JULY 15th, 2006

 

Angry Nalgico Policy Holders
Other weeks
July 01st
July 08th
July 15th
July 29th
Other Months
January
February
March
April
May
June
July
August
September
October
November
Archive
Year 2005 News
Other News
CANA
Online Newspapers

Quality De La Grenade Products now available www.grenadamarket.com

 

Another hurricane season is on and for some homeowners on the island they are still angry with one insurance company for failing to fulfill its financial commitment to them.

The homeowners were insured with National Guarantee Insurance Company Limited (NALGICO) and some of their homes are still seen with flapping and dilapidated tarpaulins, as well as patched roofs.

These are gentle reminders of the pain they have to go through due to the failure of their insurer to pay their claims. Some of the NALGICO clients whose homes were devastated by Hurricanes Ivan in 2004 and to a lesser extent Emily in 2005, are blaming the Office of the Supervisor of Insurance for non-payment of outstanding claims to them.

The distressed clients complain to this newspaper that the Supervisor of Insurance has been "negligent" and failed to protect the General Public by insuring compliance with the law of all insurance companies operating on the island. They are annoyed that NALGICO has been failing to fulfill its obligation and just leaving them "in the cold".

A recently formed group of policy holders of the insurance company held a press conference on Wednesday to express their dissatisfaction with the insurance company. The newly established group, presently has a membership of approximately 26 and one of its spokespersons is Brian Pitt who said that the number is rapidly increasing.

Pitt told reporters that someone needs to come forward and accept responsibility, pointing out that the Supervisor of Insurance, has some level of responsibility for all that transpired. "The question is whether or not she has in the case of this company, fulfilled her responsibilities," he said. "Who is going to step up to the plate and accept responsibility for this company which has not been fulfilling its obligations to its clients?" he asked.

Pitt who lost 80% of his home said that all the concerned NALGICO policyholders are trying to do is settle the matter "expeditiously". One of his colleagues, Roland Walker who lost his entire roof said that he had to utilize his entire life savings to carry out repairs, "so I am cash-strapped".

Two others, Patricia Bruno and Everard Antoine conveyed very similar sentments. According to Pitt, the insurance company has not made any move to meet with them since their homes were destroyed, nor have they accepted their telephone calls or acknowledged receipts of their letters.

Antoine said hat the intention of the group is not to put down the insurance company or local companies but "is just that we've been let down and left in the cold". NALGICO was the centre of attention last year after it was revealed that the company was having extensive difficulty in paying its outstanding claims to Ivan victims.

It was during that period that government got involved in the issue and had given the insurance company up to April 30, 2006 to settle their claims. The date has expired and nothing further was heard about the ultimatum.

The latest press release issued by the Board of Directors and Management of NALGICO, said that the company is continuing to make efforts to have the outstanding claims settled in the shortest possible time.

It went on: "We have had some unexpected delays but are currently in the process of finalising negotiations with a group of International Investors who have indicated their willingness to make funds available for this purpose. "We wish to advise our policy holders and the general public, that as locally owned and operated company, NALGICO remains committed to meet ALL its liabilities and hope to do so in the very near future.

"We thank our policyholders and the general public for their patience, understanding and encouragement and look forward to again being of service to all". The Supervisor of Insurance was not available for comment on the issue.

However when contacted in his constituency on Wednesday afternoon, Minister of Finance, Anthony Boatswain told this newspaper that government will have to meet with NALGICO to discuss the issue, but couldn't say how soon.

 

EDITORIAL
Hugh Wildman making local headlines
COLUMNS
CSME, Judiciary, Reconciliation
LETTERS
A most anti-democratic act
Payment to sleep in your own bed
NEWS
Gov't not doing anything for agriculture
Trotman-Joseph quits as Solicitor General
The new LIAT road
Hugh Wildman is rejected
Huggins support Police Welfare
Clouden Attacks Hugh Wildman
No-Confidence
Angry Nalgico Policy Holders
This information is property of Grenada Today Ltd, and is reproduced here with permission.
Belcom Business Solutions, New York, USA (718) 845-9768 - Click here to Email us