Today: November 5, 2024
November 5, 2024
3 mins read

The Culture of Peace, Acapulco one year after Otis and the Insurance Companies II

The Culture of Peace, Acapulco one year after Otis and the Insurance Companies II

I know what you are suffering in Acapulco, and from the destruction of this hurricane, I pray together with you that you can rise. Pope Francis

A basic recommendation for residents of coastal areas is to take preventive measures to protect life and property before the arrival of a hurricane. In the case of Hurricane Otis, which severely damaged Acapulco last year, despite the fact that the United States National Hurricane Center warned of its destructive potential nine hours before the meteorological phenomenon hit Guerrero, which classified it as extremely dangerous with large storm surges, and life-threatening flooding in coastal areas and recommended that the government accelerate preparations to protect lives and property, the competent authorities at the federal, state and municipal levels chose not to alert anyone, nor did they apply safety protocols. Acapulco and surrounding towns became a disaster zone, leaving Acapulqueños to die alone.

Urban infrastructure and properties of all types were affected and the damage is estimated at more than 34 billion pesos.

There are insurance policies in Mexico that include coverage for damage caused by hurricanes. However, the extent and scope of that coverage can vary significantly depending on the insurer, the type of policy and the specific clauses contracted.

For an insured to be protected against damage from a hurricane, it is essential that their policy includes comprehensive coverage that includes material damage to cover physical damage suffered by the insured real estate or personal property, whether it is a house, apartment, building, business or vehicle, due to strong winds, intense rain, flooding or any other phenomenon associated with a hurricane, and civil liability for possible claims from third parties for damage caused by the insured property during the hurricane.

It is also important to consider, when contracting hurricane insurance, the deductible that must be paid before the insurer covers the expenses of an incident and detect the exclusions, that is, the situations or damages that are not covered.

It is common for insurance agents, when offering policies, to confuse their clients by making them believe that the insurance will cover everything, without explaining the limits of the policy, that is, the terms and conditions, or the maximum compensation amounts. It is unacceptable that the enthusiasm of insurers, through their agents, to sell their policies is diametrically opposed to the position they assume at the moment of truth, which is when their clients present requests for payment for the compensation they have received. They have the right. That is why it is always advisable, especially in the absence of truthful and complete explanations from insurance agents, to carefully read the general conditions of the policy and make sure you understand all the clauses and exclusions before signing the contract.

Various studies reveal that the percentage of real estate insured in Acapulco is significantly lower, compared to other regions of Mexico. Only 17.5% of the properties affected by Hurricane Otis, especially in the tourist area, were insured. This low percentage is due to various factors, such as risk perception, economic limitations, lack of insurance culture and also distrust in insurers.

This distrust in insurance companies is due to the fact that those who buy their policies, when push comes to shove, must navigate complex labyrinths, multiple procedures and annoying obstacles for insurers to cover the appropriate compensation, sometimes without success. As if that were not enough, there are cases in which insurers unilaterally modify the conditions provided in the policies with the endorsement of the National Insurance and Bonding Commission without informing the insured of said changes, invariably they are in favor of the companies. insurers. These changes surprise policyholders when it comes to claiming payment, which is when they find out that their insurance will cover less damage than originally provided for in the corresponding policy.

The Mexican Association of Insurance Institutions (AMIS) applied a specific action plan to serve policyholders in Acapulco consisting of accelerated assessment of damages to be able to compensate; advance payments to policyholders to cover immediate expenses such as debris removal and initial repairs, greater flexibility in administrative procedures to facilitate the compensation process. There are undoubtedly cases that have benefited from this plan, but it has been insufficient. By October 30, 11.2 billion pesos had been paid in compensation and advances. There are still many affected people who, despite having completed the procedures and satisfied the requirements set forth in their respective policies, have not yet been compensated. Some owners of insured properties have accused insurers and their managers of not intending to pay the compensation to which they are entitled. Particularly AXA’s role as co-insurer, which has become an obstacle.

This way of proceeding discredits the function of insurance as a protection institution in society and calls it into question, in addition to contributing to the failure of the insurance culture to permeate Mexico and, in the case of Hurricane Otis, to distrust and discredit. will inevitably increase.

Those affected perceive a frustrating passivity of the National Insurance and Bonding Commission, the institution responsible for guaranteeing that insurance institutions comply with applicable regulations and operate in a fair and transparent manner; in defending the financial interests of Mexican citizens, and in administratively punishing defaulting insurers.

It is urgent to assume damages and losses, expedite payment processes and avoid further delays so that productive activities can be resumed and workers can recover their jobs.

We will also have to rebuild its social fabric and life in harmony to achieve the full recovery of Acapulco.

*Lawyer, negotiator and mediator

X@Phmergoldd

[email protected]



Source link

Latest Posts

They celebrated "Buenos Aires Coffee Day" with a tour of historic bars - Télam
Cum at clita latine. Tation nominavi quo id. An est possit adipiscing, error tation qualisque vel te.

Categories

Víctor Zanabria.
Previous Story

Cerrón escape: Zanabria indicates that "Yeah" gave permission to Dina Boluarte’s former driver to go to Inspection

Strong defense of the Minstransporte to the property valuation scheme for road works
Next Story

Strong defense of the Minstransporte to the property valuation scheme for road works

Latest from Blog

Deinstitutionalize impoverishes

Labastida’s memoirs

It is valuable that figures in public life decide to write their autobiography to narrate their experiences from their decades of public service. Simply from the point of view of political history,
Go toTop