This country is to receive about $47.4 million in insurance payments from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) as compensation for damage caused by heavy rains which lashed this country earlier this month. News of the payment was announced yesterday in Grand Cayman, Cayman Islands.
The organisation said TT will get US$7,007,886 (about TT$47.4 million) on its excess rainfall policy after heavy rains between October 18 and October 20. In a release, the CCRIF said it was able to determine the value of the payment after the end of this rainfall event and the payout will be made to the government within 14 days.
This country has been a member of CCRIF since 2007 and has purchased policies for tropical cyclone and earthquake since then. But this year, for the first time, the government bought separate excess rainfall policies — one for Trinidad and one for Tobago.