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Insurance update

posted Jan 29, 2014, 12:00 PM by Liz SN
We are extremely pleased to announce that we have selected Moylan's (Dongbhu Insurance) as our carrier.  We also announce that we have selected AM Insurance to continue as our broker of record.  As you may know, we have had Lloyd's of London (off-island insurer) for many many years and they had provided us with an excellent policy.  Many referred to it as the "Cadillac" of insurance because it covered just about anything and, previously, local carriers were not willing to provide such coverage.   This year local carriers seemed more receptive to our coverage needs and we were able to get exactly what Lloyd's had provided via Moylan's Insurance and Dongbhu.   This was as a result of competitive forces in the market and AM Insurance's efforts to mirror our Lloyd's policy to make an easier decision.

Our insurance premium is NOW substantially less (42% less) than our previous years for the same coverage.  PLUS we have increased our coverage value from $15 million to $22 million.

- Ken Limtiaco, Board of Directors