BAICO policyholders happy with pay-out

Better than nothing!

That’s the view expressed by some policyholders of British American Insurance Company (BAICO) yesterday, as they gathered to receive pay-outs under the Policyholders Relief Programme.{{more}}

The three-day exercise is taking place at the National Insurance Services building in Kingstown.

Yesterday, 220 local customers of BAICO received payments, equivalent to their policy balance on August 1, 2009, as well as a refund of any premiums paid as of that date.

The pay-out will see more than $6 million being reimbursed to Vincentians. some told SEARCHLIGHT, under the assurance of anonymity, that they were pleased to receive monies which they thought they had all but lost.

“I am pleased to receive this money,” said one individual, who had been a policyholder since 2005. “This will go to my savings, and it will stay there until I have some use for it.”

Another policyholder, who disclosed that he received $19,000, said the money received would be reinvested into his business.

“This is a good thing. I would have been disappointed if we did not get anything back. It’s not what we hoping for but it’s better than nothing.”

Another individual said they received “a satisfactory amount — more than what was expected” and had not yet decided what to do with the pay-out.

At the NIS building, a steady stream of policy-holders were seen making their way to the building’s first floor to begin the process of being compensated.

Officers from the Royal St Vincent and the Grenadines Police Force, as well as a private security firm, were on hand to ensure order was maintained, but that hardly seemed necessary.

“People are being very orderly,” this country’s BAICO judicial manager Brian Glasgow said. “We had to have security, because we didn’t know what to expect,” he added.

Glasgow explained to SEARCHLIGHT the process, which took half an hour to complete.

Policyholders were first asked to verify their identity, and that they were eligible for the pay-out.

When this was completed, proof of identification was photocopied for the benefit of the Eastern Caribbean Central Bank, which was followed by final certification and final approval.

The policyholder was then issued a cheque, which Glasgow indicated could be cashed at any financial institution.

At the end of the day, Glasgow informed SEARCHLIGHT that $1,579,507.14 or 75 per cent of the total cheques, were distributed.

He said that this was a good sign, and he expects more policyholders to come forward.

“We are very comfortable with the pay-outs made today.

“A lot of people were sceptical, but we hope that they would come forward now that they see monies are actually being paid.”

Yesterday, persons with surnames beginning with “A” to “F” were facilitated, with today — Tuesday — reserved for “G” to “M” and “N” to “Z” tomorrow.

A BAICO spokesperson indicated that provisions would be made to accommodate persons who were unable to attend on those days. (JJ)