How do you choose an insurance broker in Sint Maarten?

Key facts

What is the difference between a broker, an agent and an insurer?

An insurer carries the risk and pays claims, a broker is an intermediary who can approach several insurers, and an agent usually sells for one insurer. The labels are not used the same way everywhere, so what matters is whom the person actually acts for.

Treat the table as a general guide and ask each firm how it describes itself. Some firms are described one way in conversation and another way in their paperwork.

What questions should I ask before choosing a broker?

Ask these, and expect clear answers:

1. Which insurers can you approach for my type of cover? The answer may differ for a home, a vessel, a restaurant or a contractor.
2. How are you paid? By commission, by fee or both, and is it shown to me?
3. What are you registered or licensed for, and with whom? Ask to see the proof and check it with the supervisor.
4. Which side of the island does that cover? Insurance is supervised separately on the Dutch and French sides. The guide to the Dutch and French sides explains why this matters.
5. Who will deal with me, and how can I reach them?
6. What happens when I make a claim? What do you do, what do I still have to do, and who decides?
7. How often will you review my cover? Ask how changes in your home, car or business are picked up.
8. How do you handle a complaint? Ask for the process.
9. Will you explain the wording in plain language? A good test is to ask about a term you are unsure of, such as a named-storm deductible.

What are red flags when choosing a broker?

These do not prove anything on their own, but they are reasons to slow down and ask more questions:

• No clear answer on how the firm is paid.
• Reluctance to show registration or licence details.
• Pressure to sign or pay immediately.
• Promises that a claim will be paid, or that a price is “the lowest”.
• Quotes from only one insurer without an explanation of why.
• Advice to cancel an existing policy before the new one is confirmed in writing.
• Vague answers about what is excluded.
• Documents that do not match what you were told.

What should I prepare before I call a broker?

A short list makes the first conversation much more useful:

• A list of what you want to insure, with approximate values.
• Your current policies, if you have any, and their renewal dates.
• Any claims you have made in the past.
• For a business, what it does, how many people it employs and what a landlord or contract requires.

The insurance needs assessment page describes how to list assets and risks, and the comparison shopping page explains how quotes can be compared.

Where can I check a broker’s registration?

Check with the supervisor, not only with the broker. On the Dutch side of the island, this site’s island information names the Central Bank of Curaçao and Sint Maarten as the supervisor. On the French side, intermediaries are listed on the ORIAS register. These are the official sites to check, and registration rules can change, so this guide does not summarise them.

What does Enterprise Insurance do differently?

This guide is written by a broker, so weigh it accordingly. What we can say is factual: Enterprise Insurance is a broker founded in 2016, with offices in Philipsburg and Cole Bay, and it places business with the insurers listed on the insurers page. You can speak with an advisor and put the questions above to us directly.