An Insurance Broker With a Personal Touch

Published: 07 April, 2008

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An Insurance Broker With a Personal Touch

VIP INSURANCE CORP.- is an independent brokerage, with 10 agents. As a broker, VIP INSURANCE CORP.- is able to shop the best rate and coverage for thier clients from all the insurance companies in Panama. Hernando Vasquez, the Operations Manager, has been working in the insurance business for 20 years. For him this is a family legacy. “My family has been in the insurance industry for 50 years”, says Hernando. Hernando was born in New York, studied Risk Management in Saskatoon, Canada and has lived in Panama since the age of 15. The thing that distinguishes VIP INSURANCE CORP.- is the ability to offer insurance underwriting. Most policies can be issued on the spot. “This means we can offer coverage at a moment’s notice, even on weekends or at night”. Working to develop his clientele on Panama’s Pacific coast, Hernando lives in Coronado and promotes the Broker services from Chame to Rio Hato, including Altos del Maria and El Valle. “We provide our clients with a personalized service”, says Hernando “If one of our clients is in an accident, we’ll go to the scene, take pictures, fill out the claim form and personally deliver it to the insurance company. When the check is issued, we will pick it up and bring it back to the client”.

“We care about our clients. The insurance business give us the ability to have contact with people and develop long term relationships. We also provide our clients with the service of renewing their automobile inspection certificates and plates. Plate renewal regulations change from time to time. I make a point of keeping uptodate with the newest regulations. Many expat clients have a difficult time dealing with government offices. The language barrier makes things even more difficult for them. As an added service to clients who have auto insurance with us, I assist with getting thier plates renewed. At one time this meant simply taking paperwork to a renewing office. Nowadays the renewing car needs to be photographed before renewals are issued. So, if my clients request, I pick up thier car and get the job done on thier behalf."

VIP INSURANCE CORP.- offers personal and commercial coverage. “We offer mortgage policies – coverage that banks often require with issuing mortgages. These polices run for the same term as the mortgage. When the mortgage is done, so is the insurance.”

I asked Hernando if he had any tips for Expats looking for insurance in Panama:

“Automobile insurance is no longer optional in Panama. If you drive a car, you now must have an insurance policy. You will not be able to renew your license plates without coverage”.

“I’m often surprised when people coming from Canada or the United States don’t realize that the Health insurance from their own country does not cover them for medical in Panama. People need to know that they must purchase Health coverage here in Panama. We work with Pan American Life, Blue Cross and Blue Shield for Health coverage. We’ll be happy to provide a quote upon request.”

“Many Expats looking for automobile insurance ask for a million dollar liability coverage. Here in Panama the highest liability you can get is $300,000. Panamanians are more ready to settle outside of insurance companies. It is often the first course of action in liability cases.”

“A little perk many people are not aware of is something we call extra-territoriality coverage. If you are travelling in Costa Rica, you can transfer your insurance coverage to your car for an entire month for no extra cost”.

“Expats also ask me if they need to be covered in case a trespasser hurts himself while breaking onto their lots. I’m completely amazed by this! You don’t need to worry about something like that here in Panama. If a trespasser hurts himself, it’s not your problem. You won’t find coverage for this and you don’t need it here”.

“To get a quote on insurance, send us your information by email and we will get back to you with a quote.”

Hernando D. Vasquez of VIP INSURANCE CORP.- can be reached at 507-240-1814 / 6671-0561 by phone and at vipinsurance@cwpanama.net or mailto:vigseguros@gmail.com

Visit VIP Insurance website at http://www.vipinsurancecorp.com