Chairman of the Government Housing Loans Board Felix Thomas. Photo: GIS

Chairman of the Government Housing Loans Board, Felix Thomas, has called for a review of the laws governing insurance companies in Dominica and the conditions for payment when claims are submitted.

Speaking on state-owned DBS Radio earlier this week, Thomas said there should be more transparency and the responsibility is on insurance companies to respectfully value buildings.

“For example, we look at cases when people would approach the insurance company and that is when they are being told that their house is undervalued,” Thomas explained.

He said the matter is different when it comes to insurance for motor vehicles.

“It is not so in the case when you insure a vehicle,” he stated. “You know whether you are full comprehensive or you are third party, so you know what deal you are entering into and I am saying that some mechanism or something in that manner should be done so that the people know in advance what is happening.”

Thomas said the Board is in most cases satisfied in its dealing with the insurance companies, although there are few matters that they will not relent on. He said the Board is seriously discussing these matters with its clients and it will not hesitate to take them before the courts.

“Because, actually that level of damage, that level of destruction suffered by the people, we believe they should get full compensation and to be able to enjoy that facility that they have been contributing and paying for,” he said.