CIC Insurance Brokers (Guyana) Inc.

About Us

CIC Insurance Brokers Limited (CIC), the first locally incorporated Insurance Broking Company in Trinidad and Tobago, opened its doors to provide insurance broking and risk management services in the year 1968. This initiative resulted from a challenge from the then Minister of Finance to fill a need for indigenous insurance services in Trinidad and Tobago. The company’s first mission was to ensure that its service levels were of the highest standard.

Guyana is on the verge of an unprecedented ‘oil boom’ with a number of foreign and regional companies opening operations locally, including some of our existing clients. We saw this is an opportunity for CIC Insurance Brokers (Guyana) Inc., together with our joint venture partner, Zarc Ventures Inc., to support our existing clientele while expanding our fifty-two years of insurance brokerage expertise in Guyana.

Our aim is to be the pre-eminent insurance broker in Guyana and the Region through customer
responsiveness and competent advice.

Since our formation back in 1968, CIC has managed the insurance portfolios of various companies within Trinidad’s Energy Industry which included government-owned and operated companies such as The Petroleum Company of Trinidad and Tobago, the predecessor company to Heritage Petroleum Company Limited and Trinidad Petroleum Holdings Ltd. CIC also services a number of local Energy service providers to the Energy Industry seeking cover with support from the international markets where necessary through long-standing relationships with our International Broking Partners such as Marsh, Aon and Alesco just to name a few. With support from the Region and our International Partners, CIC Insurance Brokers (Guyana) Inc. is poised to effectively fulfil the Insurance and Risk Management needs of the emerging Energy Industry in Guyana.

The development of the Energy sector will see the emergence and growth of other industries. CIC’s clientele spans throughout major industrial, commercial and financial institutions as well as a variety of smaller undertakings, all demonstrating a culture of Client satisfaction and loyalty. CIC has also been instrumental in designing many of the insurance programmes for organizations operating in the state sector, primarily in the area of oil, gas, and petrochemicals. Some of these programmes still exist today relatively unchanged, so sound was the structure on which they were built.

Scope of Services

Our employees are licensed professionals with strong customer and community relations. We aim to give you excellent service and competitive prices. As your Insurance Broker we seek your interests; we do not represent any Insurance firm exclusively. Think of the team at CIC as your partner or insurance department, working with you to achieve your corporate goals and objectives. CIC will provide the following services:

  • Accurately and fully represent Your Company, its risks, values and, claims experience to the various underwriting markets in accordance with the recognized principles of insurance.
  • Prepare a detailed marketing submission outlining the exposures we have identified into exhibits and terminology that will be understood by underwriters, highlighting the favourable risk management aspects of the project and your teams, and establishing the directions and expectations for performance that we have for the underwriters.
  • Audit Your Company’s insurance portfolio and advise on all insurance policy wordings to ensure compliance with your requirements and specifications, before transmission to Your Company.
  • Provide an annual stewardship report of our activities as Insurance Broker that details all activities and achievements for the year, including any changes to the insurance programme that were suggested, all claims settled and policy documentation received and value-added services that have been provided.
  • Provide regular and accurate statistical data on premiums paid, premium adjustments, premium refunds, “no claim” premium refunds and on all other relevant aspects related to Your Company’s account.
  • Provide Your Company on an annual basis with a complete and accurate summary of insurance.
  • Expedite the collection of all policy documents and renewal endorsements no more than 45 days after the renewal and submit to Your Company for its records and safekeeping. • Respect professional standards of confidentiality and business ethics with respect to its work for Your Company.
  • Seek to reduce the administrative burden on Your Company to the extent feasible, through annual reporting, broad form automatic coverage based on declarations, policy vetting and review, claims follow-up and the preparation of premium adjustments and returns for adjustable premium policies.
  • Provide timely and practical advice on matters related to insurance be it the existing porfolio or other areas of insurance not managed by our firm, proposals for new coverage and advice on contractual responsibilities as they relate to insurance.
  • Prepare a Renewal Planning Strategy Report before renewal, outlining renewal objectives, likely market conditions and any information necessary to ensure a smooth and cost-efficient renewal process.
  • Provide full and complete renewal terms, inclusive of coverage details, premium/rate indications, terms and conditions prior to renewal; ensuring at all times that coverage is placed with reputable insurance companies.
  • Keep Your Company up to date on changes in the markets where its business is placed at regular intervals, monthly or quarterly, in terms of market conditions, changes in insurance cover or re-insurance capacity that may affect Your Company’s Insurance coverage, positively or negatively.
  • Provide Training to Your Company’s staff.
  • Provide Risk Management services to Your Company.