Action needed from NDP on rising insurance costs - Claude O. Skelton-Cline
![Mr Skelton-Cline said, “I took note on the last sitting of the House of Assembly where a couple of the Legislators… Ronnie W. Skelton (AL), Kedrick D. Pickering (R7)… I heard them got up in the House of Assembly [to speak] about the 300% hike in insurance premiums](https://www.virginislandsnewsonline.com/cache/images/800x_8_800x_w_pickering_and_Ronnie_01.jpg)
The “Honestly Speaking” host was at the time interviewing U.S Virgin Island Candidate for Governor, Moleto A. Smith Jr when he raised the issued during his opening commentary after taking note of some NDP House Members complaining about the increased insurance costs during a sitting of the House of Assembly (HoA).
Mr Skelton-Cline said, “I took note on the last sitting of the House of Assembly where a couple of the Legislators… Ronnie W. Skelton (AL), Kedrick D. Pickering (R7)… I heard them got up in the House of Assembly [to speak] about the 300% hike in insurance premiums… I heard them raise questions about their own particular bills going up… and it’s good to finally hear them say something about insurance, but why are they only waiting until it hits their pocketbook?” Skelton-Cline questioned.
Who feels it knows it
The radio host said, “we heard little or nothing from the Government… nothing effective happened that really helped our people to be in a better position”. The radio host pointed out that even though the people have been crying out for months over how “terrible the insurance companies have treated us when we were at our lowest”, the NDP legislators are only now raising questions as the whether or not the government is meeting with the requisite sectors of the industry.
“Now that it’s affecting them in terms of the cost, now they crying out… you are all the government, you all had the responsibility then as you do now to set new policies, set a new course and new direction in place to see to it that going forward, these insurance companies cannot conduct business as usual,” he said.
“I am calling upon this government and any future government to ensure that we have a new course particularly as it relates to the insurance companies that do business in this territory.” Mr Skelton-Cline said, “I don’t take it lightly and I speak passionately about this matter because it sickens me to this day, that so many of our people are still struggling to get back on their feet due to how these insurance companies in particular had treated us.”
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21 Responses to “Action needed from NDP on rising insurance costs - Claude O. Skelton-Cline ”
In some locales, a regulatory agency regulates rates. However, there are pros and cons to government regulating insurance rates, ie, companies leaving the area/market. For the most part, government put regulations in place to ensure that insurance companies are on sound financial footing so as to be able to pay claims, ensure fairness and non-discriminary practices, insurance company(s) solvency, ensure good claims practices.........etc. A best management practice in the market place is competitive rate setting. Competition should and usually keep rates fair and reasonable.
Hurricanes Irma and Maria brought to light the issue of residentseither having no insurance or being under insursed. Buying insurance to protect property is a personal choice by property owner(s). Typically, a property owner can buy full replacement cost or under insurance. What is under insurance? For example, if a property is insured for $500K full replacement cost, any loss up to $500K will be paid. On the other hand, if the property owner insures the same property for at least 80% ($500,0000X .80=$400K) of full replacement cost, any partial lost up to $$400K will be paid. Further, if a property is insured for less than 80% of full replacement cost, any partial lost may not be reimbursed at a 100%.
And for these contractors, they are running from gov’t contracts now that they are being heavily regulated, and instead, turn to preying on us residents. They too need to be taught the same listen- standardize their rates or open up and flood the market with regional and international contractors for a period of time until rates are normalized. Create more supply than demand until they understand that they cannot continue to consume more greed than need. Enough is enough!
Same should be done for these technology companies, internet and wireless services are ridiculous for what we pay. Time for serious leadership!
Time to play hardball with these companies! We cannot continue to play victims.
Thank you Claude Skelton-Cline, thank you Doug Wheatley, thank you Edmund Maduro and guests, thank you Julian Gordon and crew, thank you Alred Frett, thank you Vino, thank you BVINews, thank you Platinum, thank you PSI, thank you Beacon, thank you Island Sun, and thank those I may have missed. What would we be without the Freedom of the Press?
My mortgage payment increased by $500 dollars per month. They doubled my insurance premium. I never made a claim. How could this be right? This is plain out wrong.