Fresh Hope for CLICO and BAICO Insurance Policy Holders in Montserrat

A pressure group, representing policy holders of two failed insurance companies in Montserrat and other Eastern Caribbean islands has announced plans to take legal action against the two companies.

British American Insurance Company Limited and Colonial Life Insurance Company Limited Policy Holders Group (BACOL) will host a virtual Media Conference on Monday of the status of the legal action filed at the Caribbean Court of Justice (CCJ) on July 13th, 2021.

It says the lawsuit is in pursuit of fair and equitable compensation for British American Insurance Company policyholders and beneficiaries in seven OECS countries.

The filing of the lawsuit is the culmination of years of painstaking work and a long journey that began with the formation of BACOL in 2015, after it emerged that British American policyholders in the OECS would not be offered compensation on par with that awarded to policyholders from other CARICOM nations, following the 2009 collapse of the insurance company.

The Media Conference will be addressed by BACOL President, Dr. Patrick Antoine, and the legal team, headed by Mr. Simon Davenport, Q.C.

Since its formation, BACOL says it has held consultations with aggrieved policyholders throughout the OECS, to apprise them of their rights, and to invite them to become members of BACOL, the only legally viable option to obtain fair compensation.

It notes that currently, the only other offer of compensation from the appointed judicial managers, is for 30 cents on the dollar.

BACOL, through the CCJ and on behalf of its members, says it is seeking full compensation plus interest for 10 years.

The legal action filed by BACOL at the CCJ represents Policyholders of British American Insurance Company Limited from Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.

Registration of policyholders wishing to join the class action is already underway, through a network of Case Managers located in every participating country.