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Home Insurance

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Choosing your Home Insurance Provider

Since 1984, we have empowered our customers to face the unexpected. At Cayman First, we know that you understand just how important home insurance is for the long-term security of you and your family. Our goal is just to make the whole insurance process as simple as possible. That way, you can go on to enjoy life in your home with peace of mind, knowing that what you care about most is in safe hands.

What we Cover

Our home policies provide comprehensive cover and can be tailored to suit your needs.
We are able to cover the following sections:

Buildings

COVERS:

Decorative
Fixtures, fittings and decorative finishes.

Outbuildings (not attached to the main building)
Used for domestic purposes excluding structures for housing birds or animals unless specifically agreed and stated in the policy schedule or any endorsement(s).

Fixed Items
Solar heating systems, air conditioning units, generators, oil and propane gas tanks, water tanks, sewage and drains, patios, terraces, paths, driveways, garden and boundary walls, fences, gates, decking, railings, gazebos, pergolas, satellite dishes/external antennae.

In-ground Pools, etc.
Permanent swimming pools, hard courts, fixed hot tubs or jacuzzis, ornamental ponds or fountains.

Sea Walls,  etc. 
Sea walls, docks, piers, jetties or similar waterside structures are only covered if they have been declared to us and accepted by us (cover excludes wear and tear and normal action of the sea).

Contents

COVERS:

This covers household items and personal items likely to be worn, used or carried (bicycles, cell phones, clothing, home entertainment equipment, home office equipment, luggage, money, musical instruments, personal computers, sports equipment and valuables) and interior decorations (tenants improvements) owned by you or for which you are responsible as a tenant;

all owned by, or the responsibility of, you or members of your household or domestic staff or guests and whilst contained within your home.

All Risks (Personal Possessions)

COVERS:

Personal items that are likely to be worn, used or carried outside of your home (bicycles, clothing, luggage, money, musical instruments, personal computers, sports equipment and valuables) owned by you or members of your household. Specified personal possessions are individually described on the policy schedule whereas unspecified personal possessions are not individually described.

Liability

COVERS:

Liability to the public:
This covers your legal liability to pay damages and/or claimants costs and expenses that may be awarded against you or your household or domestic staff; arising from the occupation or ownership of the home or by you in any other personal capacity during the period of insurance and within the geographical area for accidental:

  1. death or illness or bodily injury to any person who is not a member of your household or domestic staff.
  2. loss of, or damage to, property which neither belongs to, nor is in the care, custody or control of, you or your household or domestic staff.

We will also pay for your costs and expenses provided that we have agreed to do so in writing to you prior to them being incurred.

Liability to domestic staff as their employer:
This covers your legal liability to pay damages and/or claimants costs and expenses that may be awarded against you or your household during the period of insurance and within the geographical area for accidental death or illness or bodily injury to any domestic staff.

We will also pay for your costs and expenses provided that we have agreed to do so in writing to you prior to them being incurred.

Liability a tenant
This covers your legal liability to pay damages and/or claimants costs and expenses that may be awarded against you or your household arising from the occupation of the home by you or your household as a tenant under a valid tenancy agreement during the period of insurance and within the geographical area for damage to the buildings or contents.

We will also pay for your costs and expenses provided that we have agreed to do so in writing to you prior to them being incurred.

Frequently Asked Questions

  • All
  • All Risks
  • Buildings
  • Contents
  • Liability

You used to have a section specifically for Personal Computers; what happened to it?

We combined the cover for this into the All Risks (Personal Possessions), section now.

The weather sometimes gets a bit nasty during hurricane season; so, I usually go somewhere a bit safer for 3 months. Will the items I take with me be covered wherever I go during these 3 months?

No, unfortunately, they are only covered for up to 30 consecutive days at any one time, anywhere in the world.

What is the maximum you will pay for a claim?

The sum insured.

What items need to be specified before they can be covered?

Only individual items valued at over $500, musical instruments and sports equipment.

If I insure an item under All Risks (Personal Possessions) and Contents and I lose it when I am at the beach, then I get paid twice right?

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.

Which of the following are excluded; cell phones, hand held radios, or satellite navigation equipment?

All three.

How about laptops or tablets… can they be covered?

Yes, but if over $500, they have to be specified.

Prior to covering a specified item, what is the required proof before the item can be covered?

The items value and ownership of it.

Are there any excesses?

Yes, but it is only $100 for each and every claim, unless otherwise stated in the policy schedule or any endorsements.

But what if I don’t follow the special conditions?

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.

I have a $10,000 Rolex watch that I want to insure. Are there any special requirements or conditions that would apply?

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.

What happens if one of my insured items is not maintained in good repair and I make a claim?

Oh, in that case, unfortunately, we make a deduction for wear, tear and depreciation.

I see you still have the unspecified section. What are the limits?

These are shown in the policy wording.

How often should I get my home revalued and why?

We recommend that it should be done every three years to ensure it is fairly accurate.

What sum insured should I have on my Building(s)?

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.

Is the price I paid for the home or the amount of my mortgage ok to be used as my sum insured?

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.

What if I am not sure of the cost to rebuild/replace, can you help?

Unfortunately, we are not qualified to give valuations. So, we suggest you contact a Real Estate Appraiser or Quantity Surveyor who is qualified.

If my Building(s) sum insured does not represent the full cost to rebuild as new, will partial losses up to this figure be paid in full?

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.

Can you provide a calculation/example of how the Condition of Average principal would operate?

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.

Does the policy include outbuildings and, if so, what limit is there?

Yes. There is no limit – the limit of the overall Buildings sum insured applies.

What parts of my Building(s) are not automatically covered and need to be advised to you?

Sea walls, docks, piers, jetties or similar waterside structures.

Is my Buildings cover on an All Risks basis?

No. It is on a specified events basis. However, we do also include Accidental Damage cover FREE of charge.

Sorry, what do you mean by specified events? Can you list them please?

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.

I believe you now have Accidental Damage cover to Buildings – are there any limits?

Yes, we have a limit – this is shown in the policy wording.

What are the limits for Alternative Accommodation and Loss of Rent and when would you stop paying for it?

These are also shown in the policy wording and we stop paying for this as soon as your home is in a habitable condition.

I hear about Trace and Access cover. Can you explain that and is there a limit?

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.

What other new features do you have that might help me in deciding to buy a policy with Cayman FIRST?

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.

I am going to be overseas quite a bit, so will you pay my claim if my home is unoccupied?

Our policy excludes any loss or damage occurring after the 40th day of any period during which your home is unoccupied.

Which events does this apply to?

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.

Does it apply to anything else?

Accidental damage too.

Talking about exclusions, I understand “felling” but what do you mean by “lopping or topping”?

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).

I hear people mention “CAT excess”. Do you cover pets under Buildings?

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.

Lastly, what are the Catastrophe events?

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.

What is the maximum you will pay for a claim?

The sum insured.

What sum insured should I have on my contents?

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.

If my Contents sum insured does not represent the full cost to replace everything as new will partial losses up to this figure be paid in full?

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.

Are the contents also covered outside the home as well as inside it?

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.

What sub-limits are there within the Contents definition?

There are only 3 (for Money, Valuables and Domestic staff and guests clothing and personal items) and these are shown in the policy wording.

Are the specified events exactly the same as under Buildings?

Yes.

What about the excesses for the specified events, are they exactly the same as under Buildings too?

Yes.

I see that you also have some accidental damage here too – what type of items are covered for accidental damage?

Home entertainment equipment and home office equipment.

What limits can I expect for this?

These are shown in the policy wording.

What happens if my Contents are not maintained in good repair and I make a claim?

Oh in that case then unfortunately we make a deduction for wear, tear and depreciation.

I came home one day and found that an iguana had somehow got into my house and it ripped up my brand new sofa that was part of a set so where is this covered?

Really sorry but damage by iguanas (and other vermin) is excluded.

If it got damaged by a fire then it would be covered, right?

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.

What are the four (4) new features in this section?

• Emergency services forced entry
• Contents in the open
• Door Locks/Keys
• Travel

What are the limits for each feature?

These are shown in the policy wording.

What is the excess for event a fire, lightning, explosion, smoke?

Nil.

What sum insured should I have on my contents?

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.

What’s the current standard limit of indemnity?

This is shown in the policy wording.

Can I get more than that if I want?

Depending on what limit you want and why you want it, we can provide higher limits at an additional premium.

What about the limit for my liability to domestic staff as their employer?

This is shown in the policy wording.

I don’t own my home, do I still have cover?

Yes, you also have cover under the “Liability as a tenant” sub-section.

What limit do I have for that?

This is shown in the policy wording.

What is the excess?

Pleased to advise that there is none.

I got a super expensive drone for Christmas and so would I be covered if it flies into someone else’s property or hits someone?

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.

What about if someone knocks on my door and my normally calm and collected cat gets out and bites them. Am I covered for that?

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.

When I was at one of the malls in Florida last month for the very special sales, some lady said that I pushed her and she fell when we were waiting for the store to open and she hurt her back. I have now received a letter from her lawyer in the US. Will my policy cover this?

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.

How much does the Liability cover cost?

Cost? This is FREE to all our valued customers!

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We can provide insurance products for homes, automobiles, boats, aircraft and more. We are also able to cover your business with standard and specialty coverage solutions such Business Interruption, Professional Indemnity or Bonds.

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