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Insurance Consulting

Bould Consulting Limited has during its 50 year history experienced a number of catastrophic events in the Caribbean region including both hurricanes, fires, floods and volcanic eruptions. The traumatic conditions which follow these events require a fast paced and agile response and knowledge and experience of the insurance industry and local conditions and laws.

Bould Consulting Limited combines detailed knowledge of insurance policies, excellent relationships with regional governments and local contractors and insurance companies and the conditions within the region to allow us to provide adjusting services to both the insurance companies and the public.

Following the 2017 devastating hurricanes in the Eastern Caribbean Bould Consulting Limited has used its extensive network of connections to assist affected countries in securing aid and loan funding including making presentations to the Foreign and Commonwealth office in UK, British Expertise, Caribbean Council and the Clinton Global Initiative.

Insurance Consulting services offered include but are not limited to:

  • Value at Risk Assessments
  • Reinstatement Cost Assessments
  • Market Valuations
  • Possible Maximum Loss (PML) Assessments
  • Insurance Claims Advice
  • Insurance Claim reviews and analysis

Explanation of some of the jargon / terminology used by Insurance Companies:

Value at Risk (VAR)

Value at Risk “VAR” is the term used by insurance companies to assess what the total value in monetary terms is at risk. Value at Risk can be the total value of the property of building to completely replace in the event of a catastrophe.

Bould Consulting Limited would calculate a VAR within an Initial Insurance Claim to advise the Insurance company what amount should be set aside. Note that this should not be confused with the amount that will be received by the Claimant.

Co-insurance / Averaging

Insurances Companies will apply “Co-Insurance / Averaging” if the value of the property when assessed after a disaster is greater than the value that it has been insured for. For example the “VAR” is $300,000 and the Insurance policy is for $200,000. This means the difference of $100,000 is co-insured (Covered by the Insurance company) and equates to being co-insured / averaged by 67% ($200,000 ÷ $300,000). payment to the claimant is $100,500.

Therefore if the claim value is $150,000 it is then “averaged” by the %, in this example 67% and the net payment to the claimant is $100,500.

Frequency of Reinstatement Cost Assessments

It is advisable that Reinstatement Cost Assessments should be update every 3 – 5 years in order to ensure that the value of the property is correctly insured for and not underinsured. 


This is shown as a % within the Insurance Policy and will be linked to the amount of premium that is paid. A higher premium paid will generally have a lower % deductible. 

This deductible can be anywhere between 1% - 5%. For example if the value a claim is $100,000 and the policy has 1% deductible. $1,000 will be deducted from the $100,000 and the claimant would receive $99,000.

Make Safe and Clean Up Costs

After a catastrophic event depending on the wording of the insurance policy there are allowances for Making Safe and Cleaning up costs to the property. Bould Consulting Limited has experience in advising and reviewing Insurance policies. 

Scope Definition

Defining the damage caused by the event and providing what are the corrective repair works to reinstate what was damaged.

Loss Reserves

The loss reserves include provisional amounts intended for known claims that are due but not yet paid, known claims yet to be due, and incurred losses yet to be reported. An “Initial Insurance Assessment Report” is used to assist the Insurers in determining the right amount to set aside as a loss reserve is crucial for insurance companies as they are likely to incur liability at some future time. At best, the fund amounts are calculated based on estimates and projections.

Possible Maximum Loss (PML) Assessments

The Probable Maximum Loss (PML) report is a common tool used by real estate investors, lenders and insurers to assess a worst-case scenario of building damage like from an earthquake, flood, fire or another natural disaster. PML reports are one of the most common requirements by lenders for real estate transactions.

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