You may be aware of recent anonymous press advertisements and flyers containing allegations about Beacon.
These are the facts on this issue.
This matter centres on claims arising from a fire loss that occurred in Barbados in 2012, under the name of Workbench Furniture Limited. Based on the findings of investigations done by an independent firm of Adjustors and the Fire Services in Barbados, Beacon was left little choice but to deem these claims illegitimate and we therefore voided the policies.
The findings included the following:
Further to these revelations Beacon also learnt that prior to the fire, Workbench was in a desperate financial condition as shown by:
Notwithstanding these alarming facts, Beacon invited Workbench to have Workbench’s own external accountants verify thevalue of its claimed loss. At the end of this exercise, its accountants concluded in February 2015 that Workbench’s loss was at best, less than half of what Workbench had originally submitted. It would appear that this indictment by its own accountants is what has spurred Workbench into launching a public smear campaign against Beacon in an attempt to force us into settling its illegitimate and exaggerated claims.
Beacon settles thousands of claims annually as can be testified to by numerous policyholders. We take very seriously our responsibility to make certain that every claim is fairly investigated. In this way, we ensure that all legitimate claims are fully and promptly settled, while protecting our policyholders from any unfair increases to their premiums due to illegitimate or fraudulent claims from a few unscrupulous individuals.
The statements made by Workbench about Beacon are patently false and without merit. In July last year, CariCris, the premier independent rating agency in the Caribbean, in awarding Beacon a BBB+ rating had this to say: “The ratings of Beacon reflect the company’s good market position with a strong and diverse distribution network, good quality of financial assets and liquidity, and its diversified earnings, continued profitability and comfortable capital adequacy”
Beacon has been operating in the Caribbean for close to 20 years and we are proud of our reputation across the region as a company that settles claims quickly and fairly. Since Workbench has crossed the boundaries of truth and fairness we have taken the decision to file a lawsuit for defamation against them.
We are happy to answer any questions that you may have. Call us at any of the following direct lines: 225- 5509/1193/1194/1196, or email us directly at answers@beacon.co.tt