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Airport and insurance going to court
#161372
05/22/2018 01:34 PM
05/22/2018 01:34 PM
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Joined: Mar 2009
Posts: 18,799 Auburn, WA
SXMScubaman
OP
Traveler
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OP
Traveler
Joined: Mar 2009
Posts: 18,799
Auburn, WA
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Re: Airport and insurance going to court
[Re: SXMScubaman]
#161383
05/22/2018 03:36 PM
05/22/2018 03:36 PM
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Joined: Mar 2001
Posts: 1,296 Colorado and Sailing the World
Maria_and_Steve
Traveler
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Traveler
Joined: Mar 2001
Posts: 1,296
Colorado and Sailing the World
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It seems from looking at their corporate numbers, NAGICO will have a difficult time covering airport damage claims of this magnitude. NAGICO is a small Caribbean insurance company with Equity of $100 million and Assets of $300 million ( https://www.nagico.com/about-nagico/). The airport claims may make NAGICO insolvent. For their next insurer, the airport might want to choose a large, out of the Caribbean insurer (note: Their new insurer is Guardian Group, also small and a Caribbean insurance company). Just sayin'
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Re: Airport and insurance going to court
[Re: deputydog1157]
#161396
05/22/2018 05:35 PM
05/22/2018 05:35 PM
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Joined: Mar 2001
Posts: 17,541 Ohio
ruralcarrier
Traveler
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Traveler
Joined: Mar 2001
Posts: 17,541
Ohio
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Just seems like business as usual with insurance companies. They try to pay as little as possible and just expect the insured to accept whatever the insurance company is willing to pay. The insurance company has nothing to lose by fighting this because if they win, they save millions and if they lose then the'll have to pay what they previously agreed to, provided they don't file bankruptcy beforehand. While my personal situation has nothing to do with the Caribbean, we had the unfortunate opportunity to use our auto and homeowners insurance two times last year. One situation was hail damage to our house/roof and the other a rental car problem with a road hazard. I was very pleasantly surprised at the ease of doing business and how both claims were resolved with my smaller independent insurance company. People often shop for the "cheapest" and when insurance is actually needed, it ends up costing a lot when you go with the "cheapest". I will disagree with your blanket statement about insurance companies and hopefully what Lesley stated is correct.
J.D.
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Re: Airport and insurance going to court
[Re: SXMScubaman]
#161400
05/22/2018 05:48 PM
05/22/2018 05:48 PM
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Joined: Jan 2003
Posts: 763 Chicago area & St-Martin
ChiTownHarry
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Traveler
Joined: Jan 2003
Posts: 763
Chicago area & St-Martin
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Nagico did right by us. We sent in a notification of damage to our condo in Oyster Pond. We visited Nagico when we arrived on the island in February. They sent out an adjuster a month later, Got his report a month after that and Nagico wire-transfered the settlement into our French bank account on the island.
Great service.
--ChiTownHarry
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Re: Airport and insurance going to court
[Re: SammyM]
#161408
05/22/2018 06:27 PM
05/22/2018 06:27 PM
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Joined: Mar 2001
Posts: 17,541 Ohio
ruralcarrier
Traveler
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Traveler
Joined: Mar 2001
Posts: 17,541
Ohio
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For the record, some (not all by any means) businesses and home owners who had no insurance were the first to start GoFundMe accounts or complain about the damage, the cost of repair and rely on others to help them out.
J.D.
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Re: Airport and insurance going to court
[Re: ruralcarrier]
#161413
05/22/2018 07:37 PM
05/22/2018 07:37 PM
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Joined: Aug 2000
Posts: 82,852 Central Florida!
Carol_Hill
Traveler
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Traveler
Joined: Aug 2000
Posts: 82,852
Central Florida!
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Not particularly relevant to the Caribbean, our experience with insurance here in Florida from Irma was not great. Huge deductible, based on a totally unrealistic cost to rebuild..
Carol Hill
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Re: Airport and insurance going to court
[Re: SXMScubaman]
#161419
05/22/2018 08:31 PM
05/22/2018 08:31 PM
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Joined: Sep 2003
Posts: 18,577 St Maarten
BillandElaine
Traveler
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Traveler
Joined: Sep 2003
Posts: 18,577
St Maarten
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We don't have Nagico, but we were very happy with our insurance. $0,75 to the dollar was quite fair. Most friends felt the same.
Elaine ********************************* God Bless the broken road....
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Re: Airport and insurance going to court
[Re: Carol_Hill]
#161431
05/23/2018 05:17 AM
05/23/2018 05:17 AM
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Joined: Mar 2001
Posts: 17,541 Ohio
ruralcarrier
Traveler
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Traveler
Joined: Mar 2001
Posts: 17,541
Ohio
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Not particularly relevant to the Caribbean, our experience with insurance here in Florida from Irma was not great. Huge deductible, based on a totally unrealistic cost to rebuild.. Yes, your situation was much different than I experienced and was shocking to me.
J.D.
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Re: Airport and insurance going to court
[Re: sasasal]
#161489
05/23/2018 11:21 AM
05/23/2018 11:21 AM
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Joined: Mar 2007
Posts: 221 London,Ontario CDN
JMSH
Traveler
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Traveler
Joined: Mar 2007
Posts: 221
London,Ontario CDN
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We have owned a home in pelican keys for years. we never had insurance. We put money aside for emergency. In the end. we have gone through luis, and now irma. we had the funds to pay for repairs. Better to put money aside than depend on isurance that could not pay out, go bankrupt or what else???? The way we see it!!!! put money aside for emergency. that goes for all resorts, resturants, and businesses on Island. why would anyone count on insurance??? have they not learned from luis??? Save money and put aside for hurricanes... Much cheaper and more able to fix without waiting for faulty insurance co. of course that is assuming that the hurricane or any other event does not happen the day after you started saving, or the year after you started saving or the 5 years after you started saving.
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Re: Airport and insurance going to court
[Re: JMSH]
#161491
05/23/2018 11:45 AM
05/23/2018 11:45 AM
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Joined: Aug 2013
Posts: 503
ski2play
Traveler
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Traveler
Joined: Aug 2013
Posts: 503
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[/b]We have owned a home in pelican keys for years. we never had insurance. We put money aside for emergency. In the end. we have gone through luis, and now irma. we had the funds to pay for repairs. Better to put money aside than depend on isurance that could not pay out, go bankrupt or what else???? The way we see it!!!! put money aside for emergency. that goes for all resorts, resturants, and businesses on Island. why would anyone count on insurance??? have they not learned from luis??? Save money and put aside for hurricanes... Much cheaper and more able to fix without waiting for faulty insurance co. [b]of course that is assuming that the hurricane or any other event does not happen the day after you started saving, or the year after you started saving or the 5 years after you started saving.
We could not have rebuilt on Jost Van Dyke if we had not been insured. I do not like paying the cost but since we only purchased in 2015, it was a win win for us. We would of had to pay in for 50 years to even break even to what they paid us out. Not worth the risk IMO.
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Re: Airport and insurance going to court
[Re: sasasal]
#161509
05/23/2018 03:29 PM
05/23/2018 03:29 PM
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Joined: Mar 2007
Posts: 221 London,Ontario CDN
JMSH
Traveler
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Traveler
Joined: Mar 2007
Posts: 221
London,Ontario CDN
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Well this is a second home for us!!! And we built in 1986. When quoted the price to insure the house, we realized it was way out of budget. But the real decision was after cat 4 hurrican. When people got little to nothing having ins. and had to wait and wait and wait. We have nagico for our car insurance on Island, but decided to put money away for such emergencys, and thanks to renting two apts. on property we did just that.... Of cource if the house totaled it would be a total loss, but we got lucky and sustained damage we could repair... Insurance companys for the most part are into making money not giving it without alot of aggravation, and than, hope that you get the moneys to repair. Everyone has a different issue. For now it worked for us... At this stage of our lives, we should not have this house in the target for hurricanes anyway...lol Don't mean to get into an insurance battle but I find generally people never look at the reputation of the claims paying ability of an insurer....generally people pick the lowest cost/premium. They rarely look at the coverage and the contract.....simply put cheapest is not always best.
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