Insurance

to customers, such as current water quality data and answers to frequently asked questions (www.caymanwater.com).

At Water Authority-Cayman, the first 12 cubic meters (m³) (approximately 3,200 US gallons) is charged CI$4.34/m³. Anything above that costs CI$5.57/m³. In addition, there is also a statutory fee of $0.22/m³, and an Energy Adjustment Factor charge (that varies monthly and covers the fluctuations in the cost of electricity to produce the desalinated water). Monthly meter charges also vary depending on the size of the meter, from CI$5 to CI$58 for meter sizes ranging from 20mm to 150mm. The Water Authority’s website (www.waterauthority. ky) allows property owners to register for an online account and pay their bill electronically. For emergencies outside of business hours, call (345) 946 4357.

Bottled Water Locally bottled water is clean, affordable, tastes good and comes in large blue reusable BPA free five gallon bottles that are delivered to your home or office by the water company. You can also buy imported bottled water from the grocery stores although this is being stongly discouraged as most of the plastic is not being recycled. Alternatively, you can install an underthe-sink water filter system for well-water or city-water. The ‘City Water Filter’ from Ion Faucet removes all the chlorine that is put in desalinated water and you can add a remineralising filter to put in the minerals that desalinated water does not have. See www.ionfaucet.com.

Flowers Bottled Water 172 Seymour Drive, Industrial Park, GT Tel: (345) 949 8688 Email: sales@flowerswater.com They sell purified, chlorine-free water in fivegallon BPA-free bottles. They deliver to homes and offices or you can pick up five-gallon bottles from convenience stores and petrol stations

Island-wide. SEE AD PAGE 140 Flowers Block 184 Seymour Drive, Industrial Park, GT Tel: (345) 623 0000 Email: customerservice@flowersgroup.com Offers bulk water for those who need their cisterns filled. They also provide pool water.

INSURANCE

Cayman has a wealth of insurance companies that can provide coverage for your home, car, life, health, property, contents, liability and much more.

Boat Insurance Refer to the Boating chapter for a list of companies that offer boat insurance.

Car Insurance Refer to the Transportation chapter for more information and page 269 in this chapter for insurance providers.

Health Insurance Under the law, all residents of the Cayman

Islands must have health insurance, and all employers are obligated to ensure that their employees, their unemployed spouse and dependent children residing on-Island are also covered. The options for coverage range from the basic SHIC plan (Standard Health Insurance Contract), to premium plans that cover everything and cost a lot more. The law states that the employer must cover at least 50% of the cost of the basic SHIC plan but they are not obligated to cover any of the costs of your unemployed spouse or children. Therefore knowing how much your health insurance deduction will be each month is crucial to working out if you can afford to live here. The basic SHIC plan is not expensive: the cost for an individual is in the region of CI$150-CI$167 per month, for a couple CI$300-CI$372 and for a family CI$465-CI$508. If you would like to add dental and vision coverage then that costs approximately CI$30 more per month per individual. However, the benefits are fairly basic, so make sure to ask for a breakdown from your company. Most companies will also offer an enhanced or premium plan as an option, but the cost for this can be in the region of CI$400-CI$800 per individual per month, CI$1,600 per couple and well over CI$2,000 for a family. Make sure to ask how much of this you will be expected to pay. Health insurance rates depend on the size of the group, the age of the employees, if there are any pre-existing conditions and whether it is a standard or premium plan. Rates will increase each year if there are any major claims. The good news is that premium plans always offer global coverage and the benefits are very extensive. The basic SHIC plan only provides on-Island care, and will only offer overseas care when treatment is not available in Cayman. The coverage for dental, prescriptions, out-patient doctor’s visits or diagnostic procedures is also limited.

If you have to find your own health insurance policy, consider using a broker to see which insurance plan would work best for you. They don’t charge and they do all the leg work. Your doctor or dentist may also have some valuable advice as well.

For more information, and to see a list of health insurance providers and brokers, please see the Health & Wellness chapter.

Home Insurance The average cost of annual house insurance is based upon a percentage of the property value and generally, includes liability insurance. Waterfront properties may attract higher insurance rates depending on the value of the property, their proximity to the water, storm-protection features, and height above sea level. If your property is part of a strata corporation, the building must be insured in the name of the strata. Each owner then pays a portion, usually based on square-footage, which is often included in the monthly strata fees.

The Cayman Islands Government charges a flat rate of CI$12 Stamp Duty on all insurance policies, plus an additional Stamp Duty fee of 2% of the premium for policies covering immovable property.

“Opening Doors to Wellness For Our Members”

Government-owned INSURANCE COMPANY which provides HEALTH INSURANCE COVERAGE to residents of the Cayman Islands

PRODUCTS

CINICO currently offers health insurance products in the following categories:

Civil Servants & Pensioners

Health care coverage available to Civil and Public Servants and their dependents.

Seafarers & Veterans

This plan provides health insurance coverage to qualified Seafarers, Veterans and their dependents, and is administered on behalf of the Ministry of Finance.

Standard Health Insurance Contract (S.H.I.C.) Plan

As it is a legal requirement for all residents of the Cayman Islands to have health insurance coverage, this plan provides the minimum coverage required by law, and is available to all residents upon application and payment of premiums.

SERVICES

Medical Case Management & Claims Units

There is no doubt that with this level of in-house expertise, as well as exceptional customer service, CINICO’s members enjoy the invaluable benefits of a sense of security and peace of mind.

Cayman Centre, 1st Floor, Airport Road | P.O. Box 10112, Grand Cayman KY1-1001 Tel: 345-949-8101 | Fax: 345-949-8226 | www.cinico.ky

Get a quote today. www.caribbeanalliance.com

HOME

MOTOR

CONTENTS • LIABILITY • BUSINESS • TRAVEL • MARINE

Tel: +1 (345) 949-9744 Email: Aleisha.Lalor@caribbeanalliance.com #203 Alissta Towers, 85 North Sound Road P.O. Box 1762, Grand Cayman, KY1-1109

For generations, CIC has been providing comprehensive insurance - for life, health, property, motor and more.

Join the circle of life. Enjoy peace of mind now and in the future.

MOTOR

HOMES & COMMERCIAL PROPERTIES MARINE

PROFESSIONAL INDEMNITY LIFE

DIRECTORS & OFFICERS LIABILITY

CONSTRUCTION INSURANCE

Cayman Insurance Centre LTD.

Insurance Brokers

www.cic.com.ky

Cayman Business Park, 10 Huldah Ave (Thomas Russell Roundabout) P.O. Box 10056, Grand Cayman KY1-1001

GRAND CAYMAN

(345) 949-4657 (345) 949-8137 This means that if you purchase or renew an existing policy on your home and the premium for the house is/was CI$5,000, you would pay Stamp Duty of CI$112 (2% of CI$5,000 plus CI$12). The fee is due in full at policy inception and does not go to the insurance companies. Shop around for an insurance rate to suit your needs.

Contents Insurance Budget for about CI$500 per CI$35,000 of coverage. If you are renting a property, your landlord may have insurance to cover the contents provided in your unit, but anything belonging to you needs to be covered by your own policy. The risk of theft in Cayman is relatively low; however, due to the chance of flooding and hurricane damage, insurance is recommended.

Insurance companies suggest you make a list of all your home contents and personal possessions, including relevant serial numbers, and the current replacement cost for each article. This will ensure you do not inadvertently under-insure your contents. The consequences of underinsuring your contents are simple: if the insurance company finds you have insured your contents for CI$10,000 when they are really worth CI$20,000, and your loss is CI$5,000, then they will only reimburse you CI$2,500. This is called the condition of average and is not unique to Cayman. You should review your insured items list every year to update the values, as these details will assist in faster claims settlements. Under-insurance is also applicable to your home insurance. You need to ensure your property rebuild valuation is current and the sums insured are adequate.

If you own property that is part of a strata complex, your kitchen contents will likely be covered by the strata’s building insurance. Otherwise you will have to insure your kitchen appliances yourself.

Travel Insurance If you are looking to travel, you might want to consider travel insurance. Please refer to the Travel chapter for more information.

Aon Risk Solutions (Cayman) Ltd. Tel: (345) 945 1266 Email: aoncayman@aon.com www.aoncayman.com Products: risk management broker services offering commercial customers strata, business and liability insurance, personal customer’s home, motor and marine insurance plus health, life and disability policies for

employer groups. SEE AD PAGES 142 & 293

Balderamos Insurance Services Tel: (345) 945 3450 Email: bis@candw.ky

Bogle Insurance 34 & 35 Pasadora Place, Smith Rd, GT Tel: (345) 949 0579 or (345) 623 0579 Email: service@bogleins.com Since its inception in 1988, then offering only property and health insurance, Bogle has evolved into a comprehensive insurance provider. Their services include property, health, life, motor, marine, business/ strata and builders’ liability coverage. Bogle is a wholly Caymanian owned and operated firm equipped with a wealth of knowledge in the local and international markets. SEE AD PAGE 145

Briat Insurance Tel: (345) 525 0030 Email: info@briatgroup.com www.briatgroup.com Briat Insurance focuses on providing insurance solutions and risk management services to a range of commercial customers, including group health and executive homeowners. Through Briat’s extensive relationships throughout the industry, they have the ability to place into both the regional insurance and international specialty markets, including Lloyds of London. Briat is a global partner under the Gallagher Global Alliance (GGA) programme.

SEE AD PAGE 74

CG BritCay BritCay House, 236 Eastern Avenue GT Tel: (345) 949 8699 Email: info_ky@cgcoralisle.com www.cgcoralisle.com For more than 35 years, CG BritCay Insurance has been known as a company that offers security, stability and great customer service. Products offered include: Property and Casualty (home, motor, marine, travel and commercial insurance), Health Insurance and Employee Benefits, Life Insurance and Pension

Services. SEE AD PAGE 147

CINICO Cayman Centre, 1st Floor, Airport Rd, GT Grand Cayman Tel: (345) 949 8101 Cayman Brac Tel: (345) 948 8101 www.cinico.ky A Government-owned insurance company offers the Standard Health Insurance Contract (SHIC plan) to all residents of the Cayman Islands, as either an individual, couple or family.

SEE AD PAGE 143 & 295

Cayman First Insurance Company Cayman First Centre 17 Vibert Bodden Drive, off Shedden Road, GT Tel: (345) 949 7028

Email: askus@caymanfirst.com www.caymanfirst.com Cayman First offers a full line of general insurance products and affordable group and individual health insurance products that respond to the changing needs of individuals, households and businesses. Insurance products: Health, Home, Motor, Marine, Casualty and Commercial. SEE AD THIS PAGE

Caribbean Alliance Insurance 203 Alissta Towers, North Sound Road, GT Tel: (345) 949 9744 Email: aleisha.lalor@caribbeanalliance.com www.caribbeanalliance.com Products: Home, Contents, Motor, Liability, Business and Marine. SEE AD PAGE 144

Cayman Insurance Centre (Insurance Brokers) Cayman Business Park, Unit A3, 10 Huldah Ave Tel: (345) 949 4657 Email: info@cic.com.ky or www.cic.com.ky Products: Life, Group Health, Individual Health, Property, Motor, Liability, Professional

Indemnity. SEE AD PAGE 144 & 166 The Insurance Company of the West Indies (Cayman) Limited (ICWI) Tel: (345) 949 6970 Email: cayman@icwi.com or www.icwi.com Products: Motor, Property, Casualty, Liability and Marine. Ask about REACT, Family Pack, Uninsured Motorist, Accident Forgiveness and Alternative Transport under Motor Policy.

SEE AD PAGE 141

Island Heritage Insurance Company, Ltd. Tel: (345) 949 7280 Email: customercare@islandheritage.com.ky www.islandheritageinsurance.com Insurance providers for Home, Motor, Yacht, Commercial Property, Liability, Contract Works and Pension.

SEE AD PAGES 148, 167 & 269

Marsh Management Services Cayman Ltd. (Marsh) Governors Square, 23 Lime Tree Bay Avenue Main Tel: (345) 949 7988 Email: caymanoffice@marsh.com www.marsh.com Marsh provides clients with a single source for risk management services. Their experienced team of professionals can assist by developing a comprehensive employee benefits programme, including group medical and ancillary plans. The Property & Casualty team offers insurance including but not limited to strata, marine, homeowners, business and liability insurance, contractor’s all risk and professional indemnity. SEE AD PAGE 294

Massy United Insurance Cayman Technology Centre, George Town Tel: (345) 743 1900 Email: info.ky@massyunitedinsurance.com Products: Home, Contents, Motor, Personal Accident, Marine and Business.

Pensum Services Unit A7, Cayman Business Park Tel: (345) 923 6655 Email: insurance@pensum.pro www.pensum.pro Pensum has 15 years of experience in international insurance including marine,

DO YOU HAVE A PLAN?

Filling a house with the things you cherish and the memories you have made is what transforms it into a home. Cayman First o ers industry-leading insurance protection that can help you build a plan to protect the lifestyle you have created.

We provide innovative insurance solutions for individuals, households and businesses that o er protection from life’s uncertainties.

• Property • Motor • Liability • Health

What’s rst for you comes rst for us.

Contact us at

(345) 949-7028 askus@cayman rst.com www.cayman rst.com