GenAc launches new insurance package for SMEs

Business

GenAc launches new insurance package for SMEs

Wednesday, May 27, 2020

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Insurance provider General Accident Insurance (Jamaica) Limited (GenAc) has rolled out a new combined business insurance policy for small- and medium-sized businesses (SMEs).

The policy dubbed Future 360 is a combined insurance package specific to the new operational models developed as a result of the COVID-19 pandemic.

Sharon Donaldson, managing director at GenAc, said the package was crafted to support members of the SME sector who at this time may be worried about their cash flow and resources.

“Our underwriters have tweaked an existing business insurance package—'The Superior Synergy' — that would have what the small and medium businesses needed to operate. We have removed some of those covers and made them optional for clients to purchase their coverage needs,” she explained.

The policy, which starts at an insured value of $2.5 million up to some $15 million, includes coverage for property damage to building, contents and stock, burglary, looting, glass damage, increased cost of working expenses, employers' liability and public liability. Goods in transit and loss of money covers can also be covered.

The company in a recent release said the COVID-19 policy package is among a suite of offers and discounts by the company, among which are discounts for direct and broker business.

“Drivers will access a 10 per cent COVID[-19] discount on new motor vehicle policies and renewals until July 31. Senior citizens [over age 60] will also enjoy a 15 per cent COVID[-19] discount, while civil servants are discounted by 12.5 per cent,” the release noted.

Donaldson, in reiterating her company's commitment to clients, said that branches remain open so as to accommodate face-to-face transactions amidst the challenges of this period.

“We also want to reassure our clients and customers that we acknowledge that there might be hardships. GenAc will waive the fees on the four-to-six-month payment plans, while AutoSmart clients will have an extended period to make payments on policies,” she said.


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