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| ….Recent flood cause $150M in damagesThe recent flood Wednesday,Antoine Roussel Jersey, 27th November,Los Angeles Dodgers Justin Turner Jersey, has seen some $150M in damages to goods.This is according to the Insurance Association of Guyana which in an advertisement yesterday said “as citizens of Georgetown, we would like to forget the floods of 2005, due to heavy and sustained rainfall over a period of two weeks.”A scene from the November 27 floodIt said that unfortunately, the flooding in Georgetown caused by just eight hours of rainfall was similar to that of two weeks of rainfall in 2005.The association pointed out that the culture of throwing garbage almost everywhere but in garbage receptacles and bins, compounded by poor maintenance and cleaning of drains and canals has once again proven very costly to the business community and by extension,Penn State Nittany Lions Jerseys, insurance companies.It said the Insurance Industry has received flood damage claims in excess of $150M for the losses incurred on the 27th November.“With an entire rainy season ahead, the anticipated losses may exceed that of 2005 if the status quo remains…The losses and claims paid arising out of the 2005 flood were staggering.”The association said that at the time, flood coverage was contemplated by insurance companies in Guyana, it was based on the knowledge that drains and canals were kept clean and properly maintained, neither were they used by citizens for disposal of garbage and other refuse.“Clearly,Derick Brassard Rangers Jersey, the dynamics have changed and by extension, the level of risks associated with continuing to grant flood coverage…Unfortunately, insurance companies are at a significant disadvantage since risk loss mitigation .and reduction from flooding rests primarily in the hands of the authorities charged with or who are responsible for keeping drains and canals clean.”The Insurance Association said that if action is not taken immediately by the relevant authorities to prevent a reoccurrence,Dave Dravecky Giants Jersey, insurance companies will be left with very little alternative but to cease granting flood coverage in Georgetown and its environs.It said that the alternatives include,Cheap Jerseys Supply, increasing premiums for flood and overflow of the sea, increase deductibles/excesses for flood and overflow of the sea, and implement a minimum height requirement for storage/display of stock/goods in trade.The association said that the contemplated action of the Industry in the near future will severely impact businesses and by extension the economy.“The Insurance Association of Guyana, which includes the Insurance Brokers Association of Guyana, therefore beseeches the relevant authorities to take action immediately to clean all drains and canals throughout the city and its environs…We also take this opportunity to encourage citizens to refrain from improper disposal of garbage, particularly in the city’s drains and canals.” |
