FAQs

• How can I contact BF&M about my retirement and investments?

• How do I access my account information online?

• What type of retirement and investment products does BF&M offer?

• What fees are attached to my retirement and investment account?

• Can I receive my funds in cash or a lump-sum?

• What is the required contribution on a monthly basis?

• How do I make voluntary contributions?

• How do I make a contribution?

• How long does it take to process and invest a contribution?

• Can I contribute over the age of 65?

• How do I know if I'm saving enough for retirement?

• If I make a claim, will my insurance premiums increase at the next renewal date?

• How long does it take to process an insurance claim?

• How do I know if my insurance claim is covered by my policy?

• What is a deductible?

Testing coverage

• What is the criteria for BF&M to pay for a local COVID-19 test?
• Will BF&M pay for a COVID-19 test in preparation for travel off the island?
• Will BF&M reimburse me for a COVID-19 test as a part of my Travel Authorisation (TA) requirements to return to the island?
• Does BF&M cover COVID-19 Antibody tests?
• Does BF&M cover Rapid Antigen tests?
• Which laboratories can facilitate COVID-19 tests and process samples?
• What are the differences between the laboratories?
• What health insurance coverage do I need to have in order for my COVID-19 tests to be covered?
• If there are no appointments available at a local private lab, how can I get tested?
• Can a physician’s office charge me for an office visit if the only reason I made an appointment was for a COVID-19 sample?

Travel and Medical coverage

• What if I am quarantined or experiencing symptoms—will my health insurance cover telemedicine care?
• Does my BF&M travel policy cover me if I decide not to travel due to COVID-19?
• If I am overseas and get sick from COVID-19, does my travel policy cover this?
• If I am overseas and become sick, what should I do?
• What does BF&M Health insurance cover if I travel overseas and become sick from COVID-19?

Getting started

• What types of insurance options are available to my family?
• What information will I need to provide in order to obtain a life insurance policy?
• Do I have to designate a beneficiary?

Investing and Retirement

• Am I required to enroll in a pension plan?
• What are my pension options upon leaving employment?
• What are my options upon reaching retirement age?
• What individual retirement and savings plans does BF&M offer?

Motor

• Can I drive any car with my insurance?
• How do I get an online quote for Motor insurance?
• Am I covered to drive elsewhere?
• Do young drivers need specific coverage?
• Can I temporarily add a driver to my car insurance?

Life

• How much Life Insurance do I need?
• Can I cancel my Life Insurance at any time?
• How does my family make an insurance claim when I die?
• What type of life insurance should I buy, term or permanent?
• Who should I name as my beneficiary?
• What is Term Life Insurance?
• What is Whole Life Insurance?
• Can I buy Life Insurance for my spouse and children?

Home

• Is my pool or hot tub covered?
• Does home insurance cover accidents?
• Does my home insurance cover flood damage?
• Does my home insurance cover hurricane damage?
• What are the risks of my home being underinsured?
• How do I calculate my sum insured?
• Is true replacement cost of my home the same as market value?
• How do I get an online quote for Home insurance?

Marine

• Do I need to insure my vessel?
• Do I need to provide a mooring inspection certificate?
• Am I covered for hurricanes or windstorms?
• What type of damage is my vessel covered for?
• What happens if I take my boat out of the water for a period of time after I’ve paid the premium?
• How can I reduce my insurance premiums?
• Which vessels require a survey?
• How do I get an online quote for Marine insurance?

Travel

• Does my Travel Policy cover losses as a result of a Pandemic?
• Does my travel insurance cover last minute cancellation of cruise holidays?
• What is covered under my travel insurance policy?
• What happens if my passport is lost or stolen while I’m traveling?
• What if I change my mind? Can I get a refund on my insurance?
• Are my electronics (laptop, mobile phone, camera, etc.) covered?
• How do I get an online quote for Travel insurance?

Getting started

• What type of insurance does my company need?
• How do I know if my group has enough coverage?
• What types of employee benefit plans are available to my company?
• What information will I need to provide?
• Can group members convert their group plan policy to an individual policy if they leave the group?
• Do group benefits cover plan members when traveling outside of Bermuda?

Disability Income

• What is Disability Income Insurance?
• Why should I provide Disability Income Insurance to my employees?
• How can a benefits plan protect my group?
• What levels of coverage do you offer?
• What is the difference between short term disability and long term disability?

Group Health

• Who can apply for Group Health Insurance?
• What type of Group Health Insurance do you offer?
• What dental options do you offer?
• Will my group's insurance premiums increase if someone gets sick?
• Will existing health conditions for group members be covered?

Group Investment and Retirement

• What is the minimum account balance for a group policy?
• What is a surplus account and how does it work?
• What payment methods are available to fund our contributions?
• Does BF&M offer on-site education and information sessions?
• What type of group retirement and investment products does BF&M offer?

Group Life

• How much Group Life Insurance can I get?
• Can I cancel my Group Life Insurance at any time?
• Can members of my group continue coverage after retirement?
• What type of coverage levels do you offer?
• What is a beneficiary and how can a member's beneficiaries be verified or changed?
• If a group member leaves the group are they still able to receive coverage?

Getting started

• Why does my business need Commercial Insurance?
• How do I protect my business in the event of a disaster (e.g. fire or hurricane)?
• Will Commercial Insurance help me if I get sued?
• What is my claims contribution (deductible/co-pay/excess/etc.)?
• In the event of a claim, what happens if the replacement values for my property are incorrect (too high, too low)?

Property

• I run my business from my home. Do I need separate insurance or am I covered by my home insurance?
• What falls under the definition of property?
• What is covered by Commercial Property Insurance?
• I have a laptop and cell phone that I use for business purposes. Can these be covered under this policy?
• How do I know how much to insure my commercial building and assets for?
• Do I qualify for a discount if I have installed fire and security alarm systems?

Contractors

• What is the standard coverage under BF&M's Contractors' All Risk insurance policy?
• Why is Contractors' All Risk Insurance necessary?
• Who is covered by a Contractors' All Risk Insurance policy?
• How can I customise my policy to my needs?
• Do I need Contractors' All Risk insurance if I already have Property or Liability Coverage?
• If the sub-contractors already have liability insurance, do I need to take out a Contractors' All Risk policy?

Liability

• What commercial liability products does BF&M offer?
• What happens if a member of the public or an employee is injured on my business premises?
• Public Liability insurance vs. Professional Indemnity insurance: What's the difference?
• If I submit a claim under my Public Liability Insurance policy, is a deductible/co-pay/excess applicable?
• Will my policy automatically cover my new business locations or activities?

Travel

• What happens if an employee is sick or hurt while traveling for business purposes?
• How can I customise my policy to my business needs?
• Does the policy cover expenses relate to lost luggage?
• Are weather delays covered?

Motor

• What is Commercial Motor Insurance?
• What Commercial Motor Insurance options do you offer?
• What is covered under my Commercial Motor Insurance policy?
• What is third party Liability Insurance?
• What happens if my business doesn’t have Motor Insurance?
• I’m self-employed and use my personal car for business travel/deliveries. Do I need separate insurance?

Marine

• What is Commercial Marine Insurance?
• What Commercial Marine Insurance options do you offer?
• Can I purchase Commercial Marine Insurance online through BF&M’s website?
• What type of damage are my business vessels covered for?
• Which vessels require a survey?

Workers Comp

• What is Workers' Compensation and common law liability?
• What types of accidents are covered by Workers' Compensation insurance?
• What happens if my business doesn’t have Workers' Compensation Insurance?
• What Workers' Compensation Insurance options does BF&M offer?
• What businesses are legally required to have Workers' Compensation insurance in Bermuda?

• How do I submit a health claim for personal reimbursement for out-of-pocket expenses?
• How long does it take for my health claims submission to be processed?
• Who do I contact if I have questions about Health Insurance?
• What is the Standard Premium Rate (SPR) and what does it include?
• What is the Standard Health Benefit (SHB) and what does it cover?
• What is the Mutual Reinsurance Fund (MRF) and what does it cover?
• What are supplemental benefits?
• Does BF&M provide student Gap Year coverage?
• What does basic dental cover?
• What does comprehensive dental cover?
• Can BF&M help if I have questions about a medical diagnosis?
• Can BF&M help if I need a second opinion on a medical diagnosis or suggested treatment plan?
• What is an out-of-pocket expense?
• Will BF&M cover my maternity expenses?
• How do I keep prescription costs down?
• Do I need a referral to see a specialist?
• How do I see my health claim details?
• Does BF&M cover pediatric assessments and treatment for ADD, ADHD and Pervasive Developmental Disorders?
• What is the WorldCare Medical Second Opinion (MSO) service?
• Does BF&M administer and pay local hospital claims?
• What nutrition education services does BF&M offer?

Overseas

• Who should I contact if I need overseas treatment?
• Can I use all of my health benefits overseas?
• What is the authorisation process for overseas benefits?
• Can I go overseas for treatment without authorisation?
• Do I have coverage for prescription drugs overseas?
• What should I do if I have been referred by my doctor for overseas care?
• Is airfare and accommodations covered by BF&M for overseas treatment?
• Can I take a companion with me if I require overseas treatment?
• What happens if I have a medical emergency overseas?
• How do I find out if a hospital is part of the BF&M Overseas Provider Network?