Removing the uncertainty

The purchase of a home is the single largest investment most people will make in their lifetime

Do you remember how you felt when you received the keys to your home for the first time?

Anxious, excited, eager, proud? And did you experience these feelings along with a bit of apprehension?

The apprehension probably stemmed directly from the financial commitment that often lasts for 15 to 30 years and reduces with time but never in importance.

The purchase of a home is the single largest investment most people will make in their lifetime and the protection of that investment is of paramount importance.

Consequently, the purchase of a house is usually accompanied by the purchase of insurance, preferably from a quality insurance company.

This insurance includes a requirement for the homeowner to insure for full replacement value. In the event that the building is underinsured, then the homeowner has to bear a proportion of the loss (the dreaded “Average Clause” in action).

This can produce feelings of great unease when a hurricane is approaching, as even with the best efforts, there is always the fear that you have not properly estimated the replacement value. This uncertainty can cause undue stress and financial hardship at a time when peace of mind is needed most.

Cayman First has long thought about this particular issue and to remove this uncertainty, the company has developed “Agreed Value” coverage for residential buildings and strata complexes.

To secure “Agreed Value” coverage, you will require a current reinstatement cost valuation from one of a list of authorised valuators and, once received, Cayman First will accept the valuation amount as satisfying the requirement of full insurance for that policy period.

Having accepted and “Agreed” this value, there are no debates about reinstatement value at claim time.

The policy will still include the “Average Clause”, but by satisfying this requirement for full insurance in advance, the clause has effectively been rendered ineffective.

At renewal, your policy will automatically be adjusted by an inflationary factor and the revised sum insured will be reflected on the outgoing renewal notices. In order to continue with the “Agreed Value” coverage, you simply have to accept this updated value and increase your sum insured accordingly.

You will be required to update your valuation from time to time and Cayman First has made special arrangements with a leading firm of quantity surveyors to simplify this process.

At last, you can truly have peace of mind. Call for more details, or ask your broker about Cayman First’s “Agreed Value” coverage.

Cayman First
Grand Cayman
Harbour Place
t: (345) 949-7028
Countryside Shopping Village
t: (345) 815-0875

Cayman Brac & Little Cayman
Kirkconnell Centre
t: (345) 948-2266

[email protected]