Insurance Services in St. Maarten

Insurance Needs Assessment

An insurance advisor can talk through your circumstances and help you consider which types and levels of cover may be relevant, whether for home, auto, business or other insurance. In St. Maarten, this may include a home or villa in areas such as Cole Bay, Simpson Bay or Dawn Beach, a vehicle, a business in tourism, hospitality or retail, or a boat. Hurricane season (1 June to 30 November) and the damage caused by Hurricane Irma in September 2017 are among the points often discussed.

• Discussing your situation: a conversation about your assets, liabilities and the risks you may wish to consider.
• Understanding cover options: an overview of the types and levels of cover that may be relevant to you.
• Possible gaps: points where existing cover may not match your current circumstances, which you can then consider.
• Policy review: a look at your existing policies to see how they compare with your present needs.

Policy Options and Explanations

After a needs discussion, an advisor can describe policy options and explain coverage details, policy limits, deductibles and optional extras, so that you can consider them. The currency of the sum insured and premium is also worth checking: US dollars are widely used locally, but a policy may be written in US dollars or another currency.

• Coverage details: an explanation of what a policy covers, including its limits and exclusions.
• Overlaps and gaps: a look at whether current policies may overlap or leave some areas uncovered.
• Deductibles and options: how adjusting a deductible or adding options may change a policy’s terms and premium, which depends on the insurer.
• Additional cover: information about optional extras that may relate to specific risks.

Comparing Quotes

An advisor can request quotes from more than one insurer and set coverage options, premiums and terms side by side. This can show how policies differ. Premiums and terms vary by insurer, and the most suitable policy depends on your circumstances. On the Dutch side, the Central Bank of Curaçao and Sint Maarten supervises insurance.

• Multiple quotes: requesting quotes from more than one insurer for comparison.
• Coverage details: comparing limits, exclusions and deductibles between policies.
• Premium factors: discussing factors that may affect a premium, such as bundling policies or claims history, which depends on the insurer.
• Flexibility: asking insurers whether limits or endorsements can be adjusted.
• Explanation: an advisor can explain the differences between policies so that you can decide based on your requirements and budget.

Claims Assistance

If you need to make a claim, an advisor can explain the general steps, help you gather documents and help with claim forms. After a storm, this can include photos of damage, repair estimates and receipts. The insurer decides on the claim in line with the policy wording. Read more about claims assistance.

• Claims information: an explanation of the steps typically involved, the documents often requested and any time limits in the policy.
• Documentation: help gathering and organizing documents such as incident reports, medical records or repair estimates.
• Communication: help passing information between you and the insurer.

Ongoing Policy Review

Insurance needs can change over time, for example after life events or business growth. An advisor can go through your policies periodically so that you can consider whether they still match your circumstances. Some people choose to do this before hurricane season starts on 1 June. Read more about ongoing policy review.

• Policy check: looking at whether your policies still match your current needs.
• Possible updates: discussing changes that may be worth considering after changes in your life or business, or in rules that may apply to you, which you can confirm with the relevant authority.
• Premium factors: discussing deductibles, coverage limits and policy bundling, which may affect premiums.
• Policy explanations: an explanation of policy terms and conditions.

Risk Management

Advisors can also discuss risk management, which means looking at ways to reduce potential risks and losses. Read more about risk management.

• Risk identification: discussing risks that may be relevant to your industry, business or personal circumstances.
• Risk reduction ideas: general examples such as safety procedures, regular inspections, cybersecurity measures, data backups kept away from the premises or storm preparations before hurricane season, which may not suit every situation.
• Alignment with insurance: considering how insurance may relate to the risks you have identified.
• Awareness of change: information about changes in risks or in the insurance market that you may wish to take into account.

Insurance Services in Sint Maarten and Saint Martin

Advisors can be reached through the offices in Philipsburg (60B A.Th. Illidge Rd) and Cole Bay (69 Welfare Road). Because the economy of Sint Maarten depends on tourism, hospitality, retail and imports, conversations often involve hotels, restaurants, shops, importers and marinas around Simpson Bay Lagoon, as well as homeowners, drivers, and owners of boats or aircraft. Princess Juliana International Airport and the cruise port at Great Bay in Philipsburg are well-known local features, and nearby islands such as Anguilla, Saint-Barthélemy (St. Barths), Saba and Sint Eustatius (Statia) can matter for marine, aviation, event and travel cover. Needs on the French side of Saint Martin may differ, and an advisor can discuss which insurers may be approached. The services on this page apply to private individuals and businesses alike, and what is suitable depends on the insurer and policy wording.

Contact Us

The services described on this page are general. Whether and how they apply depends on your circumstances, the insurers involved and the wording of each policy. If you would like to discuss any of them, you can get in touch with an advisor.