NAGICO almost at a 100% settlement score
~ NAGICO continues to settle hurricane insurance claims at a score of 94% to date in St. Maarten, according to a company statement to StMaartenNews.com ~
PHILIPSBURG — NAGICO wrote to StMaartenNews.com that they “were pleasantly surprised and very appreciative of the heartwarming gesture of gratitude publicly expressed by Carrefour.” This was in response to an inquiry regarding the Thank You billboard sign at the Carrefour parking lot entrance StMaartenNews.com submitted in writing to NAGICO’s management.
StMaartenNews.com also inquired if claims for the recent fire damage were being settled to parties’ satisfaction. NAGICO stated that “As it relates to the recent fire, parties are working together and the claims handling process is well underway.”
When asked as to the status of settlements in total on Dutch St. Maarten, NAGICO answered that 94% of the claims on Dutch St. Maarten has been settled versus a market settlement of 70% as per the stats published by the Central Bank of Curacao and St. Maarten (CBCS). In regards to their French St. Martin progress, NAGICO indicated that the majority of their business in that territory relates to the motor line which is currently in the >90% settlement category.
NAGICO states that their “team has worked tirelessly each day since the passage of Hurricanes Irma and Maria to help our most important stakeholders, our clients, and they will continue to do so until all claims are settled.”
NAGICO continues commitment to the rebuilding process of St. Maarten.
In regards to market comparisons, NAGICO was very clear in its statement that they “can only comment on the status of settlements of NAGICO related claims. We are pleased to advise that to date 94% of claims have been settled and nearly 500M guilders – over a quarter of a billion US Dollars – paid out in St. Maarten. NAGICO is a regional insurer and, thus far, it has paid over 1 billion guilders – over $600 million US Dollars – in claim settlements across the Caribbean and continues to do its part to help the region rebuild.”
StMaartenNews.com questioned the impression that Business Interruption claims seem to be a problem for some companies. According to NAGICO, Business Interruption claims by their nature have a longer settlement lead time as the amount payable is most reasonably calculated at the end of the indemnity/covered period and is dependent on the quality, accuracy and completeness of accounting information and records submitted by the insured. “NAGICO does not consider Business Interruption claims problematic. NAGICO has a qualified and experienced team of insurance professionals that handle all claims.” the company stated in response to the status query of business interruption claims settlement.
When asked what advice NAGICO would give businesses in order to help settle claims expeditiously, NAGICO stated that clients should “provide their insurer, in the shortest timeframe possible, with detailed, accurate, complete and reliable contractor / vendor estimates and accounting records, as applicable, to substantiate their claim.”
Having a clear understanding of your insurer’s claims handling process and your responsibilities is important. NAGICO stated that it has a diligent claims team to assist all its policyholders and a resource section on its website dedicated to providing guidance on the following procedures:
- How to report a claim
- Who can report a claim
- Tips for reporting a claim
- Claims handling process
“Engaging in dialogue with your agent and broker, and insurer as necessary, at the onset and periodically thereafter, having an understanding of the claims handling process and each party’s responsibility as well as the execution of same, particularly the submission of detailed contractor/ vendor estimates and accounting records, will contribute to the efficient settlement of all claims: commercial or otherwise.” NAGICO stated.
The company’s statement emphasized that the NAGICO Group is financially strong and stable. When asked about the status of their Life division, NAGICO stated “We offer a variety of life and pension products through the life arm of our group and continue to innovate in this insurance space; for example with our EPIC Pension product and Freedom 65 plan. We also effectively service the term life / mortgage market with our “Jet Underwriting” offering. NAGICO Life prides itself in being able to provide its policyholders with the comfort of a strong balance sheet, as well as fast service and quality product offerings through its team of knowledgeable and experienced life insurance staff and intermediaries in the Dutch Caribbean.”
Finally, StMaartenNews.com asked NAGICO what advice the company can give to policy holders with the present hurricane season active for our region. “Be prepared.” was the direct answer. “Get an up to date appraisal of your property. Contact your Agent or Broker to ensure that you have appropriate coverage and ensure that you have advised them of any repair work currently being done at or additions being made to your property. Take all necessary precautions to safeguard your home and family. Check out NAGICO’s Facebook Page and website for Hurricane Preparedness Tips.”
In conclusion management informed StMaartenNews.com that “NAGICO Insurances has a strong balance sheet and a proven track record: from hurricanes Hugo, Luis, Marilyn and Lenny, to volcanic eruptions in Montserrat and many other hurricanes including Irma and Maria. We are reliable, stable and here to stay and serve the market in St. Maarten and the Caribbean as a whole.”
