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'Insurance is not just a bank loan requirement’ – Evan T. Inniss-Springer

- Deputy Director of DDM said too many persons see insurance as a burden; challenged insurance companies to do more to educate public on what they offer
WICKHAM’S CAY II, Tortola, VI – Deputy Director of the Department of Disaster Management (DDM) Evan T. Inniss-Springer is of the view that many persons have a wrong perception as to what insurance is and the faster they get it right the better. Photo: VINO
Part of the audience in attendance. Photo: VINO
Part of the audience in attendance. Photo: VINO
The booklet that was launched with a view to making issues within the insurance industry clearer to understand. Photo: VINO
The booklet that was launched with a view to making issues within the insurance industry clearer to understand. Photo: VINO
WICKHAM’S CAY II, Tortola, VI – Deputy Director of the Department of Disaster Management (DDM) Evan T. Inniss-Springer is of the view that many persons have a wrong perception as to what insurance is and the faster they get it right the better.

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.

12 Responses to “'Insurance is not just a bank loan requirement’ – Evan T. Inniss-Springer”

  • just asking... (15/12/2015, 08:41) Like (1) Dislike (0) Reply
    is she talking about he NHI?
    • 1Q (15/12/2015, 08:55) Like (1) Dislike (0) Reply
      Reading through the story it's about insurance for property and home, better to be safe than sorry.
      • survivor (15/12/2015, 09:29) Like (2) Dislike (0) Reply
        it will be good to hear her take on the NHI but then again if she speaks the truth and she not from here she gone with the win!
  • Charley Rose (15/12/2015, 09:34) Like (7) Dislike (5) Reply

    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.

    • ? (15/12/2015, 14:13) Like (0) Dislike (0) Reply
      You agree a deductible before you go ahead with a policy? If the damage is less than the deductible amount then obviously its not worth claiming? I'm not sure what your point is.
      • Charley Rose (15/12/2015, 17:22) Like (0) Dislike (0) Reply
        It is about time people in the BVI become aware of the scam some of these insurance companies are conducting in the territory. The level of deductible don't state the value of the damages or loss in cash. What they do is they state the percentage of loss and the percentage is determined by the company If they state categorically that it is $10.000. then we will agree with the value. Policy holders are been told that the deductible may be 20%. When the insurance conduct their own assessment and inflate the figures and the policy holder is left with no compensation.
        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.
    • que (15/12/2015, 15:47) Like (1) Dislike (0) Reply
      My goodness the grammar smh wow.
  • farmer brown (15/12/2015, 13:17) Like (2) Dislike (0) Reply
    You mean debreo let someone else get coverage in her Department…Hmmmm
    • Unbelievable! (15/12/2015, 16:59) Like (2) Dislike (0) Reply
      farmer brown you are really a piece of work. I see all her staff out in the community and speaking on topics relevant to their area of expertise. Obviously you are one of those who DaBreo (correct spelling on her name since you constantly get it wrong) needs to do more with to get your attention because it's obvious from your statement that you have no clue what goes on.
  • I'm lost. (15/12/2015, 19:58) Like (1) Dislike (0) Reply
    I'm lost. Where is she going. What's her point? She is trying to say something but she yet to say it...I will stay lost.
  • WHOO (15/12/2015, 20:04) Like (0) Dislike (0) Reply
    WHEN ONE OF THEM GET SIX ....they going straight overseas....


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