Businesses that meet building regulations will get insurance coverage; those that don’t, will not.
And because of the complex network of roads in Bridgetown and substantial losses suffered in the Julie N’ Supermarket, Bridge Street fire in the1990s, no one insurance firm has made major investment across the board in The City.
Yesterday, chairman of the public relations committee of the General Insurance Association of Barbados (GIAB), Anton Lovell, said there was limited insurance coverage in some instances because of the conditions of businesses and their proximity to one another in Bridgetown.
“Insurance companies incurred substantial losses with the Julie ’N fire that spread to other businesses. A concern for companies is that anytime a major fire occurs in Bridgetown, there will be major losses. That is why they limit their exposure.
“From an insurance perspective, whereas the 14 companies in the market will share all the business in Bridgetown, you won’t find one or two companies insuring everything . . . spreading the risk. Our concern is the condition of the properties and the close proximity,” he said.
Lovell said that GIAB was of the view that most businesses all across Barbados needed to pay more attention to security and have adequate risk management protection measures readily in place to save life, limb and property.
GIAB has added its voice to the chorus of responses to last Friday’s tragedy in which six young women lost their lives as the result of the fire bombing of Campus Trendz clothing store on Tudor Street.
“The members of the GIAB have expressed their deepest condolences to all the families, relatives and friends of the young ladies and do hope that those responsible will soon be found and brought to justice.
“The GIAB further supports the many calls for the speedy introduction of a mandatory National Building Code.”
Lovell said that after inspecting properties, insurance companies imposed warranties on the policies which placed the onus on the businesses to have in place preventive devices (such as fire extinguishers, smoke protectors, burglar bars and burglar alarms).
