Fidelity first to cut premiums on secure homes
(CNS): Residents who make their homes safe with the use of monitored security systems will finally be rewarded with lower insurance premiums through one local bank. Efforts by Fidelity Bank (Cayman) Ltd to co-ordinate two of the islands’ security services suppliers and a number of insurance providers have resulted in a new insurance package with cheaper rates. Customers who lower their risk from break-ins burglaries and robberies by installing an alarm system will be offered premiums 10% below the usual rate and Fidelity customers will also receive between 5 and 20% discounts on the alarm systems they install.
Launching the home owner security package at the bank’s new centre on West Bay Road on Wednesday (14 April), Richard Scrivens, Fidelity’s insurance executive, explained that customers who install a home security system with either Island Electronics or The Security Centre Ltd would receive a reduced premium on their home insurance in recognition of the lowered risk. As a result of the rising crime, he said, the aim of the new package was to try and prevent people from becoming victims of break-ins and burglaries but to ensure that they would be well covered if they were.
Stuart Bostock, MD of The Security Centre, said that he was delighted that a financial institution had finally stepped up and made the first move to reward those people who took steps to lower their risk to crime with discounted rates.
“We have been courting the insurance industry for many years now about offering discounted premiums to people who installed security systems but the sector has been reluctant to offer reductions to those home owners who have alarm systems and security precautions. It’s fantastic that Fidelity is finally offering customers this option,” he added.
David Foster of Island Electronics agreed with Bostock and said it would offer an incentive for people to protect their property and enhance the awareness of electronic systems. “It is a tremendous upheaval to be burgled and hopefully this package will go some way to reduce the number of victims,” he said.
Scrivens explained that the package was open to existing and new customer who wanted home insurance. It includes a free security review of their properties by one of the two participating security firms, which will then offer a tailor-made security solution to fit the customer’s property, security needs, budget and requirements of the policy.
Once some form of monitored security system has been installed, the customer will received a discounted insurance rate, which can also be paid through an interest free instalment plan and no theft deductable in the event of a claim. Fidelity’s insurance executive also said the first 100 customers would receive a free portable personal alarm.
“We wanted to provide an affordable solution to some of the current public concerns over personal and property protection, so we have teamed up with selected security company partners, Islands Electronics Limited and The Security Centre, to offer our customers discounts on home security alarm systems, and once installed a further discount on their Fidelity home-owner’s insurance,” Scrivens added.
He explained that people with home security systems are four times less likely to be burgled. While insurance money could replace some items, he said it could not bring back unique personal items and family heirlooms as some things were just irreplaceable. The goal, he said, was to prevent customers’ homes becoming targets, not only that home security systems also enhanced property values.
“Owning a home security system is the best defence against crime, fire and other safety hazards. We want to assist people to better protect themselves,” said Scrivens.
It is common practice in other jurisdictions for home owners who take precautions to protect their home from crime to have lower rates as it is now widely accepted that while alarm systems cannot prevent crime altogether they can lower the risk significantly.
Category: Business
Read the fine prints.
What are the monthly fees for a monitored system?
Why is limited to 2 security companies? What about people with security systems with other companies?
A BIG BUSINESS. WHAT IS 10% DISCOUNT.
10% more than we started with.
And does this discount apply to Cayman Brac. We dont really have burglaries here and certainly not the risk like Grand Cayman. Are we being rewarded with a discount??????
with no burglaries you should have 50% off.
When considering theadded costs of repair and replacement in the Brac I think that you should be happy that you are being charged the same as GC.
As usual GC subsidises the Sister Islands and they want to take even more. It is the same mentality one sees with small outlying islands in many places.