Insurers Begin Payouts As Thousands Of Claims Flow In

Sherine Williams, Journalist | October 11, 2017 11:56 am MDT
Photo Credit: Sherine Williams
Two popular local insurance companies have confirmed that they have started paying out claims to BVI clients, who suffered losses during Hurricane Irma last month.

Eighty percent of the BVI was affected by Hurricane Irma. Since then, local insurers have been scurrying to estimate the damage across the territory, as many transport operators and property owners file claims to recover funds to replace what they lost.

"When you combine homes and businesses and motor vehicles, we already have close to three thousand claims. But I am happy to report that we started paying out claims last week and we have set a target of ten motor vehicle claims per day, about 3 to 6 property claims," said Managing Director of NAGICO Insurances, Shan Mohammed.

"We expect our claims in the BVI to be between $150 to $200 million," Mohammed stated.

Director of Caribbean Insurers Limited, Simone Monsanto also said her company estimates that it will be paying out millions to hundreds of clients, who have already started to file claims.

"We have started paying out claims and rest assure that everyone who submits claims will be sorted out but it is a process so we ask for persons to give us time to get to everyone.

"We have about 25 adjusters on the ground, but because of the magnitude of this hurricane and the amount of claims, it can't be as fast as you would want it," Monsanto assured.

Willing To Work With Clients

Photo Credit: Sherine Williams
Meanwhile, members of the public have expressed that they are unable to meet claim deadlines being issued by some local insurance companies.

However, both insurance companies that spoke to BVI Platinum News expressed their willingness to work with their clients, who may not be able to submit their claims on time.

"We will deal with those issues on a case by case basis, but we encourage persons who are out of the territory to ask a contact here who can show us the boat or the motor vehicles, so we can start the process until you get back," Mohammed stated.

Monsanto said Caribbean Insurers has not instituted a deadline, but has found a creative way to meet clients who have difficulty, by asking them to submit their claims via telephone.
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