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Insuring Your Dominican Property

W e primarily utilise the services of a very reputable industry leader in insurance within the Punta Cana and Bavaro areas – MAPFRE. Their broad market is focused mainly in Spain, Europe and Latin America. Furthermore, the Group has presence in USA and Turkey.

We have a workforce of 30.603 employees, (16.838 in Spain and 16.091 in America and 1.674 in other countries).

Our product range covers all fields of the insurance business. We have a specific competitive solution to meet each of our client needs, as well as those related to their properties and assets. In Spain our activities also involve Investment Funds, Pension Funds and Pension Plans management, and other business services.

In 2008 we obtained consolidated earnings exceeding 18.270 million euros, of which more than 14.300 million came from reinsurance and direct insurance premiums.

Our gross profit was 1.383 million euros, and our total consolidated assets exceeded 47.759 million euros.

What type of property insurance is available in the Dominican Republic?

Insurance in the Dominican Republic include “Fire and Related”. Included risks are fires, thunder and lighting, earthquakes, hurricanes, floods, malicious damages caused by strikes or vandalism, smoke, car and airplane collisions.  Insurance coverage is based on replacement cost.  If there are damages, caused by causes covered by the policy, the insurance company will pay replacement costs of repairs with materials of equal or similar to damaged.

In terms of mayor catastrophes (hurricanes, earthquakes, floods) these are subject to a 2% deductible of the insured value.

Is property insurance mandatory in the Dominican Republic?

No. However, it is mandatory to insure with an established insurance company authorized by the “Superintendencia de Seguros”. If you have a mortgage, the bank issuing the loan will add the property insurance to your mortgage loan using the bank’s approved property insurance company.

How much is the property insurance policy?

Property insurance can fluctuate from year to year and depends on the reinsurance international markets.  Currently, the average cost is US$700 to $800 for every US$100,000 of insurance.