BF&M, Argus: Waiver of Double Deductible
BF&M and Argus announced today [Oct 23] that they will be waiving the right to apply separate deductibles for those unfortunate residential customers who incurred damage during both Tropical Storm Fay and Hurricane Gonzalo.
The insurance companies said two named storms in such a short period is a very unique occurrence, and “two deductibles absorbed by policyholders would provide financial hardship for many who may already be hard hit,”
A joint statement from both companies said, “BF&M and Argus announced today that they will be waiving the right to apply separate deductibles for those unfortunate residential customers who incurred damage during both Tropical Storm Fay and Hurricane Gonzalo.
“In accordance with the wording of home insurance policies, each event would normally require home policyholders to absorb the deductible in respect of each storm.
“BF&M and Argus however, have decided that two named storms in such a short period, as has just occurred, is a very unique occurrence, and two deductibles absorbed by policyholders would provide financial hardship for many who may already be hard hit with the economic challenges that Bermuda is facing and has been enduring for several years now.”
For all our coverage of Hurricane Gonzalo click here, and for our live blog where we are bringing you continuous live coverage of the aftermath of Hurricane Gonzalo click here.
Thank you…. thank you….. thank you……. that’s the best news I’ve had all week…. thank you again
Great news – absolutely fair and right. Thank you.
FMG where you at?
Fantastic – will be getting them to quote on all my insurances.
Colonial, are you going to help your policy holders too
note this is for residential, so for those of us who have small businesses, this is not so fair … we have a $7,000 deductible, so there’s goes any bonuses and profit for our staff this year …
Any word yet from Freisenbruch-Meyer? This has to be a major selling point for BFM and Arguse moving forward.
Well done!
Well done Argus.