Vehicle insurance payout explained

Wednesday,  December 1, 2004

The Cayman Islands Recovery Operation (CIRO) has sent out a warning advising all people who are terminating vehicles that insurance settlements have no connection with the duty reduction on new vehicles. 
The warning says that it has come to the CIRO’s attention that some adjustors and insurance companies are calculating the payout of terminated vehicles based on the duty concession granted by the Government.

It goes on to say that it is not believed that this is a widespread practice by insurance companies. However, CIRO alerts all vehicle owners that insurance companies should not be using the duty concession in the calculation of the payouts made on vehicles damaged by, and terminated due to Hurricane Ivan.

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