Anthony Cartwright at Colina

01/07/2021

14/01/2020

Colina Insurance Limited branches will be closed on Wednesday, January 15th. We will reopen on Thursday, January 16th.

Colina General Insurance Agency will remain open to serve you.

You will still be able to request a quote, apply for a policy loan or a withdrawal at www.colina.com

22/11/2019

What is "Condition of Average Clause" in homeowner's insurance?

If the Sum Insured of your home is less than it should be (known as underinsurance), you will not receive reimbursement for the full amount of any loss the Policy responds to.

Therefore, in the event your property is underinsured, then the Condition of Average will operate to reduce the net amount you will receive from a valid claim, in direct proportion to the amount of the underinsurance.

For example, if you have a sum insured that is only 50% of what it should be you will only receive 50% of any valid claim. Similarly, if you insure for 75% of the what it should be insure for, you will only receive 75% of any valid claim. This is known as "Condition of Average Clause".
In the event of a total loss, the policy will pay the lower of the amount of the loss or the sum insured. This means that in the event of you being underinsured and having a total loss, you will receive only the sum insured which will not reimburse you for the full amount of any loss you may have suffered.
When a deductible exists on a policy, this deductible will be subtracted from the final payment of any claim after the operation of the Condition of Average.

The following further illustrates the principle:

Sum Insured: $100,000
Appraised Value or replacement cost: $200,000
Amount of loss: $50,000
Calculating Formula:
$100,000 (sum insured) × $50,000 (amount of loss) ÷ $200,000 (appraised value) = $25,000 (condition of average)
Policy payment (before deductible) $25,000

Always insure your home for the appraised amount or replacement cost. Have your home appraised every few years to make sure your home is insured for the true value. If you renovate or upgrade your home, make sure have it appraised and increase the sum insured accordingly.

22/10/2019

Have you ever wondered why there are deductibles on your insurances? Contrary to popular belief that the deductible is an unfair cost to the client, the deductible is the client's vested interest to ensure that the client, protects, secures and up keeps his or her property. A client knowing that he or she has a part of the claim to pay, they would be more inclined to take care of themselves (in the case of medical insurance), of there homes (put in safe guards against breakins, fires and hurricanes), of their cars (regular service and driving cautiously). If the insurance were to pay 100% of all claims, the clients would not be as careful in taking care of their property. This would increase claims and thus increase premiums. The deductible ensures that claims are legitimate, this keeps claims down and ultimately premiums low.

12/10/2019

06/06/2019

I appreciate these kind words from Ashley Hall.

16/04/2019

There is no one in the Bahamas that have not been either directly or indirectly affected by the five major critical illnesses, Cancer, Heart Attack, Coronary Artery Desease, Stroke and Kidney Failure. These diseases not only cause emotional and physical stress but also financial stress. Colina, the only company in the Bahamas to do so is now providing the Essential Recovery Rider which can added to any new life insurance plan or to any existing life insurance plan in force. This Rider provides a cash payout of $25,000 if you survive either of these five major critical illnesses.
Please contact me for further details and information. My cell 427-2004 and my direct office line 397-7670.

18/02/2019

Colina introduces Recovery Rider

16/02/2019

At the Guardian Health Fair

13/02/2019