Blog

Welcome to ICL Grenada's very own blog where you can expect to find updates and news from ICL and the insurance industry itself, as well as interesting stories and pictures of Grenada. 
 
     

Extra Cover - Risk Management

Jul 27 2015
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Extra Cover - Risk Management

The role of an insurance broker can best be described as Risk Management. This is the process to best handle uncertainty about whether a loss will occur.

To manage risk you must first understand the losses to which you are exposed. There are four types:

  1. Property
  2. Liability
  3. Personnel
  4. Net Income

All of us are risk managers in our daily lives. We do this when we make sure we have a good spare tyre in our car, when we put a “Beware Bad Dog” notice on our front gate and when we decide to buy Life Insurance. We are assessing possible events that could cause Financial Loss and coming up with methods to make the risk more acceptable. In a commercial context this can be considerably more complex.

Extra Cover - Kick 'Em Jenny

Jul 27 2015
9
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Extra Cover - Kick 'Em Jenny
We have been getting many questions about insurance cover for losses from Kick ‘em Jenny. 

PROPERTY

Standard  property insurance policies such as Fire and Allied Perils, Houseowner’s Comprehensive and All Risks, include cover for the “Catastrophic Perils” which are Hurricane, Earthquake, Volcanic Eruption and Overflow of the Sea caused by these. Unless you have specifically asked for your policy to be amended to remove these, they will be covered. 

DEDUCTIBLES / EXCESSES

Because of the catastrophic nature of these events which cause damage to a large number of properties there is a higher deductible or excess for these perils. The standard deductible for these is 2% of the Total Sum Insured, usually with a minimum of $2,500. 

VEHICLES

It is not standard for Catastrophic Perils to be included in Comprehensive insurance on your vehicle. Unless you have asked for Special Perils cover, which also covers loss from Flood and Malicious Damage, damage to your vehicle will not be covered. The cost for this extra cover is low and we  recommend that it be added. 

ICL Grenada Website Update

Oct 01 2014
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After months of work, the new website is finally here - not only is it better looking and more user friendly, we've added new features (such as this blog) and we have updated our content - this means that you know you will be getting the most up to date information to make your decisions on.

Latest Blog Posts

 
     
Extra Cover - Risk Management
7/27/2015 2:04 PM | SuperUser Account
Extra Cover - Kick 'Em Jenny
7/27/2015 1:42 PM | SuperUser Account
ICL Grenada Website Update
10/1/2014 10:37 AM | SuperUser Account

Blog Archive

 
     
2015 Jul 13 2
2014 Oct 8 1