Insurance News
Hurricane Season Tips - Week 1
Even the BEST insurance can't stop the Hurricane, but you can do things to help yourself. Remember that a Hurricane is a natural event, and it only becomes a Disaster because of what WE do, or don't do, Before, During & After the Storm !
1. Let's start with your home or place of business. You will be amazed how many loose objects are lying around on the outside. Every one of these can become a missile, to smash your windows, your car, or even your body. The time to get rid of these potential missiles is NOW, just in case.....
Be Prepared!
2. When did you last check your Roof? Try to pound-in ALL the roofing nails - you can't tell which ones will come loose. Covering them with compound like "Flashband (and others)" is a good way to prevent leaks before they can start! Be Prepared!
3. Engineers and Architects tell us that most roofs blow-off because of pressure INSIDE, not the Wind Outside. Ease the pressure during the storm by keeping some windows or doors partly open, always on the LEEWARD side from the storm. Make sure that you close them, and open the OTHER side during the Eye of the storm.!
Be Prepared!
4. When it comes to securing your roof, Screws are stronger than Nails. Put in roofing screws IN ADDITION to your nails, and you will improve your chances of keeping your roof on!
Be Prepared!
5. Thinking of changing your roof ? Take a look at all the Old-Time buildings around the country - notice the shape of those steep old roofs, and how they do not have any Eaves. You can be sure those old roofs have seen storms come and go. So, take a tip from our grandparents -- they certainly knew what they were doing !!
Be Prepared!
Hurricane Season Tips - Week 2
1. Some Insurers are willing to give discounts or special rates for Shutters, Hurricane Clips or Straps. Check around, or ask a professional insurance broker to tell you about the insurance market. Don't wait. Check it now!
2. Looting during or after a storm is NOT covered by your
regular Fire & Perils insurance. Businesses need a separate Burglary insurance cover. If anyone tells you that your
policy covers Looting, get it in writing! Think about it now!
3. Most Vehicle policies need a special extension to pay for
Storm Damage to motor vehicles. "Comprehensive" does not automatically include this cover. If you do not have a "Special Perils" extension, you MIGHT not be covered.
Ask questions, or get someone knowledgeable to examine your policy. Please don't wait until it's too late!
4. Rain is a blessing. that's why you can't insure against rain damage. Your policy will only protect you if the rain results in your property being flooded, OR if the rain is part of a Storm or Hurricane. Check your drains and gutters now!
5. Under insurance cuts down claims. Don't just renew your policy without thought. Check what it would cost to REBUILD your building at today's prices, or to replace your Contents - you might get a shock! Ask what it would cost to insure those figures. There are professionals available who can show you how to structure your payments within your budget. Do not wait till it's too late!
The theme for the 2006 Annual Caribbean Conference was:
"OH KATRINA".................. WE MUST SURVIVE."
This was held in Jamaica from June 04 - 07, 2006 and it is clear that the effects of "Katrina" (and "Ivan" in 2004) are still being felt. The totalI Insured Damage cost from Katrina has risen to US$12 BILLION, from 707,988 claims.
International Reinsurers were very blunt in their approach this year, making it clear that they can get higher rates for their Reinsurance support in the Northern Caribbean, so "why should they offer Reinsurance at lower rates in the Southern and Eastern Caribbean?".
The message was clear to Caribbean Insurance companies: "if you don't charge high-enough rates, you won't get Catastrophe Reinsurance." This means we can expect to see no softening of Property Insurance Premiums this year, and they MAY climb higher if 2006 Hurricanes cause damage in our Region!
On the theme of "Are we ready" Jamaica's Opposition Leader, Bruce Golding pointed out the bad news that after 20 years Jamaica's Building Code has still not been legislated and when that happens he still has concerns about Enforcement. He also highlighted the need througout the Region for clear drainage, to reduce Flooding risk.
As Opposition Leader, he referred to problems caused by "Squatting"
- it will be interesting to see his stance if he should eventually lead Government!
SOME NOTABLE "CONFERENCE CLIPS"
- A World Bank facility is expected to be made available, which would provide specific amounts to Regional Governments in the event of "Named Storms". The expected payment would increase with the severity of the Storm, e.g. they would pay more for a Category 4 than for a Category 1.
- Buildings will need to be designed so that in Earthquakes, the buildings will survive long enough to enable persons to escape and to allow for search and rescue.
- Preparedness will not be achievable unless EVERYONE tries to be prepared. This includes having Heavy Equipment on standby or readily available for quick action.
- Schools may not be the best Emergency Shelters. Experience has shown that countries recover faster if normality can be restored quickly. This means getting children back to school promptly.
- The University of The West Indies has a "Virtual Disaster Library" which can be seen on the U.W.I. Website.
- "Civilisation exerts by Geological Consent" i.e. geology can change Without Notice!
- The New Orleans Fire Chief reported that Katrina was Category 3 when she hit land, but the storm surge became Category 5 level!
- New Orleans saw thousands of Hotel Guests struggling for food and supplies after Hotel Staff were allowed to leave for their own safety. Resorts need to think this through!
- Communications can break-down in a Disaster. Make very specific plans to allow for independent actions if communications are lost.
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