For more information contact Dwight Moxam, Credit Department · Please note that you must legally...

176610 06/15

Home Insurance

For more information contact

Dwight Moxam, Credit Department:

Telephone: (345) 815 7517

Fax: (345) 815 7968

E-mail: [email protected]

www.butterfieldgroup.com

Butterfield Bank (Cayman) Limited

Butterfield Place

P.O. Box 705,

Grand Cayman KY1-1107,

CAYMAN ISLANDS

Telephone: (345) 949 7055

Fax: (345) 949 7004

176610-Broc-HomeInsurance.indd 1 2/13/17 2:16:13 PM

Home Insurance

About Your Plan

Butterfield is a leading financial institution in the Cayman Islands. We offer a comprehensive range of private and commercial banking services to our customers. We have a substantial mortgage portfolio on homes and commercial premises in the Cayman Islands, as well as providing loans for vehicles and personal items.

In order to further improve the service and coverage to our customers, we now offer a new homeowner insurance policy. Delivered through Island Heritage, this policy provides clients with greater protection at a more competitive price.

Island Heritage is a specialist property insurance company domiciled in Grand Cayman and currently writes business in various Caribbean Islands with a particular interest in providing insurance cover to homeowners.

Island Heritage has a strong capital base and substantial reinsurance protection. In addition to a high level of security, clients are provided with service that is second to none. They are rated by A. M. Best Co., and details are available from the company website and brochure.

Island Heritage has produced an insurance package designed to provide comprehensive protection for homeowners. The policy has been written and the covers have been selected with the aim of providing, (in a single document), the full range of insurances required by the homeowner.

The policy wording has been simplified and structured in a way that promotes greater understanding of the covers provided. These are presented in separate sections, which detail the INSURANCE COVER and the EXCLUSIONS using a “split-page” format.

Understanding Your Policy

The following is a summary of the cover offered by the policy:

Section 1 The Buildings of your homeSection 2 Your Contents - you have the option to include these, or notSection 3 Your Liability - to domestic employees (if any) - as owner and/or occupier of your home - in a personal capacitySection 4 Various accidental loss/damage covers - Accidental breakage of fixed glass and sanitary ware - Accidental damage to underground cables and pipes - Replacement of door locks - Fatal accident benefit - Loss of personal money - Credit card abuse - Spoilage of food - Accidental breakage of mirrors and glass. Also, some

items can be provided with wider cover- but only if you have insured your Contents under Section 2 Valuables, personal effects and electronic equipment can be covered for accidental loss or damage. A detailed listing of all items is required and an additional premium must be paid.

Section 5 Personal Accident Cover - Provides compensation in the event that you suffer bodily

injury caused by an accident which results in your permanent total disablement.

- Should such an event occur the Policy will pay the outstanding mortgage balance, your building sum insured, or US$250,000, whichever is less.

Policy Schedule The Schedule of the policy is an extremely important document as it is here that the specifics of your risk are documented (insured name, address of property insured, period of insurance, sections covered, sums insured, etc.)

It is important to appreciate that the figure entered as the Sum Insured/Limit of Liability for each section is the maximum that can be paid in the event of a loss. Where N/C appears on the Policy Schedule, there is no cover provided.

PLEASE CHECK YOUR POLICY SCHEDULE CAREFULLY AND ENSURE THAT ALL DETAILS ARE CORRECTLY STATED.

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Perils Covered

Both Buildings and Contents are covered for the same Perils, which are listed below and are fully defined in the policy.

• Fire, lightning, explosion, smoke, thunderbolt and subterranean fire• Riot, civil commotion, strikes, labour and political disturbances• Malicious acts and vandalism• Earthquake and volcanic eruption (including flood or overflow of the sea caused by these perils)• Hurricane, cyclone, tornado or windstorm (including flood or overflow of the sea caused by these perils)• Flood • Impact by aircraft, aerial devices, vehicles or animals • Escape of water or oil from any fixed water or heating installation

or domestic appliance• Theft or attempted theft• Falling trees or branches• Subsidence or heave of the site on which the buildings stand

and/or landslip

ALTHOUGH THE COVER IS EXTENSIVE, VARIOUS TYPES OF LOSS ARE NOT COVERED AND THE POLICY DOCUMENT SHOULD BE EXAMINED CAREFULLY.

Deductibles These are defined in the policy as follows:

“The amount of each loss for which you are responsible”

A deductible applies to each peril and full details are found on the bottom section of the Policy Schedule. Simply put, this is an amount of each claim, which is not paid by the company. These amounts are small in respect of most losses, but you should be aware of the following “higher” deductible:

Perils DeductibleEarthquake, volcanic eruption, hurricane, 3% of the Sumcyclone, tornado, windstorm Insured for Buildings and flood. and/or Contents.

Sums Insured

Buildings The Policy defines Buildings as your home (including outbuildings), its landlord’s fixtures and fittings, swimming pools, patios, terraces, footpaths, satellite dishes, external antennae, hard courts, walls, gates and fences. If you wish, this definition may be extended to include seawalls, docks, piers and jetties.

Your Sum Insured should represent the full rebuilding cost of those items to be covered by your policy. In arriving at this figure, please be sure to use up to date construction costs and to include an amount for the cost of removing debris after a loss and for architects’, surveyors’ and legal fees.

Contents These are defined as household goods and personal effects (including Valuables), fixtures, fittings, and interior decorations belonging to you (or for which you are responsible), or belonging to your family or domestic employees permanently residing with you, all situated within your home and used solely for domestic purposes.

Certain items are not covered, such as cash, banknotes, stamps, animals, property used in connection with any business or profession, etc.

Your Sum Insured for your Contents should be equivalent to the replacement cost of all items within your home. The best way to arrive at this figure is to make an inventory of every item in each room and then apply its value at today’s prices.

Sums Insured Continued


What happens if your sum insured is too low?

We do agree that it is not an easy matter to arrive at an accurate Sum Insured, even when some expert assistance has been provided. Because of this, there has been an element of flexibility included in the policy, which eliminates any penalty so long as your sum(s) insured are within 85% of the correct figure(s).

However, if your Sum(s) Insured are below this level, then should you have a loss, the amount claimed will be reduced in proportion to the degree of under-insurance.

The following example will help demonstrate this situation.

Example: Rebuilding Cost of the Home $250,000.00

Policy Sum Insured $150,000.00

Amount Claimed $50,000.00

Amount Paid $30,000.00

Here the Policy Sum Insured is only 60% of the rebuilding cost. Since this is outside the 85% concession allowed by the policy, the Amount Claimed is reduced by the degree of under-insurance. The degree of under-insurance is 40%, so the Amount Claimed ($50,000) is reduced by 40% to $30,000.00. You, the policyholder, are considered as your own insurer for the shortfall and so must finance this amount from your own resources.

BE SURE TO AVOID UNDER-INSURANCE – REGULARLY CHECK YOUR SUM(S) INSURED.

Liability Cover

Section 3 of the policy provides compensation in respect of certain legal liabilities to which the homeowner can be exposed.

A. Liability to domestic employees – where you have such employees then the policy automatically provides cover up to a limit of $250,000.

B. Liability as owner and/or occupier of the Building(s) and in a personal capacity – this provides cover up to a limit of $500,000 in respect of the death or injury of any third party or damage to the property of any third party, which occurs:

(i) In or about the Buildings and attaching to you as owner and/or occupier of the Buildings

(ii) Within the Geographical Area (stated in your Policy Schedule) and attaching to you in a personal capacity.

In The Event Of A Loss

Occasionally losses do happen, so it is important to be familiar with the procedure in order that your claim can be efficiently processed.

1. Immediately inform the police if property is lost, stolen or maliciously damaged.

2. Notify us as soon as possible and report in writing within 30 days of the date of loss.

3. Take all reasonable steps to recover any lost or stolen property.

4. Forward to us any letter or legal document related to the claim.

5. Allow us to discuss liability and negotiate settlement with any third party.


Butterfield Bank (Cayman) Limited.

Information Classification: Public

Last Name:Middle Initial:First Name:MsMissMrsMr

Please note that you must legally own the property being proposed for insurance

Date of Birth (DD/MM/YYYY): What is your Nationality?:

Walls: Concrete Wood Other :

Floor: Concrete Tiles Wood

Number of Floors / Stories:

Roof: Concrete Shingles Tiles Wood Standing Seam

Roof Frame: Metal Wood

Roof Anchors: HurrIcane Clips Rebars

Special Features: Shutters Fire Alarm Impact Glass (Miami Dade Std.)

What outbuildings form part of your property?:

What are they constructed of?:

Initials ___________

Mailing address:

Occupation/Source of Income:

Occupation/Source of Income:

House Number:Parcel:Block:Address of property to be insured?

Date insurance required From: To:

(Mobile): E-Mail:

District:Street:

Telephone: (Home): (Work):

If No, please state main residence:

Is this property your main residence? Yes or No

1 2 Other :

What other names of aliases do you use?:

National ID Number: Type of ID: Passport ID Card Driver’s License

P.O. Box 705 | Grand Cayman KY1-1107, Cayman Islandswww.butterfieldgroup.com



Heritage HomeCover Proposal

Continued overleaf

Accs. verified I. Enabled To branch Input by Chk'd by

FOR BANK USE ONLY

OSA196918

Last Name:Middle Initial:First Name:MsMissMrsMr

Date of Birth (DD/MM/YYYY): What is your Nationality?:

What other names of aliases do you use?:

National ID Number: Type of ID: Passport ID Card Driver’s License

Other :

Other :

Other :

Other :

Other :

CUSTOMER INFORMATION

CONSTRUCTION

Please answer all questions fully

176610

Continued overleaf

Form

#BR

27-0

7



Initials ___________



Continued overleaf

FOR BANK USE ONLY

OSA196918

UNDERWRITING DETAILS

PROPERTY TO BE INSURED

Please answer all questions fully

176610

Continued overleaf

Heritage HomeCover Proposal (continued)

6. Which of the following describes your home?: Detached Home Apartment Townhouse Condominium

Other:

5. Is the Property located: Inland On the Sea On a Canal

7. Is the home to be occupied by you or will it be rented/leased out?: Owner Occupied Short Term Rental Long Term Rental

8. When was the proposed property constructed: Date last major renovation:

Details of renovation:

9. What is the approximate floor area (including garages, covered patios etc.)?: sq. ft.

10. Name of Mortgage Interest:

11. Name of all other persons with an interest in this property to whom payments may be made:

If Yes, please provide full details:

2. Have you or the proposed property sustained any loss, damage or liability in the last 5 years?: Yes No

1. Have you ever had insurance: Declined? Yes No Cover cancelled? Yes No

Renewal refused? Yes No Premium or deductible increased? Yes No

If No, please provide full details:

3. Will the home be occupied continually by you or others?: Yes No

If Yes, please provide full details:

4. Do you have any policy which covers any of the property for which insurance is now proposed?: Yes No

Buildings $

Your Home, its landlord’s fixtures and fittings, swimming pools, patios,

terraces, footpaths, satellite dishes, external antennae, hardcourts, walls, gates and fences:

Contents $

Household goods and personal effects (including valuables), fixtures, fittings and interior decorations belonging to you (or for which you are responsible), or belonging to your family or domestic employees permanently residing with you:

Strata Fixtures and Fittings (Betterments & Improvements) $

Fixtures and fittings added to your home not covered by the strata insurance policy covering your home:

$NoYesIs cover required for sea walls, docks, piers, jetties?:

Materials Used:Date Constructed:

Outbuildings $

Currency

Please state which country’s currency applies:

Item Value $

Item Value $

What is your relationship to them?:





Continued overleaf

FOR BANK USE ONLY

OSA196918

VALUABLES Please answer all questions fully

176610

Heritage HomeCover Proposal (continued)

Date Proposer’s Signature

You have the option to include valuables that exceed the policy limits, such as jewellery, curios, pictures, works of art, or antiques as part of theContents both inside and outside your home. Receipts or valuations will be required for these itemised valuables. For a full list of items and theirlimits ask our representative.

Is Worldwide Coverrequired for this item?

Is Cover required outsideyour home for this item?

Value $Item:

NoYesNo Yes

NoYesNoYes

NoYesNoYes

NoYesNoYes

NoYesNoYes

NoYesNoYes

NoYesNoYes

NoYesNoYes

NoYesNoYes

NoYesNoYes

Is Worldwide Coverrequired for this item?

Is Cover required outsideyour home for this item?

Value $Serial No.Item:

ELECTRONIC EQUIPMENT

You have the option to include electronic equipment such as laptops, audio, camera and video equipment when outside your home.

INSURANCE COVER WILL NOT COMMENCE UNTIL ISLAND HERITAGE HAS INDICATED ITS ACCEPTANCE OF THIS PROPOSAL.

A SPECIMEN POLICY WORDING IS AVAILABLE UPON REQUEST.

Total $

Total $

I/We declare that the above answers and statements are true and accurate and that I/We have disclosed all particulars affecting the assessment of the risk.

I am/We are aware that failure to disclose information that could influence Island Heritage Insurance Company, Ltd. in its acceptance of this proposal

including the premium to be charged and the coverage provided, may by law entitle Island Heritage to refuse payment of any claims submitted and/or

cancel the policy from its inception date.

I/We agree that Island Heritage may share information about Me/Us with persons or organizations for their everyday business purposes and as permitted

or required by law. I/We also agree that Island Heritage may share My/Our information with companies that perform marketing or other services for Island

Heritage or with whom Island Heritage may have joint marketing agreements.

I/We declare that I/we have read and agree to Island Heritage Insurance Company Ltd.’s privacy policy, a copy of which has been provided to Me/Us

DECLARATION

176610 06/15

Home Insurance

For more information contact

Dwight Moxam, Credit Department:

Telephone: (345) 815 7517

Fax: (345) 815 7968

E-mail: [email protected]

www.butterfieldgroup.com

Butterfield Bank (Cayman) Limited

Butterfield Place

P.O. Box 705,

Grand Cayman KY1-1107,

CAYMAN ISLANDS

Telephone: (345) 949 7055

Fax: (345) 949 7004

176610-Broc-HomeInsurance.indd 8 2/13/17 2:16:15 PM

For more information contact Dwight Moxam, Credit Department · Please note that you must legally...

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