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Thursday, 02 November 2017 12:08

Government To Receive Over TT$47M From Excess Rainfall Insurance Policy

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Government is to receive a TT$47.4 million payout from its Excess Rainfall Policy from the Caribbean Catastrophe Risk Insurance Facility.

The announcement was made in a release from the Ministry of Finance on Thursday.

Trinidad and Tobago has been a member of CCRIF since 2007 and has purchased CCRIF policies for Tropical Cyclone and Earthquake.

The Ministry says with the country experiencing major flooding and loss of property and livelihoods from intensifying rainfall over the past few years, Government, this year, purchased CCRIF policies for Excess Rainfall for both islands.

Coverage for Trinidad amounted to US$15.8 million, and US$2.1 million for Tobago.

The Ministry said the CCRIF advised that the intense rainfall experienced between October 18th and 20th, which resulted in widespread flooding and loss of property, triggered the Excess Rainfall Policy, allowing for the payment to be made.

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