B.T.I.A. urges members to insure properly
The timing could not have been better. Less than two days after Belize experienced a near miss from Hurricane Emily, a seminar, previously scheduled by the B.T.I.A., opened today in Belize City. The subject: insuring your property against disaster. Jacqueline Woods has the story.
Jacqueline Woods, Reporting
This most active 2005 hurricane season has already seen five named storms, including two major hurricanes, pass through our region. Today, more than ever, Caribbean residents and persons in the tourism sector are being advised to take the necessary steps to adequately protect their valuable assets.
Andrew Godoy, Executive Director, BTIA
?In 2001, I know that we had problems after Iris in the south again like I mentioned with properties that were or thought that they were insured for a certain amount of monies and when it actually came to their claims from the insurance companies, they had problems with getting their full claims. And it was again some of the simple problems, things that they overlooked when they were actually filing out their or buying into these insurance coverage.?
Since that experience almost four years ago, the Belize Tourism Industry Association has been holding seminars to inform its members what they can do to protect themselves from hurricane losses. Stanley Smith is an insurance adjuster from the international insurance consultants, Smith Orloff and Associates. Smith is just one of the experts B.T.I.A. has invited to speak at a two-day hurricane preparedness workshop. Smith says it is the property owner who is ultimately responsible for maintaining the best coverage possible.
Stanley Smith, Insurance Adjuster, Smith Orloff & Assoc.
?They have to sit with their insurance broker or the insurance and get an understanding of the various coverages that are available, after all, the insurance companies are the experts; they should take the time to get informed and have discussions of the limits of insurance that they should purchase.?
The participants are also learning how to undertake property vulnerability assessments and emergency planning. According to Deirdre Shurland of the Caribbean Alliance for Sustainable Tourism, disaster preparedness is everybody?s business. Shurland says both home and business owners must do what is necessary to reduce or eliminate the devastating effects of any natural disaster.
Deirdre Shurland, Director, CAST
?You want to reduce the damage and the suffering that householders, homeowners have to go through after any kind of disaster. So you must prepare and you must make your homes and your lives, if possible, as resilient as possible to ensure that it can withstand the impact of any disaster. From a business standpoint, you also want to minimise loss to, of course loss of life, but also loss of property and you want to ensure that even after the impacts of the disaster are manifest, that you can return to normal business operations as quickly as possible.?
Insurance companies have been known to go bankrupt following a major disaster and Smith and Shurland recommend that property owners take time to evaluate the insurance company by asking questions about its capital reserves and reinsurance arrangements. Jacqueline Woods for News Five.
This is B.T.I.A.’s second hurricane preparedness workshop and they plan to make it an annual event.
