Over $2 million in compensation

Barbados to get insurance support for rainy days

Government will on Monday receive over two million dollars (US$1,284,882) in compensation under its excess rainfall insurance policy, or CCRIF, as a result of recent heavy rains.

Representatives of the CCRIF, formerly known as the Caribbean Catastrophe Risk Insurance Facility, are due to make the official presentation to Government on Monday during a ceremony, which takes place at Government Headquarters at 10 a.m.

Director of Finance and Economic Affairs Martin Cox and CCRIF Board members Desirée Cherebin and Faye Hardy will deliver remarks at the ceremony, which will also be attended by representatives of the the Barbados Meteorological Service, the Department of Emergency Management, Caribbean Disaster and Emergency Management Agency and the Caribbean Institute of Hydrology and Meteorology.

In a statement, the CCRIF noted that Barbados was the only CCRIF member country with an excess rainfall policy that was affected by the passage of a trough system from                 November 20 to 21.

It however said that the pay out brings to four the number of payments made by CCRIF this year on members’ excess rainfall policies, totalling approximately US$3.4 million. Anguilla received two disbursements for Tropical Cyclone Gonzalo and a trough that occurred on November 7, while St. Kitts and Nevis received a payment, also for the November 7 trough.

In the meantime, eight CCRIF member countries – Anguilla, Barbados, Dominica, Grenada, Haiti,

-St Lucia, St Kitts and Nevis and St Vincent & the Grenadines – purchased excess rainfall policies for the first time for the 2014/2015 policy year.

The excess rainfall product is aimed primarily at extreme high rainfall events of short duration (a few hours to a few days), whether they happen during a tropical cyclone (hurricane) or not. Therefore, excess rainfall policies complement countries’ tropical cyclone policies, which are based on losses from wind and storm surge. If both policies are triggered by a given hurricane, then pay outs on both policies are due, the statement said.

Source: (BGIS)

8 Responses to Over $2 million in compensation

  1. Alyssa Garnett
    Alyssa Garnett December 6, 2014 at 8:01 am

    Why does this require a ceremony?……

    Reply
  2. Nicole Goodridge
    Nicole Goodridge December 6, 2014 at 9:11 am

    One can only hope this is put to “good” use and not to get a loan to get a bigger loan

    Reply
  3. Sandy Gee
    Sandy Gee December 6, 2014 at 9:28 am

    Hoping for my income tax return…sigh

    Reply
  4. Rashiba Roberts- Crawford
    Rashiba Roberts- Crawford December 6, 2014 at 9:32 am

    Sandy Gee that was my first thought as well

    Reply
  5. Princess Tiny Neferua
    Princess Tiny Neferua December 6, 2014 at 10:04 am

    I wonder if this will be xmas bonus for a select few …..or wash away roads will be build back ..along with income tax paid to the deaperate

    Reply
  6. Samuel Morrison1st December 7, 2014 at 4:26 pm

    You extremely stupid people. Talk some sense.

    Reply

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