Business

Ward: Catastrophic insurance would cover earthquake in Bahamas

Catastrophic insurance coverage would be sufficient to cover the eventuality of an earthquake in The Bahamas, Bahamas First’s Group President and Chief Executive Officer Patrick Ward told Guardian Business, after Bahamians were left shaken in the wake of an earthquake in the Caribbean Sea on Tuesday.

“People don’t typically think about The Bahamas as an earthquake area,” Ward said.

“We’re not sitting on plates. But what I think Tuesday’s event showed is that you can have an event far away and the energy level of a big enough earthquake can generate sufficient impact in places as far away as The Bahamas.”

Ward said that while Bahamians might not think about guarding their properties against things like earthquakes, he explained that insurance companies do offer catastrophic coverage, which would activate in the event of an earthquake in The Bahamas.

“Most policies here cover a degree of earthquake cover if you have catastrophic cover,” Ward said.

“So that’s just one more reason people need to be aware. Even though it’s very remote, there’s still that possibility.

“If you don’t have the catastrophic cover, then an earthquake would not be part of that coverage.”

The insurance industry has also been calling for an update of the country’s building codes, as well as better enforcement of them.

“If buildings are not engineered properly you can have a scenario where there is, unfortunately, either damage or injury,” said Ward.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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