Motor insurance fraud is a larger problem than many people think. It is estimated that between 15 and 20 per cent of the money insurers pay out are for claims for damage arising from accidents that never happened and inflation of claims to include damage or loss that did not occur or was not attributable to the accident reported.

Insurers have to spend large sums to root out both criminal fraudsters and otherwise honest policyholders who inflate their losses, resulting in higher insurance premiums for all. If you know of someone who has committed fraud, or is planning to commit this crime you should advise the Police, or you can call Crime Stoppers at 328-8477 (328-TIPS), this number is answered on behalf of the Bahamian Crime Stoppers Foundation by the Miami/Dade Crime Stoppers in Florida, thus guaranteeing anonymity.

For those people fortunate enough to own their own home, the property usually represents their most important and valuable asset. Purchasing the right amount of insurance is essential to protect their home from the hardship that would result from loss or damage caused by fire, or by hurricane. Read more...

When you take out insurance you are covering yourself against the unexpected. You want to be protected in case you’re burgled, or your house burns down, or hurricane force winds wreck your roof and rain destroys the contents of your home. If you do not have insurance that provides adequate protection you could face serious financial troubles if disaster strikes.

For insurance to be valid the insured must:
1. Benefit from the survival of the subject matter insured, or
2. Suffer when loss or damage to the subject matter insured occurs, or
3. Incur liability in respect of the subject matter insured.

In the absence of any of these interests, known as an “insurable interest”, the insurance policy will be an invalid contract and the insurer will not pay out. Every person has an insurable interest in their own life and spouses are deemed to have an interest in each other’s lives.

Similarly, if you own a vehicle you would suffer when damage occurs to the vehicle and would also have an interest in protecting yourself from any liability to third parties incurred by you from the operation of the vehicle

If you should ever have to deal with our claims department after suffering the misfortune of a hurricane, there are some things you should know to make your claim go smoothly.

Although your agent should have a copy of your insurance policy, try and find your copy of the policy and read it. Policies usually pay for temporary repairs to protect your home from further damage and either the actual value or the replacement value of the damaged property.

Vehicle owners regularly “shop around” for their best deal in motor insurance. Before you start comparing what’s available, remember the cheapest is not necessarily the best and different quotes may be for different coverage. It’s important to check whether the policy you intend to buy meets your needs. Read more...