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SAXON Smart Insurance

Glossary

Adjuster: Person who investigates and settles auto insurance claims.

 

Arbitrator: An appraiser appointed to resolve an impasse in a dispute (e.g., the value of a claim) between you and your insurance company. The dispute resolution process is described in the Arbitration clause of your policy.

 

 

Authorized driver: Someone permitted to drive the Motor Vehicle as specified in the Policy and Summary and Schedule to the Policy. These can be identified individually by name or some other common characteristics (see the Summary and the Schedule) and they must also be the holders of valid driver’s licenses for the class of vehicle to which the Motor Vehicle belongs. The insurance is invalid if the Motor Vehicle is being driven by someone who is not an Authorized Driver. An Authorized Driver may not, unless the Policy says otherwise, be:

 

 

  • under 25 years of age or over 70 years of age, or
  • a learner driver

 

 

Certificate: The document issued by us to you and which is required by the applicable law(s). Unlike your policy, you must have your certificate (or cover note, which is a temporary certificate) safely stored in your car at all times. It is the document that the police or relevant authority will require you to show them as evidence that you are in compliance with the appropriate law(s).

 

 

Comprehensive: A comprehensive policy includes third party coverage and insures you against damage to your car and to other vehicles.

 

 

Deductible: The amount of money that you will have to pay repairers for fixing or repairing your car as the result of an accident. You will also be responsible for this amount in the event of the total loss of or damage, by any means covered by your policy, to your vehicle. It is the dollar amount for which you are responsible in the event of a covered claim. There is no deductible for third party coverage.

 

 

Endorsements: An alteration to the wording of the Policy noting a change in terms or details of the Policy.

 

 

Geographical Area: The Cayman Islands.

 

 

Indemnify: Saxon putting you back in the same financial position as you were in immediately before the loss or damage for which you have an admissible claim (noun = indemnity).

 

 

Insured/policyholder: The person or entity identified as the policyholder in the Schedule of the Policy.

 

 

Legislation: The Motor Vehicle (Third Party Risks) Act, or any amendments or revisions to that Act, including its regulations.

 

 

License: The driver’s license together with any necessary permit as required pursuant to the applicable laws of the Geographical Area, other than a learner’s permit, issued by the relevant licensing authority

 

 

Market Value: The price prevailing on a vehicle in the Cayman Islands of the type and in similar condition to the one that you have insured with us, immediately before the accident giving rise to a claim, and which would likely have been agreed between a willing seller and a willing buyer.

 

 

Period of Insurance: The period of time covered by this Policy, as shown in your Schedule, or until cancelled. Each renewal represents the start of a new period of insurance.

 

 

Policy: The contract of insurance between you and us to include the proposal form, policy, Summary, Schedule, Certificate and any Endorsements or other amendments to the policy from time to time.

 

 

Premium: The sum of money you pay, or agree to pay us, in exchange for us granting you the insurance coverage.

 

 

Restricted or Open Policy: In a restricted policy, the Authorized Drivers of the Motor Vehicle are restricted to particular named individuals. In an open policy, anyone who is a valid license holder and between the ages of 21 and 70 is an Authorized Driver.

 

 

Schedule: The part of the Policy headed as the schedule. We will issue one Schedule irrespective of the number of Motor Vehicles you have insured with us.

 

 

Spouse: Your wife or your husband by a marriage union recognized by the laws of the Cayman Islands.

 

 

Summary: The part of the Policy headed as the summary. We issue one summary for each Motor Vehicle you have insured with us.

 

 

Third Party: The legal minimum for driving in the Cayman Islands. Third party car insurance covers your liability for injury to others (including passengers) and damage to other people’s property.

 

 

VIN: A unique serial number used by the automotive industry to identify individual motor vehicles.

 

 

Your Estimate of Value: The estimate you have given us of the value of your Motor Vehicle. This is not necessarily the amount you will receive in the event of the total loss of your Motor Vehicle. The amount you will receive in settling a total loss will be the lesser of your estimate of value provided on the proposal form and the then Market Value adjusted for factors such as depreciation and the application of your Deductible. Your Estimate of Value is the maximum you can receive less the Deductible.

 

 
Smart.Select

What our customers say about Saxon.
Discover how Saxon's smart innovative products are improving customers lives.

11Apr
2017
St. Ignatius Students Take Top Prize in Saxon Invest Club Challenge
St. Ignatius Students Take Top Prize in Saxon Invest Club Challenge

Four students from St. Ignatius Catholic School emerged winners of the eighth annual Saxon Investment Club Challenge for local high school and college students.

10Apr
2017
Saxon Wins Celent Model Insurer Award for Operational Excellence
Saxon Wins Celent Model Insurer Award for Operational Excellence

For the second time in four years, Saxon Insurance has received international recognition for its efforts in leveraging technology to advance its business operations.

21Feb
2017
INFOGRAPHIC: INSURANCE IN CAYMAN – A BRIEF OVERVIEW
INFOGRAPHIC: INSURANCE IN CAYMAN – A BRIEF OVERVIEW

Whatever happens, your investment is protected with Saxon’s property insurance policy. Backed by Lloyd's the global insurance leader, your policy is issued by Saxon. We use innovative technology to settle your claims fast.Doing business is always easy with Saxon whether by email, live chat, in-person, or by phone. Saxon is Smart insurance.

15Dec
2016
Saxon Employees of the Year Credit Company Mentors for Success
Saxon Employees of the Year Credit Company Mentors for Success

Kearney Scott and Brandon Glasgow have been named as the 2016 Employees of the Year for their consistently outstanding performance at local insurer, Saxon.

15Dec
2016
Saxon Introduces Drones to Cayman Property Insurance Market
Saxon Introduces Drones to Cayman Property Insurance Market

In another first innovation in the Cayman Islands insurance market, local insurer Saxon has employed the use of drones for data gathering, imaging and surveying purposes of residential properties that the company insures.

8Nov
2016
Saxon Partners with OneTRADEx to Promote Investment Club in Cayman Islands' Schools
Saxon Partners with OneTRADEx to Promote Investment Club in Cayman Islands' Schools

The eighth annual Saxon Investment Club program for local high school and college students has attracted a new partner for the 2016-2017 school year.

11Mar
2016
Saxon Geo Quote Winners!
Saxon Geo Quote Winners!

The Saxon Secret Door Party was held on Thursday, March 10th at the George Town Yacht Club was the crescendo of the Saxon Geo Quote Contest which ran from November 2nd, 2015 until February 29th, 2016. The contest was launched when Saxon announced the addition of Property Insurance to their product line.

29Sep
2015
All vehicles are not created equal
All vehicles are not created equal

Saxon uses sophisticated technology to determine vehicle risks called a Rating Engine. The Rating Engine identifies where a customer’s vehicle was manufactured, what the engine size is, various safety features and even what trim options it has because not all vehicles are created equally.

29May
2014
Saxon’s Fix My Ride Contest
Saxon’s Fix My Ride Contest

Thirty-seven people participated in the social media promotion. The contest called for Cayman motorists to submit photos of their damaged vehicles to the ‘Saxon Fix My Ride website’. Contestants requested their friends to vote for them and shared their photos. At the conclusion of the contest there were a total of 7000 “likes’ and over 11,000 unique visitors to the contest site

15Oct
2013
Saxon Investment Club Launches for New School Year
Saxon Investment Club Launches for New School Year

Dozens of high school students will be spending the next six months trading stocks, managing investments and learning about the financial markets, as part of the Saxon Investment Club programme for high school and college students.

8May
2013
Saxon Welcomes Usain Bolt!
Saxon Welcomes Usain Bolt!

World Record holder, Olympic Gold Medalist and arguably the fastest man in the world Usain Bolt touched down at Owen Roberts International Airport yesterday day morning on a Cayman Airways 737 from Kingston Jamaica to unprecedented fanfare requiring crowd control

7Mar
2013
Trading Bell Rings for Student Investors
Trading Bell Rings for Student Investors

Attention Wall Street, Bay Street, Portugal and Greece: your future and recovery just might lie in the hands of a handful of student investors in Grand Cayman. That's right - an extracurricular group of young students have found that their investment portfolio is up by more than a hundred percent

7Feb
2013
Saxon Congratulate Student Investors
Saxon Congratulate Student Investors

One of the Saxon Investment Club groups calling themselves Modern Day Investors would appear to have something to teach the portfolio managers of Toronto, New York and London. More impressive is their leading streak for four months running.

14Dec
2012
International Men’s Day Football Tournament
International Men’s Day Football Tournament

This is the second consecutive year that the Cayman Islands will join the rest of the world in honouring the achievements and positive contributions of men and boys. A generous community donation by Saxon made these activities possible.

5Dec
2012
Saxon's Driver’s Education Program Begins In-car Instruction
Saxon's Driver’s Education Program Begins In-car Instruction

Saxon has commenced its annual Drivers Education Programme in partnership between Saxon Motor and General Insurance Company, Prestige Motors, Cico Avis Rental Car Company, the Department of Vehicle and Drivers Licensing (DVDL) and the Ministry of Education.

5Dec
2012
Toys 4 Tots
Toys 4 Tots

Saxon is sponsoring the Cayman Islands Motorcycle Riders Associations (CIMRA) 2012 Toy 4 Tots Toy Drive running December 3 through 12, 2012. New, unwrapped toys can be dropped off at Saxon Centre and will benefit local families.

4Dec
2012
Student wins car in Pirates Week contest
Student wins car in Pirates Week contest

Saxon a wholly owned Caymanian company and the leading insurance provider serving the Cayman Islands have named the grand prize winner of its License To Win contest held during the recent Pirates' Week events; Henry Ferguson of George Town

7Nov
2012
Saxon Sponsors FC International Football Camp
Saxon Sponsors FC International Football Camp

Based out of Cayman Islands Saxon, have helped finance the FC International football training camp in the Cayman Islands. Founded in 1993, hundreds of youth ages 6 to 16 from across the Cayman Islands have participated in the football camp learning fundamental skills and athletic leadership.

31Oct
2012
Saxon & Saxon Pensions launches 2012 Investment Club
Saxon & Saxon Pensions launches 2012 Investment Club

An elite group of students are about to once again prove that it's never too early to start managing your money. This year's Saxon Investment Club was launched on October 1st to local high school and college students ages 14-19;

26Sep
2012
Saxon announces Winner of the ‘I’m Saxon’ video contest
Saxon announces Winner of the ‘I’m Saxon’ video contest

Saxon announced today the winner of its I'm Saxon and I Know It! social media contest. In celebration of the release of Saxon's recent television commercial launch,

18Sep
2012
A new partnership for Saxon
A new partnership for Saxon

Saxon (Saxon), a leader in insurance and buy online services, announced today its partnership with Brac Insurance as official partners in Cayman Brac to expand services for the firm's growing customer base in the Cayman Islands.

4Sep
2012
Saxon Gives back Campaign
Saxon Gives back Campaign

VVolunteers from the Cayman Islands Animal Humane Society (CIHS) had an incredibly challenging couple of months with storms flooding the shelter areas leaving enclosures uninhabitable for the many cats and dogs living there.

10Feb
2012
Driver's Education Programme begins
Driver's Education Programme begins

Saxon Motor & General Insurance Company Ltd. began its public school drivers education programme with co-sponsors dms Organisation Ltd., Prestige Motors, Avis, the Cayman Islands Ministry of Education,

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