When an accident happens, call First Response immediately. Our expert personnel will start settling your claim at the scene.
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This is shown in the policy wording.
Depending on what limit you want and why you want it, we can provide higher limits at an additional premium.
This is shown in the policy wording.
Yes, you also have cover under the “Liability as a tenant” sub-section.
This is shown in the policy wording.
Pleased to advise that there is none.
Unfortunately, the section excludes any accidents involving aircraft or model aircraft so the policy would not respond there. This is generally a standard exclusion in Property policies.
Hopefully that will not happen but if it does then you would be covered up to the limit of indemnity should the person decide to hold you responsible for any damages or costs and you are held legally liable.
The standard practice here is that the policy will only respond to any actions brought about in a court of law within the Cayman Islands. However we would suggest that you may wish to consult a lawyer to determine what you should do.
The sum insured.
Cost? This is FREE to all our valued customers!
Your sum insured should represent the full cost of replacement as new less an allowance for wear, tear and depreciation on clothing. We have a room by room guide that we can give you to help with this process.
Only if the sum insured represents at least 85% of the replacement value, which is a special concession offered by Cayman First. The Condition of Average principle will still apply if value is less than 85%. If the value is less than the 85% then you will be considered your own insurer for the difference between the sum insured and the full replacement as new value of the property, and will therefore assume your shared portion of any loss which may occur.
Apart from the cover under Contents Temporary Removed, they are only covered inside so do not include any items you wish to be covered outside your home under Contents as they need to be covered under the All Risks (Personal Possessions) section.
There are only 3 (for Money, Valuables and Domestic staff and guests clothing and personal items) and these are shown in the policy wording.
Yes.
Yes.
Home entertainment equipment and home office equipment.
These are shown in the policy wording.
Oh in that case then unfortunately we make a deduction for wear, tear and depreciation.
Really sorry but damage by iguanas (and other vermin) is excluded.
Yes, this would be covered but we only pay for the cost to replace the damaged sofa only not the whole set as there is a Pairs and Sets condition which stipulates this.
• Emergency services forced entry
• Contents in the open
• Door Locks/Keys
• Travel
These are shown in the policy wording.
Nil.
We recommend that it should be done every three years to ensure it is fairly accurate.
Your sum insured should represent the cost to rebuild as new, but excluding land. Then, add to this up to 10% for Architects and Surveyors Fees and Cost for Removal of Debris.
The purchase price of your home does not normally equate to the rebuilding/replacement value… although, it can be. The same for the amount of your mortgage. It is better to get professional advice.
Unfortunately, we are not qualified to give valuations. So, we suggest you contact a Real Estate Appraiser or Quantity Surveyor who is qualified.
Only if the sum insured represents at least 85% of the replacement value, which is a special concession offered by Cayman First. The Condition of Average principle will still apply if value is less than 85%. If the value is less than the 85%, then you will be considered your own insurer for the difference between the sum insured and the full replacement as new value of the property, and will therefore assume your shared portion of any loss which may occur.
Example:
Rebuilding Cost of the Home
Policy Sum Insured
Amount Claimed
Amount Paid
$200,000
$100,000
$ 75,000
$ 37,500
In the above example, the policy sum insured is only 50% of the rebuilding cost (i.e. $100,000 / $200,000). Since this is outside the 85% concession allowed by the policy, the amount paid is reduced by the degree of under-insurance. The degree of under-insurance is 50%. So the amount claimed ($75,000) is reduced by 50% to $37,500.
If your sum insured was $170,000, this equates to 85% of the rebuilding sum insured – the amount claimed of $75,000 would be paid in full.
Yes. There is no limit – the limit of the overall Buildings sum insured applies.
Sea walls, docks, piers, jetties or similar waterside structures.
No. It is on a specified events basis. However, we do also include Accidental Damage cover FREE of charge.
These are:
a. Fire, explosion, lightning, smoke.
b. Earthquake or volcanic eruption including flood or overflow of the sea caused by these events.
c. Tsunami, hurricane, cyclone, tornado or windstorm including tidal wave, flood or overflow of the sea caused by these events.
d. Flood or overflow of the sea not caused by b or c above.
e. Collision involving any vehicle or craft, other flying devices or anything dropped from them, or by an animal.
f. Riot, civil commotion, labor and political disturbances.
g. Malicious acts or vandalism.
h. Sudden and unexpected escape of water or oil from any fixed water or heating installation, water tank, pipe, washing machine, dishwasher, fridge or freezer, air conditioning unit, aquarium or water bed.
i. Falling trees or branches.
j. Breakage or collapse of any external aerial/antennae or satellite dish, utility pole or overhead cable.
k. Theft or attempted theft.
l. Subsidence or ground heave of the site on which your buildings stand, or landslip.
Yes, we have a limit – this is shown in the policy wording.
These are also shown in the policy wording and we stop paying for this as soon as your home is in a habitable condition.
Yes. We provide that cover up to the limit shown in the policy wording if the buildings are damaged due to water or oil escaping from water tanks, pipes, equipment or fixed heating systems in the buildings. This will cover the reasonable cost of removing and replacing any other part of the buildings necessary to locate the source of the leak and including any repair work necessary as a result of the location work.
Well, we also have added:
• Door locks/keys – for the cost of replacing keys, locks or locking mechanisms to external doors and windows of your home, a safe within your home or an alarm protecting your home if your keys for them are lost or stolen.
• Emergency services forced entry – for damage to the buildings of your home caused by ambulance, fire or police services who have to force an entry to the buildings due to an emergency, or perceived emergency, involving you or your household.
Our policy excludes any loss or damage occurring after the 40th day of any period during which your home is unoccupied.
This only applies to events:
a. Malicious acts or vandalism.
b. Sudden and unexpected escape of water or oil from any fixed water or heating installation, water tank, pipe, washing machine, dishwasher, fridge or freezer, air conditioning unit, aquarium or water bed.
c. Theft or attempted theft.
Accidental damage too.
Ah yes… “Lopping” refers to the removal of large side branches (the making of vertical cuts). “Topping” refers to the removal of large portions of the crown of the tree (the making of horizontal cuts, generally through the main stems).
Ah… sorry about that. CAT is short for Catastrophe; and so, this means that for what we call Catastrophe events, there is a special excess which is normally 3% of total Building sum insured, minimum $500.
These are:
a) Earthquake or volcanic eruption including flood or overflow of the sea caused by these events.
b) Tsunami, hurricane, cyclone, tornado or windstorm including tidal wave, flood or overflow of the sea caused by these events.
We combined the cover for this into the All Risks (Personal Possessions), section now.
These are shown in the policy wording.
No, unfortunately, they are only covered for up to 30 consecutive days at any one time, anywhere in the world.
Oh, in that case, unfortunately, we make a deduction for wear, tear and depreciation.
The sum insured.
Only individual items valued at over $500, musical instruments and sports equipment.
No. Firstly you should not insure anything under Contents, if you wish to have it covered under All Risks (Personal Possessions). We would only settle the claim under the terms of the All Risks (Personal Possessions) section.
All three.
Yes, but if over $500, they have to be specified.
The items value and ownership of it.
Ah, yes. We have a condition which states that for any single item of jewellery with a sum insured of $10,000 or more, the settings and/or fastenings need to be examined by a competent jeweller at least once every 2 years.
Well if you have a claim, the onus of proving that this was complied with is upon the policyholder. If you cannot, then we would not be able to pay the claim.
Yes, but it is only $100 for each and every claim, unless otherwise stated in the policy schedule or any endorsements.
Well if you have a claim, the onus of proving that this was complied with is upon the policyholder. If you cannot, then we would not be able to pay the claim.
Ah, yes. We have a condition which states that for any single item of jewellery with a sum insured of $10,000 or more, the settings and/or fastenings need to be examined by a competent jeweler at least once every 2 years.
Your sum insured should represent the full cost of replacement as new less an allowance for wear, tear and depreciation on clothing. We have a room by room guide that we can give you to help with this process.
The items value and ownership of it.
Yes, but if over $500, they have to be specified.
All three.
No. Firstly you should not insure anything under Contents, if you wish to have it covered under All Risks (Personal Possessions). We would only settle the claim under the terms of the All Risks (Personal Possessions) section.
Only individual items valued at over $500, musical instruments and sports equipment.
The sum insured.
Oh, in that case, unfortunately, we make a deduction for wear, tear and depreciation.
No, unfortunately, they are only covered for up to 30 consecutive days at any one time, anywhere in the world.
These are shown in the policy wording.
We combined the cover for this into the All Risks (Personal Possessions), section now.
If you look at the MOTOR INSURANCE COVERAGES above then you can see the difference in cover. Comprehensive provides much wider cover!
Yes. All vehicle car fires must be reported to the police. They will inspect the vehicle and determine the cause so that any potential hazard can be fixed to ensure your vehicle is safe to drive.
Yes, your Cayman FIRST Key Protector Private Motor policy provides this cover.
Firstly, you should immediately report it to us – do not wait until you get a police report as this delay could negatively affect your claim. We will then formally ask you to obtain a police report. The police will not usually release any reports for vehicle thefts or fires without a request letter from us.
Yes you can, but you must return the current Certificate of Motor Insurance (or any current Cover Note if you have one) to us first. Without this, we will not be able to cancel the policy. Depending on the circumstances surrounding the cancellation, you may be entitled to a refund of any premium you have paid.
You should notify us as soon as possible – the longer you delay this, then the more your claim may be negatively affected!
No. You no longer have an insurable interest in the vehicle, so you would need to cancel your insurance. The new buyer would need to arrange their own insurance.
You are only entitled to any No-Claim Discount if you meet the eligibility criteria for it. The policy wording shows how this operates clearly.
We also offer a very special No-Claim Discount Protection option, which also has eligibility criteria, where your No-Claim Discount is NOT reduced if you have an at-fault claim. A small additional premium is required for this very desirable feature.
Unfortunately not. All motor insurance policies have limitations, exclusions, etc and so the policy wording will show these clearly.
This scenario can, and does, happen. We are only required to pay you the market value of the vehicle or the sum insured as shown in the policy schedule, whichever is the less, at the time of loss and not the loan balance payable to your lender. Your lender will look to you to pay the shortfall to them in such scenario.
No. Your current Certificate of Motor Insurance (or current Cover Note if you have one) shows who is entitled to drive and would be one of the following categories:
You should not allow an uninsured driver to drive your vehicle under any circumstance. Otherwise your policy will not respond in the event of loss or damage. All drivers must hold valid licences to drive.
Yes it does. This is a standard benefit with our Comprehensive policy. We have limits per day and a maximum number of days a rental vehicle can be used. There are also some restrictions that apply.
Not necessarily. We are only required to pay you no more than the market value of the vehicle or the sum insured as shown in the policy schedule, whichever is the less, at the time of loss. However, the market value is the price your vehicle would be expected to fetch on the open market in Cayman in its current condition. Remember that most vehicles depreciate in value as they get older, with some vehicles depreciating faster than others. This depreciation is also taken into consideration.
The premium that you pay is a reflection of your driving record amongst other factors. So policyholders/drivers who have a good driving record are entitled to No-Claim Discounts. These are shown in our policy wording.
The amount paid for preparation and transportation of the human remains of an Insured to another country, billed by a licensed facility and is paid in lieu of, not in addition to, the Final Expense Benefit.
The amount paid with respect to funeral expenses for an Insured and is paid in lieu of, not in addition to, the Repatriation of Human Remains benefit.
The thirty (30) day period following the premium due date during which the insurance remains in force and the Policyowner may pay the premium without penalty.
A listing of descriptive terms and identifying codes for reporting medical services and procedures performed by Physicians, which terms and codes are published by the American Medical Association.
An Accident or Illness of unexpected occurrence or event causing a threat to life or limb and requiring urgent and immediate treatment (within twenty-four (24) hours of occurrence), deemed to be Medically Necessary.
The choice exercised by the Insured to have the Company pay benefits directly to a medical Provider by signing the appropriate section of the claim form or by any other means acceptable to the Company.
Claims can be submitted on your behalf by:
Yes. Once they are declared on your enrollment form.
Premiums are affected by utilization of your health benefits.
By completing an Insured Change Request form.
Yes. You may add eligible family members, as follows:
You are not legally required to insure your boat. However, if you are financing the purchase of your boat, the lender will most often require insurance coverage listing them as a loss payee to cover their interest in your boat. Some marinas may ask you to provide some proof that your boat is insured when mooring it at their marina.
There are two important covers to consider when insuring your boat. They are, Hull & Machinery (your boat and attached equipment) and Liability.
You should insure your boat (hull & machinery) to the current market value. This will ensure that in the event of a total loss to your boat, you will recover what the boat is worth.
Liability coverage protects you if you are at fault for property damage and bodily injury claims to third parties or passengers in your boat . The coverage has three key components. It will investigate your loss, defend you if you are not at fault and pay up to the policy limit if you are at fault.
This will generally depend on the answers to the questions asked in the proposal form but it will be especially related to the following:
Boat surveys provide details on the condition and valuation of a boat. A survey may uncover hidden defects, mechanical and structural problems that are not always visible or detectable by the boat owner/operator. Before purchasing an older boat, you should always get a boat survey. We do not actually require a survey for a brand new vessel, although it would be very useful. We require a survey for other vessels.
No, for liability cover to apply we must insure the vessel also.
Yes, but with an additional premium.
Yes, for loss of, or damage to, the vessel there is an excess but it depends on the age of the vessel’s hull. There is no excess under the Liability sections.
We also can allow a discount if you hold a Yacht Master’s certificate.
Yes, we have a No-Claim Discount scale that can apply.
Unless we specifically agree, the policy does not cover this
Damage to the vessel while in transit by land, other than incidental to launching or hauling up, can be covered with an additional premium.
Yes, but with an additional premium.
Possibly. If so, then we will require an additional premium and possibly additional terms/excesses.
You need to inform the designated body corporate, owners corporation or executive committee that is responsible for arranging the Strata insurance straight away, so that they can inform the insurance company.
In that case, the Cayman First Key Protector Home Insurance policy would provide cover. You should contact us accordingly to get advice or a quote and can even get a quote online here on our website.
This product is for the body corporate, owners association, strata corporation or strata company and is purchased on its behalf either by the executive committee formed to manage specific affairs of the strata or by a separate strata company to do the same. The Strata Titles Registration Law sets out of the relevant requirements, one of which is to have certain insurance in place. Usually, a strata would want to protect the property belonging to the strata and may also protect the strata by having Machinery Breakdown, Employers Liability / Workmen’s Compensation, Public Liability and Executive Committee Liability.
If you are a proprietor within a strata then you would need to arrange your own insurance to protect any property you own or are responsible for and your liability to the public – we can also assist you with this so see the answer to the next question.
