The Insurance Commission of The Bahamas (ICB) is ensuring both the public and foreign claims adjusters know that it is illegal for those adjusters to work in The Bahamas without first securing a temporary work permit, a statement from the ICB stated. Those adjusters must also submit their credentials to the ICB for review before beginning their work.
The ICB noted in its statement that it understands the need for foreign adjusters to come into the country following the widespread devastation caused by Category 5 Hurricane Dorian.
It added that it understands those local adjusters it has registered will not be enough to carry out the job, given the size of the catastrophe on Grand Bahama and Abaco.
“The commission understands that following the catastrophic devastation to the islands of Abaco and Grand Bahama, the swift settlement of insurance claims is crucial to rebuilding and restoring some semblance of normalcy and commerce,” the ICB statement points out.
“A key component to adjudicating the insurance claims in these islands is for claims adjusters to provide accurate assessments of losses of property, motor, marine and aviation and other insurance coverages. Such assessment of losses is necessary for the insurer as well as the policyholder.
“Given the impact of catastrophic events like hurricanes and the limited number of local adjusters registered by the insurance commission, following a catastrophe both insurance companies and the insured public will seek to engage the services of foreign adjusters.”
The ICB noted that it is obligated to ensure all adjusters entering the country are qualified.
Last week, President and Chief Executive Officer of Bahamas First Holdings Ltd. Patrick Ward said insured costs as a result of damage from Hurricane Dorian could top half a billion dollars.
Ward, who was speaking at a Bahamas Insurance Association press conference, said $500 million will only be a fraction of the economic cost caused by the hurricane, as Dorian will be proven to have created the most damage of any storm in “our lifetime”.
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