Most important insurances to obtain in DR
Getting out of Jail fast:
Due to the frequent “classification” and some cases of “racism” experienced by foreigners here in the Dominican Republic, then it’s especially highly recommended for foreigners to insure themselves against being locked up for periods of time in some of the worst jails in the world, while a painfully slow legal system tries to clear up the matter of who was the one at fault, whether this relates to a car accident with injured or dead persons or a shoot-out at your property when robbers climbed your fence etc… etc…
The Police mostly just throw people in Jail after which it’s your challenge to untangle yourself from the situation even if you’re clearly the victim (usually by paying money).
In serious cases a Judge might put the bail to Two million or more pesos to release you, so therefore it’s a good idea to get insurance against this. One insurance that exists here covers you for various amounts depending on whether you pay RD2000 – RD3000 or more upfront, and based on the amount paid, you can get 2 – 3 – 4 or 5 million pesos worth of cover. Even better, if they do start hauling you to Jail, then you can call the insurance company’s hotline, and someone will come and get you released from Jail and get you transferred to a Hotel in Santiago where you have your own room, shower etc… and communication tools to get your situation resolved from the confinement of comfort, rather than being stuck up to a year in a tiny smelly jail cell with 4 murderers.
To get more information about this insurance, then please contact us at: email@example.com
Car or Motorbike insurance:
There are several insurance companies and brokers on the island, (of which some are advertised in our Business Directory). An insurance for your motorbike can be obtained for about RD800 to RD2000 depending on the policy and it’s coverage. Third Party car insurance cost round RD8000 for a year, and full coverage from RD35000 and upwards.
The fact here is though that if you’re involved in an accident, then 90% of the drivers are un-insured, so don’t expect the other party to help you get your car or bike repaired even if they are at fault.
Home and content insurance:
Fires are rarely seen or heard of down here, as most buildings are constructed in concrete block and have tiled floors. Earthquakes or flood damages are more likely depending on how your building was constructed and it’s location. However like other countries it is of course possible to insure your home and content against both natural damage and robberies if you believe this is a potential issue.
Quite affordable insurances are available here as well, where you only have to pay a smaller portion of the medical bill in case of illness or emergencies. However a lot of the expats here only bother covering themselves for major medical help where the operation or treatment exceeds I.e. RD30000-50000 and the occasional time where they need medical help, they pay it themselves. You will of course have to way up the pro’s and con’s of this based on your life style, income etc…
Business and Personal liability insurance:
If your business deals with clients or members of the public, if you are part of a condominium complex, or a private villa owner, equally if you come into contact with the public in the course of your business activities, public liability insurance should be the top priority insurance cover on your list.
Public Liability Insurance- condominium liability insurance claims are often extremely high, some times running into the hundreds of thousands. This means that a business which isn’t covered could be in serious financial trouble if it found itself liable to pay damages or compensation from its own pocket.
The number of firms now offering ‘no win no fee’ claims services means that no business can afford to be without comprehensive business insurance. What is public liability insurance?
Public Liability Insurance can cover your business for damages and compensation payouts along with any related legal fees in the event that your business has caused injury or death to a member of the public or damage to their property. While it is not a legal requirement to have Public Liability cover, most businesses are expected to have cover. Companies operating without it may find it more difficult to do business.
Category: DR Living |