Insurance is now more simple.



What is Insurance?
Insurance is a financial product sold by insurance companies to safeguard you and / or your property against the risk of loss, damage or theft (such as flooding, burglary or an accident).

When you buy a policy you make regular payments, known as premiums, to the insurer. If you make a claim your insurer will pay out for the loss that is covered under the policy.

If you don’t make a claim, you won’t get your money back; instead it is pooled with the premiums of other policyholders who have taken out insurance with the same insurance company. If you make a claim the money comes from the pool of policyholders’ premiums.

You can buy insurance policies for many aspects of your life and business, for example health, property, car, employees or retirement.

The insurance policy is the contract that you take out with an insurer to protect you against specific risks under agreed terms.
What is the role of an Insurance Broker?
CIC as your insurance broker is a specialist in insurance and risk management. We seek the best possible terms, cover and service in the interest of our clients.

Brokers bridge the gap between the client and insurers by being able to create specific insurance solutions for their clients’ needs.

We negotiate or procure insurance or the renewal or continuance thereof on behalf of existing or prospective policyholders.

By having access to the entire market we are able to provide updated market information, technical advice and risk management services to all our clients in protecting their property, liability and employees.
Why do I need an Insurance Broker?
An insurance broker is a professional, much like a lawyer or an accountant, who can save you time, money and worry. We help you understand the details of a policy and also work out what level of cover you need so that you are properly protected.

Using a broker often costs less because we have knowledge of the insurance market and the ability to negotiate competitive premiums on your behalf. In addition, because we deal with a range of insurance companies directly, we can access policies that are not available to most consumers.

We also act as your advocate in the event you have to make a claim guiding you all throughout the process to a final settlement.
What are the insurance policies I will have to consider when setting up a business?
  • Property Insurance: Covering the physical damage to your property such as buildings, contents, stock, computers and any other equipment for the operation of your business.
  • Business Interruption: Covering loss of gross profit following a covered loss under the property policy.
  • Public Liability: Provides coverage for third party property damage or bodily injury arising out of the insured’s business operation and for which the insured is found negligent or can be held legally liable.
  • Workmen’s Compensation: In accordance with the Workmen’s Compensation Act of 1960, an employer is required to effect Workmen’s Compensation insurance covering injury leave compensation to an employee injured during the course of his/her employment. This policy also covers Employer’s Liability which is intended to compensate an employer for actions brought against the employer by the employee under common law from a work related injury for which the employer was deemed negligent.
  • Cash in Transit: Covering loss of money from hold up.
  • Fidelity Guarantee: Covering loss of property by employees or employees operating in collusion with external sources.
  • Burglary: Covering loss of property by burglars following forcible entry into or exit from the insured’s premises.
  • Goods-in-Transit: Covers loss of property by in-land transit; the policy should extend for loss by sea or air within Trinidad & Tobago.
  • Marine Cargo: Covering loss of property in transit by sea or air.
  • Motor Insurance: Covering physical loss or damage to your motor vehicles and third party liability arising out of the use or operation of your motor vehicles.

Can I secure a package policy covering all of these insurance policies?
Insurers offer Small Business package policies depending on the type of business. These package policies do not include Motor Insurance.
Who has the legal right to insure a property?
In order to insure a property one must be have an insurable interest in the property. A financial institution holding the property as collateral also has a legal right to insure.
What is a material fact?
A material fact is that which is deemed important to the contract and could alter the terms of the contract thereby resulting in the contract being void or voidable.
What happens if I underinsure my building?
You will be penalized by the application of ‘Average’. For example, if at the time of a partial loss the sum insured is less than the replacement cost, you the insured, will to have contribute to the claim for the percentage proportion of the underinsurance.
Example: Sum Insured - $1,000,000 x Loss Amount - $50,000 = $25,000
  Replacement Cost - $2,000,000    

As the level of underinsurance was 50% you will receive 50% of the claim less any applicable policy excess or deductible.
Would my Fire or Homeowner’s policy respond to a loss if I am carrying out major renovations to the building?
Losses arising out of construction work is generally excluded under standard Property policy. A separate policy known as Contractors’ All Risks, must be effected for major renovation / construction works.
What does a Public Liability policy cover?
This policy covers property damage to third party property or bodily injury to third parties arising out of the insured’s negligence.
Do I need a separate Public Liability policy for liability arising out the construction of a building?
Yes, as liability arising out of construction works is generally excluded under a standard Public Liability policy.
What is the difference between Public Liability and Personal Liability insurance?
Public Liability policies are designed to provide cover for a company’s legal liability to third parties arising out of its business operations; Personal Liabilities extend do not extend to include liability arising out of a business operation.
How is an employee compensated following a work related injury?
An employee is entitled to compensation for injury leave as calculated under the Workmen’s Compensation Act. Compensation is provided once the employee’s injury leave extends beyond three days. The Act also provides for compensation for permanent partial disabilities and a death benefit arising from the work related injury.
Can I increase the Medical Expenses limit from that prescribed under the Workmen’s Compensation Act?
The Workmen’s Compensation Act stipulates a benefit of $500.00 for Medical Expenses. This however can be increased at the insurer’s discretion.
What is the difference between a Workmen’s Compensation policy and Personal Accident Policy?
A Workmen’s Compensation policy is designed to provide compensation resulting from a work-related injury. The Personal Accident policy however can provide 24 / 7 coverage worldwide following an accident of any kind.
Why am I penalized by losing my No Claims Discount if I am not the party at fault in an accident?
No Claims Discount penalizes the insured for making a claim under the policy regardless of fault; it is not a “No Fault” Discount.
Do any insurers offer an extension whereby I would not lose my No Claims Discount in such an instance?
There are insurers who offer this extension but for the most part only if the insured is not at fault.
What are the implications of taking possession of a vehicle having paid for it but not transferred it not my name?
The sale is not complete without the transfer. Without having transferred the vehicle into the new owner’s name, the records of Licensing Office will continue to reflect the vendor and as such liability will continue to attach to the vendor until transferred.
Are Artwork, Valuables and Electronic Equipment considered General Household Contents?
These items are not considered “general contents” and as such must be specified. Most Householder’s policies limit the insurer’s liability for these items which have not been declared under the policy.
How long do I have to submit a claim?
All policies state that claims or incidents that may give rise to a claim must be reported to your broker immediately.