Do I have a grace period once my policy expires?

There is no grace period for expired insurance policies; your policy should be renewed on the stated renewal date.

Do I have to pay my premium all at once?

No, FGIAB offers a flexible payment plan and you can choose several methods: • Post-dated cheques • Credit or Debit Card • Online payments through various banks • Wire Transfers Note that in the event of a claim, all outstanding premiums become due. Remember you must pay your premium on time to avoid policy cancelation.

How will I identify the amount of VAT I have paid on my Insurance Policy?

The VAT amount that you have paid will be clearly outlined on your Policy Schedule so that you will be able to identify the premium from the VAT charges.

What types of insurance does FG Insurance Agents & Brokers provide?

FGIAB offers the following insurance products: motor, home, commercial, contents, contractors all risk, liability and marine.

What do I do if I am involved in a motor accident?

If you are involved in a motor accident, you should:

  • Check for injured persons, note the type of injuries and call for the ambulance if necessary, and the police.
  • Look for witnesses and write down their names and addresses.
  • Obtain details of the other vehicle(s), namely: the number on license plate and the make, model and color of vehicle.
  • Get the name, address and phone number of the driver.
  • Get the name of driver’s insurance company.
  • When a policeman arrives, write down his/her name and number and answer all questions to the best of your ability.
  • Do not enter into any agreement to fix the other person’s vehicle, no matter how obvious it is that you are at fault. Simply say that you are insured and refer them to your insurance company or agent.
  • If your vehicle is disabled and cannot be driven, have it towed to your home if possible, as most towing companies do not tell you about their storage fees which could be $20 or more per day.
  • As soon as possible, visit your insurance agent with your driver’s license and complete an accident report.
  • Obtain at least two estimates for repairs to your vehicle (unless you use our Auto-Safe Program).
What happens if my home is underinsured and I have a claim?

If you have underinsured your home and there is a loss then the “Average Calculation” will apply. The concept of Average is: For partial damage, all homes that are not fully insured become subject to Average and you are your “own insurer” for uninsured value. Average is the rate-able portion of the full value against the insured value to each and every loss and is calculated as: (Insured value of home/Full value of home) x Loss e.g. Full value of home – $200,000 Insured value of home – $150,000 Loss – $50,000 Average = (150/200) x 50,000 = $37,500 So, of the $50,000 loss, you would be paid $37,500 less any applicable deductible.

What does “deductible” mean?

The deductible is the amount that must be paid out of pocket by the policyholder before an insurance provider will pay any benefits. This applies to both Home and Motor policies.

When will the VAT increase of 12% begin on General Insurance Products?

The VAT increase of 12% on General Insurance Products became effective as of July 1, 2018.

What are the various levels of motor insurance coverage?

Third Party – Protects you from liability for damage to other people’s property and for death or bodily injury to those persons. Third Party, Fire & Theft – Protects you as per Third Party and covers the cost of replacing your stolen or burnt vehicle. Comprehensive – Covers all of the above plus accidental damage to your vehicle including collision and vandalism.

What does “contents insurance” cover?

Contents insurance covers items in your home that you could take with you when you move – from drapery and carpets to television/electronics and washing machines. It also includes clothing, personal possessions and valuables.

What is a no claims discount?

This is the premium discount given to drivers based on their claims history.

Will VAT be charged on all General Insurance Products?

VAT will be charged on the following General Insurance Products (Motor, Commercial, Marine, Liability, and Aircraft) however Residential Property Insurance policies will be VAT exempt.

Will I be charged VAT on my Homeowners Claims after July 1, 2018?

Yes, all claims on private dwellings covered under a Homeowner’s Policy will be subject to the inclusion of the 12% VAT charge on repair cost.

Where can I find more frequently asked questions about my policy and coverage?

FG Insurance Agents & Brokers is a broker for Bahamas First.  To view additional FAQs on your policy and coverage on the Bahamas First website, please go to www.bahamasfirst.com/faqs.php  

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