Time for the government to take a stand

LETTER TO THE EDITOR

Time for the government to take a stand

Tuesday, June 21, 2005

Dear Sir,

I have to agree with Ms Naomi Oyog on her views regarding insurance coverage that one pays for and does not get when it’s time for the insurance companies to pay up.

As I stated in one of my past letters regarding the insurance and banking industry, it’s time for the Cayman Government to take a stand and place the necessary restrictions on these industries as to the amount of rate and premium increases that’s allowed.

Here we are again at the start of the hurricane season and with so many people who have not been settled with or had their homes repaired from the past destruction by Hurricane Ivan. We know that all insurance companies have deductibles, but just that, a deductible. Not other angles such as under or over insured. When a person takes out an insurance policy for a certain amount on their home or business for x amount of coverage, that’s what they are entitled to, minus the stated amount of the deductible.

It’s now 15 June and we had our first tropical storm for the season. Taking into account the present Government has been in office for a very short time and has a heavy task ahead of them; however the relief to the people is needed as soon as possible.

It should be made mandatory that the insurance companies make available to their customers plans that they can pay their premiums over a period of time such as nine to twelve months instead of one or two lump sum payments, as many of the companies have at present.

This would ease the burden on the paying public and would allow more people to have coverage on their properties. This should be one of the greatest and priority projects for the Government.

Floyd De Osca

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