Home Business St. Croix business GUARDIAN NOW OFFERS PROPERTY INSURANCE

GUARDIAN NOW OFFERS PROPERTY INSURANCE

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April 11, 2003 – With hurricane season rapidly approaching and Colorado State University hurricane forecaster William Gray predicting an active season, Raymond Fournier, president of Guardian Insurance, said Friday it was a good idea for people to start looking for insurance coverage, if they don't have it yet. " Don't wait until the last minute," Fournier said.
"We shouldn't delay just because nothing happened last year."
Guardian, for many years, has offered little in the way of property coverage, but has arranged reinsurance recently with a major reinsurer out of Zurich and is now able to offer windstorm, earthquake and standard fire insurance for residential property as well as coverage for commercial property.
But as with all property coverage in the territory, the capacity is limited, so those property owners who are seeking new insurance are encouraged to act promptly.
Fournier also warned it is imperative for property owners to be insured to 80 percent of replacement cost or face substantial penalties in the event of a loss.
Some people, he said, think they are saving money by under-insuring their homes, but "when the adjuster comes out and measures the square footage and multiplies it by current replacement costs per square foot," the claim is reduced by whatever percentage the property is under-insured by, after figuring in the 80 percent.
"The insurance company is under no obligation to determine replacement cost," Fournier said. "That is up to the insured."
Coverage is available for standard construction, masonry with galvanized or wood roofs.
Call 340-776-8050 for more information.
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