Insurance companies begin to settle claims
One institution designed to ease the pain of disasters like Keith is called insurance. It is difficult to estimate how many claims have arisen from this hurricane, but adjusters have been working around the clock to get them settled. This afternoon we spoke to the head of one of the nation’s largest insurers to get a feel for the situation.
Tony Flynn, Managing Director, Regent Insurance Company
“I think a lot of the middle classes and the people who borrow money from the banks will have insurance, but the grass roots unfortunately perhaps not.”
Jacqueline Woods
“At this time can you give us an estimate of the insured damage?”
Tony Flynn
“No not really. I haven’t quite got a handle on that yet. I have had some 75, 80 claims reported to me since we opened after Keith and we will still keep getting some after a few days.”
Jacqueline Woods
“Claims that have been coming in, are they from the cayes?”
Tony Flynn
“I think 90% of all the claims will come from Caye Chapel, Caye Caulker and San Pedro.”
Jacqueline Woods
“For those who have not made claims as yet, how should people go about making claims?”
Tony Flynn
“I think the easiest thing to do is just notify your insurance company preferably in writing although we have been getting faxes from all over and just say we have suffered damage because of hurricane Keith, please come and see it.”
Jacqueline Woods
“Will companies be bringing adjusters from abroad?”
Tony Flynn
“On Monday afternoon I contacted my adjusters in Miami. I was in Fort Lauderdale at the time this happen. We had 10 adjusters come in on the first plane on Wednesday.”
Jacqueline Woods
“A very important question is and I think it is one that is on everyone’s mind is how quickly will claims be settled?”
Tony Flynn
“That will depend on company to company really. First of all certain companies keep liquid assets ready for this type of eventuality. It depends on your relationship with your own bankers; it depends on your relationship with your reinsurers. I mean if you got say 10 million dollars worth of claims, there is no way that a Belizean company can pay all that amount in the first week. But I would expect if they got a good relationship with their bankers and reinsurers and they got clients, who are very patient this won’t take too long.”
Don’t forget that there are another two months left in this year’s hurricane season, so even if Keith caught you uninsured, it’s still not too late to be covered for the next one.
