In this chapter we explain the various Cayman insurance options (including health, house, life, etc.) from Cayman Islands insurance providers. We also detail which companies to contact and what is required by law. For car insurance see the Transportation chapter.
Cayman has a wealth of insurance companies that can provide cover for your home, car, life, health, property contents and much more.
Health Insurance Health insurance is required by law. Under the law, employers must obtain health insurance for employees and their spouse and dependants. The cost of the employee’s health insurance is usually split 50/50 and then the employee will pay 100% of his or her family’s coverage. Many insurance companies in Cayman offer global coverage as well. All self-employed persons must have their own health insurance. Health insurance rates depend on age, any pre-existing conditions and whether it is a standard or premium plan. Individuals on a company’s group plan will probably pay about 30% less than the rates quoted below.
Standard/basic plans often only provide on-Island care and no dental, vision, prescriptions, out-patient doctor’s visits or diagnostic procedures and usually cost between CI$105 and CI$185 per month per individual and CI$300+ per family. Premier plans provide on-Island as well as overseas care and usually include everything that the standard plans do not. The cost is a significant amount more - CI$675 for an individual and CI$1750 per family. Again, if you are on a company plan this will be significantly less.
If your company has a group plan, then the monthly portion you will pay is approximately CI$220 for premium coverage and CI$66 for basic coverage. A family plan under a group policy costs in the region of CI$1250 per month. Please note that if you have any claims on your health insurance during the year then your premium will go up on the anniversary of your start date. However, not all insurance policies are the same. Some run on a cost-share programme (80/20) which means that you always pay 20% of your insurance claims but your monthly premium does not go up. The best idea is to ask a doctor which insurance plan would work best for you and then shop around. For more information and to see a list of health insurance providers, please see the Health chapter.
House Insurance The average cost of house insurance is approximately 1.7% of the value of the property; this includes liability and building insurance. Waterfront properties can attract insurance rates closer to 2.0% depending on the value of the property. If your property is part of a strata corporation (condominium), the building must be insured in the name of the strata. Each owner then pays a portion, usually based on square-footage, which is often included in the monthly strata fees. Contents insurance is a separate matter.
It might also be worth mentioning that when you go to get a mortgage from a bank, most will steer you towards a specific insurance company they either partially own or have a special interest in. Since insurance rates vary between companies, shop around regardless of the recommendation from your bank.
Contents Insurance Budget on about CI$650 per CI$25,000 of coverage. If you are renting a property, insuring your personal belongings is your own responsibility. Your landlord may have insurance to cover the contents provided in your unit, but anything belonging to you needs to be covered in your own policy. The risk of theft in Cayman is relatively low compared to many other countries, but due to the chance of flooding and hurricane damage, contents insurance is recommended.
Insurance companies suggest that you make a list of all your home contents and personal possessions (including those of family members residing with you) and document the current replacement cost for each article. This is a good way to make sure you do not inadvertently under-insure your contents. The consequences of under-insuring your contents are simple. If the insurance company finds you have insured your contents for CI$10,000 when they are really worth CI$20,000, and your loss is CI$5,000, then they will only reimburse you CI$2,500. This is called the condition of averages and the policy is not unique to Cayman. Brokers suggest you review your insured list every year to update the commercial value. There is a 3% deductible for catastrophe claims for non-waterfront property, and a 5% deductible for waterfront property.
Note about insuring your kitchen contents: If you are the owner of a property that is part of a strata complex, then in most cases your kitchen contents, (cabinets, fridge, cooker, dishwasher and microwave) will be covered on the strata’s building insurance. If you are the owner of a house and not part of a strata, then you will have to insure your kitchen appliances as part of your contents insurance. Building insurance alone will not cover the replacement of kitchen appliances. If your property is part of a strata complex and you upgrade your kitchen appliances or cabinets, it is important that you are insured to the upgraded amount under your policy, as it might not be covered under the strata’s building insurance for the complex. Check with your strata policy to make sure.
Life Insurance Numerous providers offer life insurance in Cayman. There are also independent brokers, like Tony Mosely, who can shop around for you. Most banks will require a term life policy to cover your home’s mortgage.
Insurance Providers Aon Risk Solutions (Cayman) Ltd. Tel: (345) 949 0111 Fax: (345) 949 8163 Email:aoncayman@aon.com They are a leading global provider of risk management services offering commercial customers strata, business and liability insurance and personal customers home, motor and marine insurance.
BAF Insurance Company (Cayman) Ltd. Tel: (345) 949 5811 Fax: (345) 949 7192 Email: BAFCayman@mybafsolutions.com Products: Life and Health.
British Caymanian Insurance Tel: (345) 949 8699 Fax: (345) 949 8411 Products: Life, Health, Pensions, Property, Motor and Casualty.
Cayman First Insurance Company Ltd. Tel: (345) 949 7028 Fax: (345) 949 7457 Email:askus@caymanfirst.com Products: Property, Motor, Commercial, Casualty and Health
Cayman Insurance Centre Tel: (345) 949 4657 Health Line: (345) 946 3930 www.cic.com.ky Products: Life, Group Health, Property, Motor, Travel and Liability.
FIS Insurance Brokers Tel: (345) 945 5616 or (345) 949 6403 Products: Health, Life, Motor and Property Insurance.
Insurance Company of the West Indies (Cayman), Ltd. Tel: (345) 949 6970 Fax: (345) 949 6929 Email: cayman@icwi.com www.icwi.com Products: Property, Casualty, Liability, Marine and Motor. SEE AD PAGE 184
Pelican Trading Company Ltd. Suite 103, Crighton Building, Crewe Road, Tel: (345) 943 7354 Email: info@pelicantrading.biz Products: Residential and Commercial Property, Contents, Travel, Business Interruption, Employer’s Liability, Public Liability, Contractor’s All Risk, Marine, Goods in Transit, Fidelity Guarantee, Bonds, Money, Plate Glass, Burglary and more.
Sagicor Life of the Cayman Islands Tel: (345) 949 8211 Fax: (345) 949 8262 Email: customerservicecayman@sagicor.com Products: Life, Investment, Annuities, Captive Insurance and Administration Reinsurance.
