MOTOR VEHICLE accidents are hitting local insurance companies hard.
Given the fact Barbados has an extremely high liability limit, representatives of some insurance companies said they were dealing with an increasing number of multi-million dollar claims.
“Motorists in Barbados don’t seem to fully appreciate we have one of the highest liability limits in the Caribbean – third party bodily injury is capped at $30 million per loss/accident and up to $10 million per person in comparison to Antigua, which has a comparative limit of EC$1 million (around BDS $741 000) and $250 000 (around BDS $185 000), respectively.
“In fact, we came down from unlimited liability, no cap at all, to the $30 million just a few years ago,” said immediate past president of the General Insurance Association of Barbados (GIAB), Davis Browne.
Please read the full story in today’s Saturday Sun, or in the eNATION edition.
