Public Advisory - Insurance Preparedness for Hurricane Season (2018-05-23)

Summary

This is a public consumer-awareness advisory issued by the Cayman Islands Monetary Authority (CIMA) ahead of the 2018 hurricane season. It is aimed at insurance policyholders (property and motor vehicle owners) rather than at licensees, and it offers practical guidance on how to prepare their insurance affairs for hurricane risk. It does not create any regulatory requirement for insurance companies, brokers, or other CIMA licensees.

• Confirm that property and motor policies are active.
• Note renewal dates falling within hurricane season.
• Read and understand policy terms and claims procedures.
• Keep updated contact details with their insurer.
• Check that their sum insured is adequate to avoid underinsurance.
• Use only CIMA-licensed insurance companies and brokers, referencing the list available on CIMA's website.
• Be aware that insurers may stop writing or amending policies in the 72 hours before an expected storm event.

Overall, this is an informational public-service notice with no binding legal obligations, filing deadlines, or compliance duties for regulated entities; it is guidance for consumers on self-protection ahead of hurricane season.

Deadlines

• 72 hours prior to any expected event: Insurance companies might not take on new business or amend existing policies within this window before an expected hurricane event.