Risk Management & Insurance in St. Maarten

Risk Identification

Identifying the risks that may affect a person, property or business, such as fire, storms and hurricanes, flooding, theft, liability or interruption of operations.

Risk Analysis

Analyzing identified risks includes considering how likely each one is and how severe its impact could be. This can inform decisions about how to respond.

Risk Mitigation

Risk mitigation means putting controls and safeguards in place to reduce the likelihood or impact of a risk. Insurance is one way to respond to the financial consequences of some risks.

Risk Monitoring

Reviewing risks over time allows plans to be adapted as circumstances change.

Risk and insurance

Why Risk Management Relates to Insurance

Risk management can help individuals and businesses understand the threats they face and consider ways of responding, such as insurance, safety measures, training and monitoring. Some insurers may take safety measures into account when setting terms or premiums, which depends on the insurer and the policy.

Insurance Risk Assessment

An insurance risk assessment looks at the threats you may face, considers how likely they are and what their potential impact could be, and ranks them by severity. It can be a starting point for deciding which risks to reduce, retain or insure. Areas considered may include operations, finances, compliance and external risks. An advisor can discuss this with you, and you can contact us to arrange a conversation.

Developing a Risk Strategy

A risk strategy can combine insurance, procedures, controls and monitoring. An advisor can discuss your risk appetite, exposures and tolerance with you, and talk through options such as insurance policies, backup arrangements for operations and security controls. Depending on the risk, you may also wish to seek advice from a safety, technical or legal adviser.

Insurance Risk Management

Discussing Risk With an Advisor

An advisor can discuss with you the exposures a home, family or business may face, and possible safeguards. Examples include insurance policies, updated employee procedures, backup arrangements for operations and security systems. Which measures are suitable depends on the individual or business.

Risk changes over time, so it can be useful to revisit it when circumstances change, for example when a business grows or when assets are added. An advisor can discuss emerging risks with you and how your insurance may relate to them.

Managing Risk in Sint Maarten and Saint Martin

Sint Maarten lies in the Atlantic hurricane belt, and the hurricane season runs from 1 June to 30 November. Hurricane Irma in September 2017 caused widespread damage on the island. Wind, storm surge and flooding are risks that homes and businesses in areas such as Philipsburg, Simpson Bay, Cupecoy and Oyster Pond may wish to consider, depending on the location and construction of the property. Fire and theft apply to homes, vehicles and shops alike. Because the economy depends on tourism, hospitality, retail and imports, a business may also look at what would happen to income if premises close or deliveries are delayed. Practical steps such as an inventory with photographs, a hurricane preparation plan and backup of business records can be discussed alongside insurance. How any policy responds depends on the insurer and the policy wording.

Discussing a Risk Review

Managing risk starts with understanding exposures. You can speak with an advisor about identifying threats, considering their potential impact and discussing possible safeguards, including insurance. Contact us to ask about a risk review.

Storm preparation and insurance questions are covered on the hurricane insurance page.