Looking at the Full Picture
Insurance Needs Assessment in St. Maarten
Choosing a policy often starts with a few questions. An insurance needs assessment looks at what you own, what you owe, what could go wrong and what you already have, which can help you consider what cover may be relevant to you. In St. Maarten, that can include storm and flood exposure and how your property is used.
In short: An insurance needs assessment is a review of your assets, income, liabilities, risks and current policies, used to help identify possible gaps, overlaps or under-insurance. Some people find it a useful first step before buying or renewing cover in St. Maarten or Saint Martin.
Why Begin With an Assessment?
Many people buy insurance one policy at a time: a car policy when they buy the car, a home policy with the mortgage, a business policy when they open the doors. Over time, gaps and overlaps can appear. An assessment looks at everything together, which may help you understand how your policies fit together.
What an Assessment Looks At
- Your assets: home, vehicles, boats, savings, business property, stock and equipment.
- Your income and dependants: who relies on you and what might happen if you could not work.
- Your liabilities: mortgages, loans, contracts and legal exposure.
- Your risks: hurricanes and named storms, floods, theft, accidents, illness and business interruption.
- Your current policies: what is covered, for how much, and what is excluded.
How It Can Work
- A conversation: a discussion at the Philipsburg or Cole Bay office, or by phone, about your situation and priorities.
- Information gathering: current policies, valuations and relevant documents are shared.
- Review: risks, gaps, overlaps and areas where cover may be too low or too high are identified.
- Findings: a summary in plain language, which may be ranked by priority.
- Next steps: you can decide on an action list and, if you wish, move on to policy recommendations.
What an Assessment May Show
- An overview of your risks and how they are currently covered
- Possible gaps and under-insurance
- Duplicated or unnecessary cover
- Priorities to consider when deciding where to spend
- A starting point for comparison shopping and ongoing policy review
For Individuals and Businesses
Who Might Find It Useful?
Families buying a first home, new drivers, retirees, business owners opening or expanding in tourism, hospitality or retail, landlords, owners of second homes or boats, and anyone who has not reviewed their cover in some time. Businesses may also look at a risk management review.
Needs Assessment in Sint Maarten and Saint Martin
An assessment in Sint Maarten can take local conditions into account. These include the Atlantic hurricane season (1 June to 30 November), the damage Hurricane Irma caused on the island in September 2017, and how the sum insured on a home or business compares with rebuilding and replacement costs. The economy depends on tourism, hospitality, retail and imports, so a business owner may want to look at stock, goods in transit and income if premises close. Homeowners in areas such as Cupecoy, Maho, Oyster Pond or Dawn Beach, and boat owners around Simpson Bay Lagoon, may have different exposures from those of a tenant in Philipsburg. The conversation can be held at the Philipsburg or Cole Bay office, Monday to Friday, 8 AM to 6 PM, and can include a move between the Dutch and French sides of the island or assets on a nearby island.
Contact Us
You can speak with an advisor about arranging an assessment. Request a call back or call +1 721 542 5078.
Frequently asked questions
What is an insurance needs assessment?
A structured review of what you own, who depends on you, what could go wrong and what you already have. It typically ends with a plain-language list of possible gaps, overlaps and priorities to consider.
What might be useful to bring to an assessment?
Current policies and renewal notices, vehicle and property details, recent valuations if available, and a list of loans and dependants. For a business, contracts, staff numbers and stock and equipment values may also be helpful.
Is a policy purchase part of the assessment?
No. An assessment is a discussion of your situation. What, if anything, to buy is your decision, and you can ask an advisor about comparing quotes or reviewing your cover later.
When might a needs assessment be useful in St. Maarten?
Some people find it useful after a hurricane season, when buying a home or vehicle, when starting or expanding a business, or after a move. Hurricane Irma in September 2017 is one reason many people have looked again at their cover, limits and deductibles.
Can an assessment include property or a vessel on another island?
It can take into account assets in more than one place, for example a second home, a vessel or business activity on Anguilla, Saint-Barthélemy, Saba or Sint Eustatius. Whether insurers can quote for those locations depends on the insurer and the risk.
Is insurance needs assessment available on the French side (Saint-Martin) as well as in St. Maarten?
The Enterprise Insurance offices are in Philipsburg and Cole Bay on the Dutch side. Insurers, rules and supervision differ between Sint Maarten and Saint-Martin, so availability depends on where the person, property or business is located and on the insurer. An advisor can explain what may be possible and whether a French-side insurer or intermediary is needed.
Last reviewed by the Enterprise Insurance team, St. Maarten. This website gives general information about insurance. It is not personal advice, a recommendation or an offer of cover. Terms, limits, exclusions and availability depend on the insurer and the policy wording.
Insurers an advisor may approach
Depending on the type of cover, an advisor may request quotes from insurers such as NAGICO, ICWI, Gulf Insurance, Ennia, Caribbean Alliance Insurance and Guardian Group. Which insurers can quote depends on the risk.
Contact Enterprise Insurance
If you would like to talk through your insurance needs, you can call or visit one of the offices in Philipsburg or Cole Bay, or request a call back using the form. An advisor can discuss your situation, explain how different types of cover work and answer questions about policies you already have. What suits you depends on your own circumstances.
- PhilipsburgIllidge Road #60, Philipsburg
- Cole Bay69 Welfare Road
- Call us +1 721 542 5078+1 721 544 3050
Request a Call Back
Leave your details and a short note about what you would like to discuss, and someone from the team can contact you. Please do not include payment or other sensitive personal details in the message.