Protect your investment!

With 18 named storms forecast for this year’s hurricane season,
property owners are being strongly advised to ensure that their
investments are adequately protected against potential losses.

The advice comes from Mark Prescott, Sagicor General Insurance’s Vice
President – Insurance Operations, who is warning Barbadians not to
forget the destruction inflicted by storms throughout the Caribbean’s
history, most recently the experiences of Harvey, Irma, Maria and
Dorian.

“This year’s hurricane season is expected to be 25% more active than
what had been experienced from 1950 to 2019, with eight of the named
storms forecast to be hurricanes and at least three expected to be
Category 3 or higher,” said Prescott.

“Property owners should therefore take heed and seek adequate
financial backing for what is typically their single largest
investment.”

Prescott stated that in addition to inspecting their property and
taking the time to execute repairs to help it withstand the elements
and reduce the potential for damage and destruction, owners should
review their insurance policy to make sure all details are up to date
and that the level of coverage is accurate.

He said, “After spending hundreds of thousands of dollars on a home or
commercial property, the thought of having to use their own financial
resources to repair, rebuild or replace due to storm damage is a
daunting one. Insurance therefore provides them with the peace of mind
that if their structure were to indeed suffer the worst, they can have
a home or an office to return to, thanks to Sagicor being there for
them financially as we have been for our clients across the region for
decades.”

The Vice President also made the point that the value of insurance in
the context of the upcoming hurricane season is even more critical at
this time given the current state of affairs.

“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. 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.”