In this section we explain the various insurance options (including property, contents, motor, life and health) from Cayman Islands insurance providers. We also detail which companies to contact and what is required by law.
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Cayman has a wealth of insurance companies and independent insurance brokers that can provide cover for your home, car, life, health, property, contents, liability and much more.Read More
Under the law, all residents of the Cayman Islands must have health insurance, and all employers are obligated to ensure that their employees, their unemployed spouse and dependent children residing on-Island are also covered. The options for coverage range from the basic SHIC plan (Standard Health Insurance Contract), to premium plans which cover everything and cost a lot more.
The average cost of annual house insurance is based upon a percentage of the property value and generally, includes liability insurance. Waterfront properties are likely to be higher, and if your property is part of a strata corporation, the building must be insured in the name of the strata.
Commercial insurance is there to protect businesses from financial loss due to unforeseen circumstances. These can include property damage, liability, theft, business interruption, injured employees and more.Read More
Budget for about CI$500 per CI$35,000 of coverage. If you are renting a property, your landlord may have insurance to cover the contents provided in your unit, but anything belonging to you needs to be covered by your own policy. The risk of theft in Cayman is relatively low, however, due to the chance of flooding and hurricane damage, insurance is recommended.
Michael Webster is an independent broker who specialises in life insurance. Read more for more information and contact details.
Insurance can be purchased through an insurance broker or an insurance company. Although insurance companies and brokers perform very similar functions, the main difference is that if you are buying through an insurance company, you will be working directly with the company, while an insurance broker works as an intermediate between the insurance buyer and the insurance provider.
Cayman Islands Insurance Association (CIIA)
The Cayman Islands Insurance Association (CIIA) was formed to represent the insurance industry in the Cayman Islands. They advise the public on insurance issues and represent the views of the insurance industry to government bodies like the Cayman Islands Monetary Authority, who regulate the insurance industry.