FAQs

• 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?

Motor Insurance

• 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?

Home Insurance

• 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 Insurance

• 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 Insurance

• 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

• 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 Insurance

• 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 Insurance

• 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 Insurance

• 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 Insurance

• 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 Insurance

• 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 Insurance

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

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

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

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

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

• How do I make a contribution?

• What individual retirement and savings plans does BF&M offer?

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?

Group Life and Disability Insurance

• What is Group Long Term Disability Insurance?
• Why should I provide Group Disability Insurance to my employees?
• What is the difference between Short Term Disability and Long Term Disability?
• What levels of Group Life and Disability Insurance coverage do you offer?
• How much Group Life Insurance can I get?
• Can I cancel my Group Life Insurance at any time?
• Can employees continue to receive Group Life Insurance coverage after retirement?
• What type of coverage levels do you offer for Group Life Insurance?
• What is a beneficiary and how can an employee’s beneficiaries be verified or changed?
• If an employee leaves the company, are they still able to receive Group Life Insurance?

Group Health Insurance

• 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 Pension

• Can I contribute over the age of 65?
• What is the required contribution on a monthly basis?
• What are my pension options upon leaving employment?
• Can I receive my funds in cash or a lump-sum?
• How do I make voluntary contributions?
• How do I access my account information online?
• Am I required to enroll in a pension plan?
• What are my options upon reaching retirement age?
• 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?

• 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?
• Does BF&M administer and pay local hospital claims?
• What nutrition education services does BF&M offer?

Overseas

• How does the Travel Concierge service work and why should I use it?
• Will my airfare coverage be affected if I don’t book through the Travel Concierge service?
• Do I have to book my hotel through the Travel Concierge service?
• If my hotel is booked through the Travel Concierge service, how will the payment work?
• 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?

• How do I buy or sell BF&M Shares?

• What is the current value of BF&M Shares?

• How do I update my shareholder account details including contact and/or payment information?

• How do I transfer my shares or change the registration name?

• When are dividends being paid?

• How do I request a replacement payment?

• I am a beneficiary or executor of shares, what are the next steps?