Parametric Home Insurance Cover – Cayman Compass

Earlier in 2024, the Cayman Islands National Insurance Company (CINICO) reached an exciting milestone – the addition of motor and home insurance products available to all Cayman residents. At the heart of this expansion was a ground-breaking innovation – parametric coverage. It is available for the first time in the Cayman Islands exclusively through CINICO as a standard feature of its homeowners’ insurance policies – at no extra cost.

It provides automatic payouts to home insurance policyholders within 2 to 3 weeks after a hurricane once the intensity reaches a pre-defined threshold, without the need to submit a claim and regardless of property damage or not.

As storms and hurricanes grow more frequent and severe, parametric coverage is becoming an essential level of protection for homeowners in the Cayman Islands. By offering this innovative solution as part of its robust suite of insurance products, CINICO reaffirms its commitment to building a resilient insurance sector and tailoring services to meet the unique needs of the Cayman Islands community.

Covering your unexpected hurricane costs

Parametric payouts are crucial to covering unexpected, incidental costs like buying hurricane supplies, securing property, getting a generator, or making minor repairs. Homeowners usually have to pay for these expenses out-of-pocket because standard insurance excludes them, or a deductible must be met before receiving a payout.

CINICO’s parametric coverage complements its broader homeowners’ insurance policy, which provides a comprehensive range of benefits to cover significant costs such as structural repairs or replacement through the standard claims process, ensuring comprehensive protection for policyholders.

Automatic payouts without making a claim

The benefit of parametric coverage is its simplicity. Once a pre-defined trigger weather event occurs, CINICO will proactively contact policyholders and automatically issue payouts. There’s no need to call, submit a claim, or provide any additional information.

This is possible because parametric payouts are based on precise, pre-agreed storm parameters like wind speed and proximity rather than assessments requiring proof of damage and lengthy claim reviews.

CINICO – Keeping Cayman covered

For more than 20 years, CINICO has been a cornerstone of the Cayman Islands community. By adding motor and home insurance, with the added protection of parametric coverage, to its existing health insurance cover, CINICO is committed to ensuring a resilient insurance sector with options for all Cayman residents.

With CINICO, you’re not just a policyholder, you’re a part of a community of people who care about protecting their loved ones.

Whatever you need, whenever you need it, CINICO is keeping Cayman covered.

Get a quote

CINICO members and new customers can find out more, and request a quote for motor and home insurance by visiting www.cinico.ky, calling (345) 949-8101, or emailing [email protected].