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Hon Fahie launches attack on Local Insurance Companies

- Says there is more than one way to skin a cat
Chairman of the Virgin Islands Party (VIP), Hon Andrew A. Fahie (R1) is putting local insurance companies on check over what he deemed unfair treatment served to locals following the Hurricane Irma and Maria of 2017. Photo: Facebook
“We have mortgages, vehicle loans, rent, children school and college fees locally and abroad, some also have child support, not to mention that insurance scam of a word called underinsured for which some of our homes have still not been repaired causing many to use their savings thereby falling further behind,” he told those gathered at the Capoon's Bay recreational ground. Photo: Facebook
“We have mortgages, vehicle loans, rent, children school and college fees locally and abroad, some also have child support, not to mention that insurance scam of a word called underinsured for which some of our homes have still not been repaired causing many to use their savings thereby falling further behind,” he told those gathered at the Capoon's Bay recreational ground. Photo: Facebook
CAPOON'S BAY, Tortola, VI – Chairman of the Virgin Islands Party (VIP), Hon Andrew A. Fahie (R1) is putting local insurance companies on check over what he deemed an 'insurance scam' served to locals following Hurricanes Irma and Maria of 2017.

Mr Fahie, during his First District Report and Recommitment to Service Address on Saturday, January 26, 2019, said part of the VIP’s mandate is to free the people of the territory from what he called ‘financial bondage’.   

Homes not repaired

“We have mortgages, vehicle loans, rent, children school and college fees locally and abroad, some also have child support, not to mention that insurance scam of a word called underinsured for which some of our homes have still not been repaired causing many to use their savings thereby falling further behind,” he told those gathered at the Capoon's Bay recreational ground.

“These insurance companies think that they have gotten away but tonight I put them on notice that they have not.  There is more than one way to skin a cat... A word to the wise is sufficient,” Hon Fahie said in issuing his threat.

According to Mr Fahie, “Now that we are living from pay check to paycheck, a Virgin Islands Party Government will be obligated to ensure that there are bold new initiatives to free us from this financial bondage.”

Inflation

He said the VIP team will bring to the table the requisite initiatives and programmes to lead the territory into prosperity, while understanding that more hands ‘lighten the load’.

Further, the VIP Chairman spoke on inflation while noting that his party will implement counter measures to combat the adverse economic effects.

“Inflation has taken a toll on us and the only rebuttal to this is to re-energize the economy through introducing new revenue initiatives and cutting our clothes to suit our garments,” he said.

Mr Fahie assured the audience and in essence, the people of the Virgin Islands, that “If we come together, if we dream together, if we work together… we can fix it,” while saying that the VIP is committed to that dream.

10 Responses to “Hon Fahie launches attack on Local Insurance Companies ”

  • wize up (29/01/2019, 09:21) Like (9) Dislike (1) Reply
    It is my personal opinion some political leaders can not defend us because of their personal association with such service providers as banks and insurance agencies:
  • New Premier (29/01/2019, 10:02) Like (3) Dislike (16) Reply
    When you become Premier the next two weeks make sure Gadiz get his payment . Put this saga to rest... Be the Leader . The people refusing to pay Gadiz are the ones Gadiz use his Radio show to big up ..He didn't big you up like he big them up. Yet you are the one interested in him getting his payment . Much respect . Thats righteousness ...
  • E. Leonard (29/01/2019, 11:04) Like (11) Dislike (2) Reply
    Most residents cannot afford to be self-insured so property and other insurance provides a vehicle to protect their assets, protect against liability........etc. In regards to property insurance, the consumer/insured typically has two primary choices, ie, a)replacement cost or b)under-insurance. Under-insurance? Generally, in property insurance, if an insured insures his/her property for at least 80% of replacement cost, a partial lost up to the policy limit will be covered at a 100%. For example, if the replacement cost of a house is $500K, and the owner insures it for $400K, which is 80% of replacement value, and suffers $450K structural damage lost from a hurricane, only $400K will be covered. Further, if the house owner had insured the house for less than $400K, the $450K incurred damages/loss would have reimbursed at less than $400K. Additionally, if the insured had incurred a $300K lost, the insured would be reimbursed the full $300K (100% of partial lost). Assuming that insurance companies are explaining to insureds in-depth the particulars of the policy(s) they are buying, if no they must. Furthermore, government must put policies in place and enforced them to protect the public.

    Moreover, in regards to inflation, the territory uses the US $ so it cannot set monetary policy; it can set fiscal policy to try to dampen the effects of rising inflation , ie, lowering taxes.......etc. Nonetheless, inflation is a function of the business cycle. For example, when the economy heats up, interest rate and inflation typically rises.......
    • Socrates (29/01/2019, 21:31) Like (1) Dislike (0) Reply
      Is there a listing of how many claims were filed with each insurance company after the September 2017? What percentage of those claims are still unresolved? What is the average time for processing claims? How much money has each company paid out? What is the number/% of claims that were deemed underinsured? Is the underinsurance due to insurance between the 80% of replacement value but less than full replacement value or below the 80% of replacement value? Is the 80% rules even applicable in the BVI? And if so, is it a standard practice for insurance companies to explain the 80% rule to customers? Did BVI property owners got complacent about fully insuring property due to length of time between major hurricanes hitting the BVI? Is it a good gamble to insure property below full replacement value but at least 80% of replacement value because of the low probability of incurring a total lost? Is the small size of the BVI driving the high cost of property insurance?
  • ?? (29/01/2019, 11:50) Like (20) Dislike (8) Reply
    You are 16 months late in addressing the insurance issues we faced after Irma. Why now?
  • cromwell (29/01/2019, 14:16) Like (8) Dislike (1) Reply
    Well, that's excellent news, perhaps Mr Fahie might care to tell us exactly what he intends to do.
    • Seriously (30/01/2019, 08:47) Like (4) Dislike (16) Reply
      I can tell you exactly what he intends to do.
      Nothing.
      Obviously. His comments are not intended to be taken seriously, just like all the others. They are just unicorn lists for those who are easily lead.
  • Tadow (29/01/2019, 22:00) Like (4) Dislike (9) Reply
    All of you politician full of F. You come now to blow hot air.
  • good (30/01/2019, 11:18) Like (4) Dislike (1) Reply
    Fahie don't mind the few haters. You are om target.


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