Belairy broker breaks new business grounds |07 June 2005

Speaking to Business Nation, Mr Dennis Belairy who has 25 years of experience in the insurance business, said with this new service, claims made by importers can be dealt with locally and settled promptly, compared to when they insure their goods overseas, as it is the common practice actually.

Explaining the insurance coverage he can give for imports,  Mr Belairy said that importers should arrange with the suppliers overseas to send goods on a Cost and Freight basis. All clients have to do is to submit details about the transaction, namely the types of goods, mode of transport, number and nature of packaging, and the Cost and Freight value.

For CIF he said he can also arrange to insure the premium in the value of the goods. 
He said that since all consignments are imported on an all risks basis, his company can insure a clients' goods from the time they leave the supplier's warehouse overseas up to when they reach the importer's warehouse in the country. The insurance also covers points of transhipment. 

Given the current foreign exchange constraints Mr Belairy said it is more advisable for importers to insure goods locally in Rupees. 

"We can settle claims very fast in Rupees, whereas in foreign exchange it can take between six months to one year for an aggrieved client to get his claim paid," he said adding that his initiative can also help the importers save foreign exchange.

Mr Belairy who joined the State Assurance Corporation of Seychelles (Sacos) in 1984 has general experience in handling all classes of insurance business and has reliable expertise in settling claims for cargo and hull. He has also commendable knowledge in motor and property claims.

With the broker, clients can secure coverage on all types of  insurance, namely property (fire and allied perils), liability, mortgage protection, life, marine cargo and hull, motor, contractors all risks and engineering and accidents.

Compared to an insurance agent who he said works in the interest of the insurance company with whom he is affiliated, Mr Belairy said as a broker he can be affiliated with several insurance companies and his clients' interests come first.

"I'm a broker for my client," he said, adding that he upholds the principles of conducting business in utmost good faith and integrity.

Compared to most agents who are trained to sell mainly life insurance policies on a part-time basis, a broker operates full time and should profess extensive knowledge in insurance.

Mr Belairy pointed out that when offering insurance services, a broker must always advise the clients on the best type of insurance policy that will suit their requirements.

Belairy Insurance Brokers (Pty) Ltd does not charge any fees to process claims, negotiate renewals or give advice.

Mr Belairy has assured all clients that the practice of appointing a broker does not mean that there will be any increase in their premium as a result of the services being offered.

Belairy Insurance Broker  can be reached on 522044 or 247025 or at dbelairy626@yahoo.co.uk