Unforeseen events a reminder of the need for adequate insurance coverage
One year ago no one would have predicted the eruption of the La Soufriere Volcano, the engulfing of the island in an unprecedented amount of ash fall, or the development and subsequent landfall of a subtropical storm system prior to the official start of the 2021 hurricane season.
It is for these very reasons that Sagicor General Insurance is advising every Barbadian home and commercial property owner or renter, to begin 2022 by evaluating their insurance coverage needs and taking the necessary steps to protect what they have worked hard for.
Mark Prescott, SGI’s Vice President of Insurance Operations, said the occurrence of these unforeseen events during the course of 2021, following on from the unprecedented experience and continued impact of the COVID-19 pandemic, are clear reminders of life’s unpredictable nature and the need for persons to always be prepared for the worst.
“If the last two years are proof of anything, it is that we don’t know what is coming around the corner, but with the right approach, we can put ourselves in a position to withstand whatever may come our way. Having spent hundreds of thousands of dollars to build or purchase a property, or to obtain appliances, equipment and other costly items, the thought of having to spend that same amount of money or more to replace or to rebuild is a very daunting proposition”, said Prescott. “With the right insurance coverage, individuals can be assured that in the unfortunate event that their property or possessions are damaged or destroyed by such disasters, Sagicor would be right there with the necessary financial support to help them pick up the pieces and get their lives back in order as quickly as possible”, he added.
The insurance executive also made the point that the value of insurance in the context of the prevailing environment is even more critical at this time.
“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 and to review those policies to ensure they are adequately covered. 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”, stated Prescott.