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Please use our Premium Estimator to estimate your premiums based on the property sum insured & the current rate. Do not forget to add the appropriate Stamp Duty to your calculation.
The CIIA would like to inform you about the Stamp Duty (Amendment) Law 2012, certain provisions of which are being brought into effect on 01 June 2013.
This Law, enacted by the CI Government, increases the Stamp Duty applicable to property insurance premiums.
All policies which incept, renew or are amended on or after 01 June 2013 will be charged an additional Stamp Duty fee of 2% of the insurance premium related to immovable property.
Immovable property includes buildings, docks, jetties, outbuildings & pools. It does not include furniture or other contents.
For example, if you are purchasing a new policy or renewing an existing policy on your home & the premium for the house was $5,000 you would pay Stamp Duty of $112 calculated as 2% plus $12 on the insurance premium for the house which is classified as immovable property.
The CI Government is enacting this additional fee as a measure to increase revenue. The money is going to the CI Government. The money is NOT going to the insurance company. The Cayman Islands Government Stamp Duty is due in full at policy inception.
All insurance companies are required by law to collect this fee on behalf of the CI Government inlcuding those insurance companies outside the Cayman Islands.
The Resource Center provides a glossary of insurance terms to help you understand the various insurance wordings that may appear in your quotes, cover notes & policies.