BAICO Policyholders on Montserrat in a Race Against Time to Recoup their Funds from the Now-Defunct Company

Time is said to be running out for policyholders of British American Insurance Company Limited (BAICO) in Montserrat seeking to recoup their funds from the defunct company.

BACOL, the organization representing shareholders, says the window of opportunity for registration, for financial justice closes on the 15th of September, 2021.

BACOL is encouraging as many eligible policyholders and beneficiaries as possible to sign up before the deadline date.

Policyholders who have received fourteen cents on the dollar (14%) so far, are also eligible to participate in this legal action.

BACOL is petitioning the Caribbean Court of Justice (CCJ) to award every represented policyholder 100% of their investment, plus interest calculated at 6% over 10 years.

Policy holders and beneficiaries, as well as survivors of deceased policyholders who have lost their documentation are also encouraged to register.

Their registration will only be approved after verification; a process which may take some time, but which once confirmed, will confer them with eligibility to receive compensation determined by the Court.

In response to inquiries about whether or not policyholders can pursue legal action themselves, BACOL notes that such policyholders (individuals and corporate entities) would need to undertake a process that has taken BACOL six years and a considerable amount of financial and other resources to advance to the stage of filing legal action before the CCJ.

The organization says the lawsuit represents the best chance that all policyholders have of receiving fair and just compensation.

The Caribbean Court of Justice is expected to make an announcement in the near future, as to when hearings will begin in the legal action filed by BACOL on behalf of policyholders in seven OECS Territories - Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.