Reviewing your cover
Insurance Policy Review in St. Maarten
An ongoing review means looking at your insurance periodically to consider whether it still matches your circumstances. A review may cover factors such as asset values, risks, life changes and new exposures. In St. Maarten, it can also include storm-related conditions and deductibles, particularly ahead of the Atlantic hurricane season.
In short: An ongoing policy review means looking at your insurance periodically, rather than renewing automatically. In St. Maarten and Saint Martin, people often review cover, limits and deductibles around hurricane season, after a move, or when buying a home or vessel or starting a business.
Risk Identification
A review can help you consider whether current cover matches your assets and risks as they change.
Changing Needs
Life changes such as new dependents, a new occupation or a move between the Dutch and French sides of the island may mean that a policy needs to be adjusted.
New Exposures
A review may bring to light new exposures, such as a recent purchase, a vessel, a second property or a new business activity that could need additional cover.
Market Options
A review is an opportunity for an advisor to describe other policy options that may be available. Whether they suit you depends on your circumstances and on each insurer’s terms.
Why review
Benefits of Regular Insurance Reviews in St. Maarten
Renewing a policy without reviewing it can mean that cover no longer matches changed assets and needs. A periodic review may help show where cover could fall short, and an advisor can discuss possible adjustments. Underinsurance, where the sum insured is lower than the value of what is insured, may affect how a claim is settled, depending on the policy wording. A review may also show other options with different premiums or terms.
Advisors at Enterprise Insurance can walk through your policies with you to look at possible gaps or options as your circumstances change. Contact us to discuss a review.
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.
Why Ongoing Reviews Matter
Renewing the same policies year after year may leave you underinsured if your assets and needs have changed. Reviewing periodically with an advisor can help you notice where gaps may be developing. It may be worth considering regular reviews as part of how you manage your insurance.
Insurance Review Tips for St. Maarten Residents
- Keep an inventory of your assets and possessions
- Note life changes such as new dependents, cars, homes or jobs
- Note any emerging risks, such as new valuables or overseas travel
- Consider reviewing your cover at least once a year, for example before the Atlantic hurricane season (1 June to 30 November)
- Check the sum insured and the storm deductible against current rebuilding and replacement costs
- Discuss your findings and options with your advisor
You can contact Enterprise Insurance to discuss a review of your policies.
Ongoing Policy Review
What are Insurance Reviews?
An insurance review means re-examining your existing cover, needs and risks, rather than renewing a policy automatically. A review with an advisor may look at:
- Changes in your assets, premises and possessions
- Major life events, such as new family members or a change of occupation
- Changing risks, exposures and liabilities
- Insurance options and products that may be available
Types of Insurance Policy Reviews
Annual Insurance Reviews
Some people review their policies once a year to keep track of changes in their circumstances.
Coverage Needs Assessments
A needs assessment looks at your assets and risk profile so that you can consider whether your combination of policies matches them.
Specific Policy Reviews
A targeted review of a property, life, health or other policy looks at one type of cover.
Insurance Check-ins
Less formal check-ins between larger reviews may bring up changes that need attention.
Possible Benefits of Reviews
- Checking whether cover still matches changing circumstances
- Noticing emerging risks that may need new policies
- Learning about new products that may be available
- Noticing gaps that may lead to underinsurance
- Adjusting to life changes such as new homes, children, cars or jobs
- Asking an advisor to explain policy terms
Policy Reviews in Sint Maarten and Saint Martin
Many people on the island look at their insurance again around hurricane season. Hurricane Irma in September 2017 caused widespread damage on the island and is why many have reviewed their cover, limits and deductibles. A review before the season starts on 1 June, or after it ends on 30 November, is one approach. Other moments when a review may be worth considering include a move between Sint Maarten and Saint Martin, buying a home or condominium in an area such as Cupecoy, Maho or Dawn Beach, buying a boat kept in Simpson Bay Lagoon, or starting a business. If you own property or a vessel on Anguilla, Saint-Barthélemy, Saba or Sint Eustatius, it may also be worth checking how it is insured. A review can also confirm whether a policy is written in US dollars or another currency.
Arrange an Insurance Review
Is your cover keeping pace with changes in your life? You can speak with an advisor in St. Maarten about reviewing your policies and risks, and about whether your cover matches your current needs. A short review may bring up questions that are worth asking. Contact us to ask about a review.
Frequently asked questions
How often should I review my insurance in St. Maarten?
Some people review their policies once a year, for example before the Atlantic hurricane season starts on 1 June. A review can also be useful after a major change such as a move, a purchase or a new business. An advisor can discuss what suits your situation.
Should I review my insurance after a hurricane?
Hurricane Irma in September 2017 caused widespread damage on the island and is why many people have reviewed their cover, limits and deductibles. A review can look at whether values, limits and storm deductibles still match your property and contents.
Do I need to change my insurance if I move from the Dutch to the French side?
It may be worth checking. A move can change the address, the insurer that can quote and the terms that apply. Whether the existing policy can continue depends on the insurer and the policy wording.
Is ongoing policy review 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.
- Philipsburg60B A.Th. Illidge Rd, Philipsburg
- Cole Bay69 Welfare Road
- Call us +1 721 542 5078 +1 721 544 3050
Request a Call Back
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