Today’s Editorial: Insurance queries

Suited men and women have filled the Galleon Conference Room at the Westin Casuarina Resort looking for answers.

A two-day law conference concerning property issues arising in the Cayman Islands following the passage of Hurricane Ivan began yesterday.

The topic of insurance dominated discussion the first day.

But some of those suited representing the insurance industry said they left the meeting feeling just a tad frustrated.

One hand to debate the insurance issue were attorneys, insurers, bankers, realtors and interested members of the public.

All agreed that problems with insurance have emerged, but so far no one has been able to come up with any solutions.

Attorney General Sam Bulgin suggests laws be updated to protect the uninsured.

But as talks continued, more questions were raised than were answered.

Queries were made as to how to perform a balancing act between the myriad of insurance companies while the Cayman Islands have no statutory control of insurance terms and conditions.

Questions about poorly worded and even sometimes hard to read contracts were raised.

And then there is the issue of underinsurance. Many in the Cayman Islands have been told that they didn’t have enough insurance taken out on their homes.

Many at the conference remain confused as to the time that value of property was subject to loss.

Also discussed was consumer protection. There were too many reports of price gouging following Hurricane Ivan.

Unfair terms in contracts were also broached.

It’s certain that not every question about insurance problems following a natural disaster will be addressed and answered during this two-day conference, but those who have taken it upon themselves to begin the discourse are to be commended.

There has to be a starting off point to find solutions.