Clients of First Domestic Insurance Company have been advised that there will be no claims for losses under the deductible two percent of the insured value.
Founder of First Domestic Insurance Company, Curtis Tonge, explained the process of insurance claim at the daily press briefing held on Friday, October 13th, 2017.
“Since Hurricane David, the deductible has been standardized at two percent of the insured value. In other words, if you insure your house for a hundred thousand, the first two percent becomes a deductible, and two percent of a hundred thousand is two thousand. Again most policy has another proviso which says two percent or two thousand and five, whichever is the greater part,” he stated.
Tonge went on to note that persons who suffered damages which totaled less than the deductible percentage have no claim.
“So, a person who has a house insured for five hundred thousand, the first two percent of that will mean its ten thousand dollars. So if you have losses that are below ten thousand dollars, there really is no claim. Above that, the other four hundred and ninety thousand dollars, is subject to settlement based on certain conditions,” he added.