Welcome to Kevin Bradley - Insurance in Panama
Wednesday, November 21 2018 @ 07:35 AM UTC

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Carrasquilla Condo fire victims still Homeless!

Fire Insurance Emergency numbers: : Police 104; Fire 103; Health 911

Authorities are not allowing the residents of the condo to return to their apartments and have declared the building unsafe!

http://www.newsroompanama.com/news/panama/explosion-victims-may-remain-homeless

https://www.tvn-2.com/videos/noticias/Moradores-apartamento-Carrasquilla-regresan-casas_2_5056014369.html

Coverage is available in most Panama Multirisk contents policies to pay for a small percentage (15%) of insured amount when the residence becomes uninhabitable.

I have a $20,000 Multirisk contents policy for my condo and it will provide $3,000 to cover the expense of finding another residence.

http://panamakevin.com/article.php/20160513065817592
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Panama apartment explosion!

Fire InsuranceA recent Fire/Explosion affected the top floors of an apartment /condo building in the Carrasquilla district of Panama City. Several residents were seriously injured and there was extensive damage to the structure and contents. Cement does burn;

http://www.newsroompanama.com/news/panama/apartment-explosion-sends-four-to-hospital

https://www.tvn-2.com/videos/noticias/Moradores-apartamento-Carrasquilla-regresan-casas_2_5056014369.html

https://www.tvn-2.com/nacionales/Inician-investigaciones-explosion-edificio-Carrasquilla_0_5055244437.html

Here is a link to an article about basic coverage available here in Panama:

http://panamakevin.com/article.php/20160513065817592

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Panama Fire and Homeowners residential coverage!

Fire InsuranceEmergency numbers: : Police 104; Fire 103; Health 911

Did you know that insuring your Panama property investments is one of the best bargains available?

Here in Panama, we insure building (structure) and the contents under separate policies at very reasonable rates.

The Ducruet fire insurance structure policy includes coverage for fire, explosion, earthquake, windstorm, flood and common water damages/filtration/leaks (this coverage is required for every mortgage issued from a Panama bank).

The Ducruet Homeowner's multi risk "Contents" package includes Fire coverage described above, as well as,Theft and Personal/General fire legal liability.

There is also $$$ available to cover a temporary residence, if the property is uninhabitable. Usually 15% of the amount insured.

Theft coverage is for break in with forced entry, as well as, assault inside and outside the residence. The damage caused to the structure in case of break-in with forced entry is covered under this theft provision. Theft and damage to Electronic Equipment is also part of the package.

Here is a tool to help you determine how much "stuff" you own:

http://www.dfs.ny.gov/consumer/homeown/home_invchklst.pdf


Liability coverage extends to damage you may cause to your neighbors property from a fire or water leak initiating in your residence. If a third party is injured on your premises, there is Medical payments coverage and legal assistance.

This multi risk residential Homeowners package has added benefits including reimbursement for stolen credit cards, locksmith service, plumbing and electrical services in case of a domestic emergency. Some packages include ambulance service, free medical consultation and coverage for PETS.

How Much?

More.....
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Panama Earthquake coverage?

Fire Insurance
Earthquake coverage is included within most Panama Fire Insurance policies. We separate "structure" and "contents" policies that usually include coverage for fire, explosion, lightning, EARTHQUAKE, windstorm, debris removal, flood and water damage, common water damage, filtration and leaks, and more.

The deductible for loss as a result of an earthquake is 2% of the sum insured with a minimum of $250.00.

To receive custom quote for your structure or contents, call us, Kevin 6674-1063
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Panama Real Estate Appraisals!

Fire InsuranceWhy should I get an appraisal of my home or condo in Panama?

Fire insurance policies have an 80% coinsurance clause that will affect the $$$ amount you receive in the event of a claim for a fire or covered loss. You must insure the property for at least 80% of the actual $$$ value to receive 100% of the amount of total or partial claim.

For example: Panama Condo valued $500,000, insured for $250,000 (less than 80%)....suffers a loss of $100,000...80% coinsurance penalty for UNDERINSURANCE applied, will be paid $50,000 (50%)...."underreporting penalty" because you insured for 50% of the value.

If your Panama Insurance coverage is issued based on an appraisal from an authorized professional (I have the guy) for at least 80% of the $$$ value....you should not have a problem collecting 100% of any claim!

Prevent InfraSeguro....Get an appraisal!!!!

The following article by Silvia Merida Pellicer of Gogetit.com is a very clear, concise guide to the need for property appraisals here in Panama:

https://www.gogetit.com.pa/blog/real-estate-appraisals/

For a customized quote for Fire insurance Coverage of the "structure or contents" of your property or a need certified, professional appraisal, call us!

Carmen 322-1605 or email: maria.dunkley@unityducruet.com or Kevin 6674-1063


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Panama Comprehensive Office Insurance

Fire InsurancePanama has a wide range of different businesses, from Financial Consulting, Legal, Real Estate and Accounting firms to personal/private located in offices across the country. Whatever the industry, they all have one thing in common—the need for commercial office insurance. Panama Comprehensive Panama office insurance protects you from the unexpected events that happen in and around your office every day.

Property coverage protects your business and office equipment from loss due to fire, theft, explosion, earthquake, water damage, smoke and even looting/civil unrest.. Additional risks covered include electronic equipment (in or out of the office), breakage of glass and damage/loss to property belonging to third parties. There are even provisions for temporary relocation and business interruption expenses.


More........
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Is a Panama "Waterspout" and "Windstorm" covered?

Fire InsuranceWith the occurrence of a large "Waterspout" in the vicinity of Punta Paitilla/Pacifica on Christmas Day several years ago, I was asked to express an opinion about the coverage available in the average Panama Fire policy.

If your policy has "extended coverage", the "windstorm" optional risk should pay for damages caused by wind (vendaval), Hurricane (Huracan), Tornado, or Waterspout (Tromba Marina). Driving down Via Brazil that afternoon, I couldn't believe my eyes as I witnessed the"monster" move near Paitilla, see the collection of pics below taken by Mike Horrell.

Here are some pics of that incident:

https://www.flickr.com/photos/137238902@N03/sets/72157669249720029

For all coverage to protect your property call Carmen 322-1605 cdunkley@ducruet.com or call Kevin 6674-1063
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Quoting "Structure" Fire Insurance in Panama!

Fire InsuranceSince we do not insure land, fire insurance is quoted for the "structure" based on the purchase price/appraisal or estimated reconstruction cost. Remember, in Panama we separate structure and contents policies.

The standard Panama "structure" fire insurance policy will usually include coverage for fire, explosion, lightning, earthquake, windstorm, debris removal, flood and water damage, common water damage, filtration and leaks, and other coverage.

In order to obtain a TENTATIVE quote for structure coverage we need:

1. $$$ value of structure (not including land). A recent "avaluo" (appraisal) and pics will help.
2. Name of insured (Owner)? Is the policy to be issued in your name or that of a Corp. or Foundation?
3. Exact address, street and town (name of Condo/Building and apt #). Type of Construction (Cement or Wood)? Rates differ by location (City, Beach, Island or Mountain?)
4. What is the proximity of the property to the ocean or a river?


With this basic information, we should be able to send you an estimate by email or telephone......322-1605, 322,1612
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Quoting Homeowners "Contents" and Liabilty Insurance in Panama!

Fire InsuranceThe homeowner's multi-risk contents package includes all the coverage of a standard fire insurance policy, as well as, personal/general and fire legal liability up to $100,000. The multi-risk package also covers Employers liability (domestic employees) up to $20,000, Liability for Independent contractors and subcontractors up to $20,000 and Medical payments for third parties up to $5,000 per person /maximum of $25,000 in case of an accident in the premises.

This contents package includes coverage for break in with "forced entry" up to insured amount, assault inside and outside the residence; damages caused to the structure in case of break-in with forced entry; $250.00 reimbursement in case your credit card gets stolen; locksmith service in case of a domestic emergency; plumbing and electrical services, as well as many other coverages.

High ticket items such as paintings, sculptures , collectibles, art work and rugs must be listed separately. The inventory should include the make/model/year or description and the $$$ value of the item. Electronic equipment coverage is part of the package up to a specific limit. More expensive electronics should be listed separately.

Here is a tool to help you determine how much "stuff" you own:

http://www.dfs.ny.gov/consumer/homeown/home_invchklst.pdf

In order to obtain a TENTATIVE quote for Muli-risk Homeowners contents coverage (including Liability), we will need:

1. $$$ value of the contents? Furniture, appliances, electronic equipment, artwork, jewelry?
2. Exact address of the residence (name of Condo and apt. #)? Name of the insured...should be issued in your name or name of renter.
3. What security measures does the building/property have? For example.....24 hours security guard, gate at the entrance, intercom, anti-theft alarm, steel doors or bars on windows?
4. Are you planning to rent the property to third parties? A special "renters" endorsement is available.

From this basic information, we will send an estimate by email or telephone...322-1605, 322-1612
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Panama Breakin/Robbery coverage?

Fire InsuranceHere is an extract describing coverage available from a large multinational insurer here in Panama. The coverage is available within a multirisk comprehensive homeowners policy at a very competitive rate:

Robbery with forced entry or/and assault inside the residence (for general contents) 100% of the sum insured
Robbery with forced entry or/and assault inside the residence (for cash) 5% of the sum insured. max $300.00
Robbery with forced entry or/and assault inside the residence (for jewelry and watches) 15% of the sum insured, max $3,000.00
Robbery with forced entry in secondary buildings (guest house, warehouse, de) 3% of the sum insured
Stolen credit cards (applis only for the main insured) max $250.00
Assault outside the residence (for personal effects) max $1,000.00 (limites to $250.00 for cash

Call Carmen 322-1605 or email cdunkley@ducruet.com for a quote.....