While emphasising the importance of Jamaicans having insurance as a responsive tool to a range of impacts of tropical cycles, BCMG Insurance Brokers is offering its assistance to curate a comprehensive approach to accessing compensation in the event of such natural disasters.

But what does that mean?

“When we’re speaking of a comprehensive approach, we’re saying to the client that, ‘We’re here to hold your hand’,” BCMG marketing manager Kristen Cross told Our Today.

She explained that in many cases, insured clients do not get payment because they go to the insurance companies, relate their circumstances, and request immediate payment without completing a claim form and providing supporting documents.

In the case of damages to a house or any other property, Cross said the insured should get an estimate of the damage from a qualified professional such as a contractor who should provide an invoice outlining all the costs for repair.

Once these requirements are fulfilled, BCMG sends an immediate notification to the insurer indicating that the claim process has begun. Following this, the insurance broker makes an appointment with a loss adjuster for the insurer to approve.

BCMG also accompanies the adjustor to the location to assess the damages sustained, facilitating a hassle-free claims process for clients.

“Our main obligation at BCMG is to deliver peace of mind and support to our clients when they need it most,” explained Pauline Campbell, claims manager at BCMG.

“In the occurrence of a hurricane, we have streamlined processes in place to ensure prompt assistance and the systematic handling of claims,” she added.

Reading and reviewing

Part of the process to which Campbell refers includes having an insurance agent help the claimant interpret the policy agreement he or she has signed and understand the nuances of it.

Notwithstanding, Cross insists that such a process should be conducted when signing up for insurance coverage as agents should be helping clients to choose the best policy. Thereafter, both businesses and individuals should review their insurance coverage ahead of the hurricane season.

“We understand the urgency of a crisis like hurricane damage and strive to support and offer guidance every step of the way,” Campbell stated, adding: “Our dedicated claims team is committed to providing immediate assistance.”

But, as Cross points out, receiving payment for an insurance claim is no easy process. Depending on the number of claims an insurance company receives, the time between submitting an insurance claim and receiving the payout can take up to six months.

“There are two things you have to look at when it comes to a payout. One, how many people are involved during this incident, for instance? If it’s a hurricane that affects a whole parish, if it’s a hurricane that only affects one or two homes, those are two different instances, right? They would deal with different timelines,” she told Our Today.

The second condition, she reiterates, is that customers should get an estimate for the damages to their property and submit it to the insurer.

Accessibility and affordability

Still, how affordable and accessible is property insurance? Our Today put this question to Cross.

She explained that if a property owner is paying mortgage, it is highly likely that insurance payments are incorporated in monthly payments. However, if the individual outrightly owns the property then he or she is responsible for insuring it.

“When it comes down to a single owner taking out coverage on their own, the policy can be financed over a period, so it doesn’t have to be a one-off cost. It’s a monthly payment. Right now in the market, they’re doing payment terms for anywhere from four to nine months, and that makes it more affordable,” the marketing manager said.

Cross, who doubles as a risk manager, pointed out that if a property is valued at around J$2 million, the yearly premium would be less than J$200,00 per annum.