dorian because they had insufficient insurance protection or none at all.
“Property Insurance is more than a promise, it is a legal contract that obligates the insurer to indemnify you and put you back in the position before the loss,” the statement continued.
“On a national level, the Government of the Bahamas has obtained catastrophic risk insurance through the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to rebuild our infrastructure. On an individual level, we all need to take personal responsibility and insure our homes and property investments this hurricane season.
“To gain full benefit of your insurance protection you must ensure that your sum insured is adequate (accounting for recent VAT increases and increased construction costs), your catastrophe deductible is right for your pocket, and that you maintain your property in good condition.”
It added: “BIBA encourages all property owners to take personal responsibility this hurricane season and acquire adequate insurance protection as soon as possible. Our professional members are available to provide you with an insurance audit and to clarify any concerns you may have.”
A list of members and basic hurricane preparedness steps can be found at www.bibabahamas.com.
