'Insurance is not just a bank loan requirement’ – Evan T. Inniss-Springer
She was speaking on Thursday December 10, 2015 at a forum at The Moorings to launch a booklet on insurance in the Virgin Islands. The booklet was a joint effort between the Insurance Association of the BVI and Money Matters BVI and is aimed at fully educating persons about the types of insurance, key terms in the industry and some of the things to consider when purchasing insurance.
Speaking to the gathering of insurance company personnel, who are members of the Insurance Association of the BVI, Inniss-Springer said too many people regard insurance as just a requirement for a loan from the bank.
She said that when someone’s mortgage is coming to an end they simply discontinue their insurance thinking that it would be a cost saving measure to do so, when in fact it could be a reckless idea which could end up being a costly one.
“They may decide to discontinue the insurance and that’s the year that they are affected,” she said.
She challenged the insurance companies represented at the forum asking them what they were doing in their own sphere to make sure that they can continue after they have made a pay-out.
“What is your corporate responsibility to your clients before to make sure that they can mitigate those negative effects? Are you doing enough? Persons have a misconception of what insurance is and I am very pleased now that you are putting out a booklet to say to persons this is what insurance is,” she said.
The right insurance
She also challenged the general public and business to ensure that they have the right kind and level of insurance. “You may have insurance. But the insurance you have is that what you really need to have?”
Inniss-Springer said that at the relaunch of the IABVI in 2014 it was an opportunity to get the membership of the body to think more broadly. “What we found is that you are doing the work, the problem is that the public does not know about it and insurance seems to be a burden. Why would you spend all your money to build the biggest house and you don’t do anything to safeguard it?”
She said that sometimes small businesses don’t see the need for insurance. But if they can have something that’s affordable then they could use that as a stepping stone from the traditional insurance. Micro-insurance has not been fully rolled out but we have gotten your feedback on it,” she said.
Innis-Springer inquired from the insurance companies present whether they had a disaster mitigation plan and encouraged them to speak with staff of the DDM if they happen not to. “Talk to us and we will walk you through it,” she said.
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12 Responses to “'Insurance is not just a bank loan requirement’ – Evan T. Inniss-Springer”
Many people are being robbed by the insurance companies. The Town and country planning required buildings to be beiuilt structurally strong with concrete and lots of steel, a cistern for water. When there is a desaster the insurance telling clients that they do not meet their deductable and CANNOT get any campensation. Nonsense. Instead of giving clients a refund for the many years without any damage, they are asking for higher preniums. A set of thives.
I will agree with some home owners to open a seperate savings account and save the annual preniums for a desaster plan.
That is the level of dishonesty I am speaking of and NO ONE is there to represent the policy holders. If there was an option not to have some of these companies I would like to see some of them rethink their methodology. People are WISER NOW than before. None of them will fool me with their slippery tounge.