Thursday 9 July, 2020

Sagicor says insurance would give property owners 'peace of mind' now

Mark Prescott, Vice President – Insurance Operations at Sagicor General Insurance Inc.

Mark Prescott, Vice President – Insurance Operations at Sagicor General Insurance Inc.

Sagicor General Insurance is calling on homeowners to safeguard their investments 'like yesterday', as the 2020 hurricane season is already underway.

Forecasts speak to 18 named storms for this year’s hurricane season, and Sagicor General Insurance’s Vice President – Insurance Operations Mark Prescott is strongly advising property owners to ensure that their homes, shops and stores are adequately protected against potential losses.

So far, two named storms formed during May - Arthur and Bertha.

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Warning Barbadians not to forget the destruction inflicted by storms throughout the Caribbean’s history, most recently the devastation left behind after Hurricanes Harvey, Irma, Maria and Dorian, he said:

“This year’s hurricane season is expected to be 25 per cent more active than what had been experienced from 1950 to 2019, with eight of the named storms forecast to be hurricanes and at least three expected to be Category 3 or higher”, said Prescott. “Property owners should, therefore, take heed and seek adequate financial backing for what is typically their single largest investment.”

According to a press release issued, Prescott stated that in addition to inspecting their property and taking the time to execute repairs to help it withstand the elements and reduce the potential for damage and destruction, owners should review their insurance policy to make sure all details are up to date and that the level of coverage is accurate.

He said: “After spending hundreds of thousands of dollars on a home or commercial property, the thought of having to use their own financial resources to repair, rebuild or replace due to storm damage is a daunting one.

"Insurance, therefore, provides them with the peace of mind that if their structure were to indeed suffer the worst, they can have a home or an office to return to, thanks to Sagicor being there for them financially as we have been for our clients across the region for decades.”

The Vice President also made the point that the value of insurance in the context of the upcoming hurricane season is even more critical at this time given the current state of affairs.

“We are cognizant of the fact that many individuals have been impacted financially by the COVID-19 pandemic. However, we want to urge those who already have their properties insured to do their best to keep those policies in place. If they are experiencing financial difficulties, we encourage them to come to us, explain their situation and we will do our best to work with them. The worst possible thing that could happen to any of these individuals at this time is to experience significant damage or loss of property without the financial ability to repair, rebuild or replace.”

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