Barbados Property News April/May 2015

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Realtors - Page 22

Port St. Charles - Page 21

Property Holdings - Page 59

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • April - May 2015 • Issue 98

Barbados Green Monkey surveying the Golf Course at Apes Hill Club - Page 26

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Editor’s Comments It seems as if it has been around for years, but we haven’t made too much progress moving towards a green culture in Barbados. Obviously there has been a lot of discussion in recent times about renewable energy and it will eventually be embraced in larger numbers, but in the meantime so much could be done to improve the environment with a more positive approach to healthier living and protecting and conserving the environment. We hope this edition of Barbados Property News will heighten green culture awareness and help you decide what you can do for yourself and the world you live in. It is not just about Pamela Hiles, Editor global warming, it is about changes to lifestyle and simple and sensible practices in our homes that can make us healthier and save money.

Real estate is starting to embrace a green culture with building and conservation efficiencies in the home and this momentum will eventually become part of everyday living in Barbados. We have a long way to go, but every step in the right direction is a step forward.

Pamela Hiles Editor

Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: sportingb@caribsurf.com www.sportingbarbados.com www.barbadospropertynews.com www.caribbeanpropertymag.com www.caribbeanmortgageservices.com Editor/Advertising – Pamela L Hiles Design and Art Direction – 809 Distribution – Hiltop Publications Ltd, Brian’s Print Brokerage Printing – Coles Printery The Material and editorial contained in this publication have been deemed accurate at the time of going to print. The views expressed as editorial are those of the Editor unless stated otherwise. No part of this publication may be reproduced without the consent of the permission of Hiltop Publications Ltd.

On the Cover: Apes Hill Club

If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692

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The Rise of the Green Culture It may have started with idealistic goals to improve and preserve the environment, but every year we get more and more embraced into a green culture and it makes sense.

For too long there has been a huge disconnect between the green culture and everyday living, largely because most people feel high profile issues like global warming, conserving the rainforests and protecting the dwindling whale community are outside their control. But while these are highly commendable and important pursuits, the value of adopting a green culture in everyday life is real and very rewarding in terms of health, improving the environment and saving money!

The world has been slow in going green, but the momentum is gathering and while many counties will always lag years behind the rest, the major developed counties are rapidly growing their green culture and dragging the rest of the world along with them.

And the reasons are obvious-we want the world to be a better place to live, we want to be healthier and we want to reduce the dependence on fossil fuels and reduce some of the everyday costs that impact so heavily on living costs and as a result on our lifestyle.

A quick look across Barbados will confirm we have a long way to go to embrace a green culture. Right now we need to educate more and more people on its value and set the machinery in place to achieve realistic goals within a set timeframe. We need to eradicate the toxic fumes emanating from so many vehicles on our roads, we need to start some serious recycling of rubbish from our homes, we need to stop throwing rubbish everywhere, we need to keep the momentum going for solar heating and power generation, we need to use more natural remedies and reduce the huge dependence on expensive pharmaceuticals, we need more electric cars, we need to grow and eat more vegetables, we need to wage war on junk food, and we need to build the concept of “green homes.” This means more properties need to be built with

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a green culture and real estate agents need to understand the importance of this culture as more and more buyers in the future will be looking for green attributes in any property they wish to purchase.

Is this an exaggeration? Certainly not, studies in United States have already produced statistics that confirm properties sold with green attributes get higher prices than those without them and thousands more new properties are being built every year with a “Build it Green” culture. There is even a mortgage company that deals specifically in this market called Mortgage Green.

Barbados has started to move in the right direction especially in the regeneration sector where many homeowners and business entrepreneurs are making plans to provide electricity for the national grid. This will help reduce the heavy dependence on oilgenerated power, which has crippled business and domestic users for many years. The Government has also helped with tax incentives to promote the trend, but the movement has been much too slow to mobilize and it seems the laidback easy-going Caribbean approach to change will ensure nothing happens too soon.

Unfortunately going green comes at a cost, but in many cases the payback is considerable. We have an abundance of sunshine so using PV panels to capture renewable energy and sell the surplus to the national grid seems a win-win scenario for everyone.

We should also practice energy conservation, which is something few people seem to believe affects them. Thankfully we don’t have to worry about insulation in the home, but we could and should insist on using more green materials, less real timber, non toxic paint, recycling waste water and rain water for garden use, recycling rubbish, using long-life electric bulbs, and growing more fruit and vegetables in our gardens.

Adopting a green culture will produce a healthier environment and as a result healthier people. If long-term we can save money in the process that should make it even better. Despite the many challenges we need to push for a greener Barbados and stop procrastinating and playing with the issues.

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The Green Movement is Growing with Scotiabank Of all the brilliant colours we enjoy in the Caribbean, the one growing most in importance is green.

From governments to businesses to homeowners, we are becoming increasingly conscious of environmental concerns, the need to live sustainably.

Moreover, Caribbean people are recognizing the benefits switching to alternative energy in islands such as ours where sun and wind are abundant.

Governments are exploring alternative energy options and encouraging investment in the sector by offering attractive incentives. Meanwhile businesses are expanding into creating and selling affordable, renewable energy products and services.

Home and business owners have been taking advantage of the increasing range of more affordable eco-friendly products by going green in as many ways as possible, such as installing energy saving light bulbs, solar panels, solar-powered airconditioning units and low-flow toilets.

Scotiabank is a leader of the green movement, enhancing its growth with the Green mortgage program - facilitating increasing numbers of mortgage customers incorporating green initiatives in home renovation plans. “Our Green mortgage program lets customers combine their environmentally-friendly home improvement with their mortgage for greater savings and a greener home,” says Carolann Walkes, Scotiabank’s Mortgage

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Specialist. “Persons who have their mortgages with another bank can even switch their mortgage to get these benefits.

Scotiabank will pay the switching costs so the benefits are great for the customer.”

With a Green mortgage, customers may be able to amortize mortgage payments for up to 30 years and thus have more money available. The equity in their home gives customers access to funds to make energy-saving improvements that reduce bills and save money. “Rolling green home improvement into your mortgage has the least impact on cash flow,” says Walkes. “Imagine the advantages of reducing or eliminating your electric bill with a solar installation, at low mortgage rates with a long-term amortization.”

“Scotiabank is committed to the Green movement,” said Lisa Cole, Senior Marketing Manager. “For the past couple of years, our mortgage seminars and expos have included partners who offer environmental solutions. We also reach out with educational projects like the Children’s Environmental Art contest which we sponsor annually through the Future Centre Trust. The Scotiabank Green mortgage is an excellent way to help our customers save money and make their contribution to a more sustainable environment.”

Cole also pointed out that customers can find suggestions on how to make eco-friendly home renovations and improvements on Scotiabank’s Eco Living website, ecoliving.scotiabank.com

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Building a Green Culture David Green of Williams Solar outlines what’s happening in Barbados and the role his company is playing in building a green culture What is the background to Williams Solar and what services do you offer?

Williams Solar (formerly Williams everGreen Ltd) is a Williams Industries Inc (WII) subsidiary started in 2009 as an energy management company researching various technologies (in-house) that could be applied to commercial/industrial equipment to improve efficiency. These projects included a 30kW photovoltaic system which was monitored for performance and associated financial savings, after 9 months of surpassed expectations we decided to go full blown and install the largest distributed solar plant on the island to date.

Primarily we design, supply, install quality high-end photovoltaic systems for residential and commercial clients. We also sell solar panels and equipment for those want to purchase the main components of the system and install themselves.

What have been your major renewable energy projects to date?

In 2012 we installed 1.6 Megawatts of photovoltaics on twelve commercial properties owned by WII, and everyday this system produces enough electricity to power over 300 mid-sized houses.

The installations have been very reliable and productive and continue to exceed our expectations. We now share the knowledge and expertise gained from this project with our customers to guarantee that they are as satisfied with their investment as we are.

In 2014 WS was awarded a contract to install PV systems on 25 residences and 3 schools under the Barbados Sustainable Energy Framework program working along with internationally renown energy consultancy agents TetraTech, this project was the first of its kind in Barbados.

How has Williams Solar contributed to building a green culture in Barbados?

In 2013 we joined the Green Business Barbados program (highly recommended) to ensure that our complete operation was monitored and controlled to facilitate environmentally friendly practices. For example, we have a no idling vehicle policy, recycling of material and using those funds to purchase office consumables, a 32kW photovoltaic system to eliminate our electricity bill etc. Currently we are pursuing the highest level of the Green Business Barbados program and we are on target to achieve this shortly.

A partnership with WS, SJPP and BCC was recently awarded nearly $800K from the Competency Based Training Fund (provided by IDB) for curriculum development and infrastructure 48

in the renewable energy sector, also we served on a technical committee at SJPP to create the first PV course on island which started in February. We have donated equipment to UWI to support research at the Renewable Energy Lab in Cave Hill and also SJPP for hands-on training of students of the newly offered PV course. We are currently working with the TVET council for development of NVQ and CVQ qualifications in PV installations.

We will continue to support education as a contribution to the industry and culture.

We read a lot about photovoltaic systems that may be set up in the future. Who will control this development?

The rollout and success of renewable energy in Barbados is a synergy between the Government, the utility, the Fair Trading Commission, Barbados Renewable Energy Association (BREA), Town Planning Dept and the developers/customers. To achieve the Renewable Energy targets set by Government and beyond, and speaking very generally, this group must work together to tweak, improve and maintain favourable conditions for all parties involved in the development of this sector. The primary controller of Renewable Energy development is the Government.

Is there a possibility of oversupply if hundreds of properties and commercial PV suppliers are feeding into a National Grid?

That is a technical question with a very expansive answer.

However, in a nutshell the aim is to become 100% renewable and this has to be a mix of RE technologies, hence there is a finite amount of PV needed to achieve this target. Therefore if solar is going to be your choice of energy independence act now!

A lot of publicity has been given to potential savings on monthly electricity bills. What are the true facts?

There is no doubt that installing a solar system will reduce your electricity bill. However, how much savings you accomplish is very dependent on the rate at which you are paid for the electricity you generate from your solar system. We have an issue there but it can be solved.

The current supplier depends heavily on oil-based power generation, but prices are low at present because oil prices are low. Does this make it more difficult to sell renewable energy systems to domestic users?

Yes, potential customers are being distracted by the temporary low price of electricity. However, investing in a solar system is a 25yr investment that still attracts a high rate of return on investment compared to other options. The industry has slowed, but many customers are still forging ahead to gain their energy independence regardless and they see the current situation as an illusion rather than a saviour.

Green Does Williams Solar guarantee results from their installations and do you monitor performance?

We are unique by offering guaranteed energy outputs for all the systems we install. Our team takes performance seriously, our design capability and equipment selection is second to none, and our aim to maximise the potential of any location.

Yes, we monitor performance via the Internet if available, also we provide free maintenance in the first year of ownership and this allows us to understand the long-term upkeep needed to maintain the system performance as designed.

Many properties are different. Does your staff have the qualifications to design and install on different types of roof?

Yes, our staff and the expertise of the supporting companies in the WII Group can design and install on any type of roof or create any kind of structure necessary for the installation of a PV system. We design our roofing mounted racking systems using methods and materials certified for 130mph wind loads as recommended for the Caribbean. We invested heavily in training our staff on solar design, installation and equipment going as far as Germany for knowledge.

Are there finance packages available to domestic and commercial clients to fund the installations?

Certainly, commercial banks and other lending institutions have come onboard to provide loans specifically catered for RE investments. The Smart Fund scheme managed by the Enterprise Growth Fund finances businesses in energy efficiency and RE at very low interest rates. Also, the Central Bank has created a facility where they can act as guarantor to certain loans.

So there are definitely finance options for anyone interested in going solar plus some Government tax concessions.

BIO: David Green, graduated from Sheffield Hallam University, UK with a Bachelors Degree in Mechanical and Manufacturing Engineering. Upon return to Barbados he spent 10 years as a project engineer in the construction sector working on projects such as the Four Seasons, Barbados Hilton, US Embassy, Courtyard by Marriott and Sandy Lane recapitalisation project.

Presently General Manager at Williams Solar responsible for business development, sales and marketing, he is also a board member of the Barbados Renewable Energy Association (BREA), member of the Barbados Chamber of Commerce (BCCI) Green Committee and technical committees for SJPP, BCC and TVET Council for the formulation of photovoltaic curriculum and courses at the tertiary level.

David can be contacted by telephone at 246 425 2000 or by email at dgreen@williamssolar.com More details can be obtained from the website www.williamssolar.com

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The Advantages of LEDs Over Incandescent Lights LEDs are fast replacing incandescent bulbs all over the world. Reasons for this include: 1. No Heat: LEDs produce little or no heat compared to incandescent bulbs. This means there is a reduced risk of accidental burns or fires, as well as not overheating an environment which can cause discomfort. This is of concern not just in warmer climates, but also when incandescent lights are used in a public venue such as a bar or theatre.

2. Solid: Because LEDs are made from a solid material, they are much more durable than incandescent bulbs. Dropping or bashing an LED by accident is not as big a risk as it is with an incandescent light which will smash, rendering it inoperable and dangerous due to broken glass.

3. Savings: LEDs last much longer than their incandescent counterparts. A standard incandescent bulb will last for a maximum of 1500 hours while an LED can last for up to 60,000!

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This means far fewer changes, which means lower maintenance costs. In the past LEDs were much more expensive, but now their initial cost completely justifies the savings which can be made in the long term.

4. Energy: Most LEDs consume only a fraction of the electricity that an incandescent bulb does. This means far lower energy bills. This is especially important for larger properties which can amass huge monthly bills. LEDs cut costs significantly in the long term.

5. Environment: Due to lower power consumption, LEDs are better for the environment, contributing less to climate change.

We at Marshall Trading Limited not only just supply LED bulbs but, we have the training and the knowledge to help in the selection of the correct LED light type and colour temperature ( CCT) required for your home or business. We also source LEDs should you require something special !

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Keeping Things Cool Trowel Plastics is a family business with a 49 year history. We know how important it is to be socially conscious for both the growth of our company and value we bring our lifetime customers as we all share the same living environment in Barbados.

Daily we map this engagement through continuous efforts to manufacture and promote only water-based environmentally friendly products that work in harmony with our ecological system.

Our core product Trowel Plastics is formulated to help keep homes cool thus providing energy savings. Our product Trowel Plastic is already known for its amazing qualities such as the ability to be applied to any surface, and last for what seems like forever. But only a few know of Trowel Plastics energy savings feature. Trowel Plastics has been developed with careful and well researched processes to contain a maximum percentage of the ultra violet rays from conducting heat emissions to the surface.

This results in energy savings where mechanical cooling is needed to restore comfort to areas. The end result is dual cooling and savings.

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Trowel Plastics is known for its amazing covering, which is not only available in natural or off white but also in a myriad of recommended inorganic and stable hues of greens, blues, yellows, oranges and reds can be manufactured to deliver that final cosmetic look and charm to the area being cladded internally or externally. The versatility of our offering takes customers well beyond thermal protection and colour resilience.

Trowel Plastics gives careful consideration to all its product offerings. Although the Trowel Plastics finish is long lasting it does require surface maintenance whether that be by using our Brushing Solutions colour or through our Concrete Masonry Cleaner. The Concrete Masonry cleaner is formulated to remove dirt, mildew, mold and grime from external surface areas to bring back the surface to its original state.

This product too is environmentally friendly and will not harm plants or animals.

With a lifetime commitment to Barbados we are proud to be able to service Barbados and the Caribbean region with locally made products that surpass that of international brands assisting customers in reducing energy costs

Be The Change Barbados: Inspired to Connect, Empowered to make a Difference Imagine an organisation with a vision to inspire, inform, create, connect, support and empower!

That is what Be the Change Barbados (BTCB) is all about. It is an active, non-profit, volunteerrun organisation committed to developing partnerships with groups such as Slow Food, Raw Food and the Caribbean Permaculture Institute to bring healthy, local food to our tables BTCB’s quarterly Evolve Meetings have introduced and informed both current volunteers and the general public about “Saving our Coral Reefs”, “Energy Saving - Electric Cars”, “The Barbados Trailway”, “Newton Burial Ground” and “Diabetes: Its Impact on Health and the Economy.” BTCB also regularly hosts workshops covering topics such as composting and permaculture while its field trips to farms and picnics at farmers markets have brought increased awareness to the island’s organic growers.

The recently held “Multi-National Fair – Goes Green” has been the largest undertaking by BTCB to date. With over 200 vendors and 4,000 patrons at its Four Square Heritage Park location, the Fair featured eight (8) centers of sustainability in Arts and Entertainment, Business and Entrepreneurship, Children and

Development, Community Service, Recycling, Sports and Fitness, Health and Spirituality, and Food and Agriculture.

BTCB’s Heart Initiative focuses on creating the critical mass for change through meditation, visualising a positive change and creating a self-fulfilling prophecy for peace, happiness, and productivity. This joins the vision of prominent scientists who believe that if one per cent of the square root of the population of a country begins to make a shift, everyone will begin to change.

In addition to environmental sustainability, BTCB engages with the combined women’s organisations, focusing on the privilege of volunteer service. It is also focused on education, supporting after-school reading clubs in 8 schools, anti-bullying programmes, as well as the development of school gardens.

Be the Change Barbados was founded by a small group of community-minded individuals in early 2012, in association with the Be the Change Initiative in the UK and Pachamama Alliance – a global community offering help to indigenous people for a sustainable future.

There is something for everyone in Be the Change Barbados.

Join the movement and LET’S ALL GO GREEN TOGETHER! For more information or to get involved visit our website www.bethechangebarbados.org or Like us on Facebook at www.facebook.com/bethechangebarbados.

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Ecostructure: Building for a sustainable Barbados

Green

by Fraser Young When approaching the task of building a house owners will be faced with an array of questions about what they want, need and can afford. This can be a very difficult time when many of our decisions are based on the advice that we get from those we have hired.

We need architects, contractors and suppliers to help lead the way towards a sustainable Barbados. If we would like to be a world leader in sustainability it will take a shift in our current methods of purchasing and we must look at purchasing on quality and longevity over price. Building a house takes a lot of resources and energy so we must look at making our use of these resources more efficient. Every house on the island should be developed with a large enough south facing roof so that in the future panels may be added, we need to start designing with the future in mind We also need to create houses and landscapes that reduce our everyday carbon foot print and consumption. By creating all our household electricity, water and food one can now have the opportunity to live in balance with nature. This lifestyle also

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reduces waste, imagine an island that produced its own renewable energy, grew all its own organic fruits and vegetables?

Imagine all our cars were electric and powered through renewables? What if we could create the world’s first zero waste country?

Integrating food into the landscape is a great, low cost way to integrate sustainability into your every day routine. We have been living surrounded by organic goodies from our gardens for years now. Its an amazing way to eat healthy and save lots of money.

After a long day of work I remember the days of getting home and having nothing in the fridge but now I just have to go outside. My yard has become my supermarket and the supermarket has become where I go for my dog food.

When we reduce our food import bill, reduce our fuel import bill and reduce our waste as individual, households then we start to change as an island. I know the potential of what can be accomplished on this island, we have a bright and motivated population and with the right leadership and guidance we can evolve and become a socially, environmentally and financially wealthy nation. If you don’t know where to start and you would like to find out more check out ecostructure, Foodscape and Archers Organics on facebook, we are a free source of information and want to help you in any way possible.

Environmental Mosaic Launched Green An amazing artistic work and powerful poster for environmental preservation was recently unveiled at Warrens, St. Michael.

The eye-catching environmental wall mosaic, the brainchild and labour of love of mother-son team of Goldie and David Spieler of Earthworks Pottery, has fast become a drawing card for locals and a must-stop for taxis and tour bus operators traversing the area which is also home to the majestic African Baobab, the largest and one of the oldest trees on the island.

David, lead artist on the project and a director with the Future Centre Trust (FCT) took the idea for the mural to CIBC First Caribbean International Bank which agreed to partner with the FCT to fund the project through its Comtrust Foundation.

The transformation of the 4500 square feet of front wall outside the bank’s corporate headquarters at Warrens, St. Michael into an educational and eye-catching mosaic aimed at calling attention to the need to preserve the natural environment, commenced in July last year.

Ten months later, and with over 150 000 pieces of tiles carefully laid in place by Tilers Dwayne Goddard and Troy Young - who were happily “assisted” along the way by students and

teachers from The Lester Vaughan School and Queens College as well as members of the bank’s senior executive team and members of staff - one of the largest murals in the Caribbean was finally completed and official unveiled by the bank’s Chief Executive Officer Rik Parkhill during an evening ceremony on April 18th, 2015.

The mural depicts the local ecosystem and the importance of preserving it. It starts with the marine environment with vibrant images of colourful fish, the beach and sea turtles and then moves inland to show the beautiful and delicate flora and fauna of the island. It highlights a typical village (complete with rum shop) and culminates in a return to the sea side with fishing boats bobbing serenely in aquamarine waters.

Mr. Parkhill said the “mural project was an excellent educational opportunity to promote awareness of the need to act in ways which will not further endanger our water supply, our pristine beaches and coastline or lead to further loss of our last remaining woods and forests”.

He said he hoped that the project would remind Barbadians of the importance of taking care of the space we all share as our home and see the need to leave it in a better shape for those who come after us.

For more information about CIBC FirstCaribbean, visit www.cibcfcib.com

Top Left: CIBC FirstCaribbean’s Managing Director, Retail, Business and International Banking, Mark St. Hill joined with students and teachers from the Lester Vaughan School in affixing tiles on the wall when the school visited in November 2014.

Above: Tilers Dwayne Goddard and Troy Young

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78'25 67 รท :,/'(<

(Opposite Carters Complex)

Apes Hill Club

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Utilising the Sargassum seaweed Sargassum seaweed is a brown alga that originates in the Sargasso Sea located in the North Atlantic Ocean or the Northern Gulf of Mexico. It has been washing upon our shores in considerable amounts since May of 2011 and has been a great cause for concern. Professionals in the relevant sectors have been focusing their attention on resolving this issue. There have been many beach clean-ups by both public and private sector entities in an effort to assist with this phenomenon.

Superintendent of Apes Hill Club, Mr. Ed Paskins did some considerable research on this seaweed and found it was a rich source of nutrients, trace elements and growth promoting hormones. When converted into a liquid fertilizer seaweed was said to be far superior to chemical fertilizer because of its high organic matter which aids in retaining moisture and minerals in the upper soil level. It was also found to induce resistance to fungi and pests as well as increase the nutrient uptake from the soil.

Along with the seaweed, molasses has also been incorporated into our fertilizing regime. Molasses is a byproduct of sugar cane and is a good source of energy for various forms of microbes and soil life by stimulating the growth of beneficial micro organisms. It is a good source of potash, sulfur, iron and micro nutrients. It is an excellent chelating agent, which means it can help convert some chemical nutrients into a form that is easily available for organisms and plant use.

After just a few weeks the benefits of their use can be seen on our lusciously green tees, greens and fairways. The sargassum seaweed will also be utilized at our grass and plant nursery located at Bright Hall, St. Lucy. The seaweed will be dried, desalinated and mixed with chicken and horse manure and composted.

Apes Hill Club was certified as an Audubon Cooperative Sanctuary in 2010 and to this day we strive to be an eco-friendly golf course by ensuring our everyday practices are a reflection of such. The sargassum seaweed has been a problem that we have converted to profit. The use of the seaweed as well as the molasses which are both natural will certainly ensure that we are living up to our status of an eco-friendly golf course.

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The Truth About Insurance INSURANCE!…Seldom is the term heard that it isn’t accompanied by a rolling of the eyes and classic Bajan stupse .

Recently there have been a number of cynical letters to the editor about insurance, prompted in part by an equally cynical column by ‘Mavis Beckles’, in a leading daily newspaper.

Admittedly, there have been at least two insurers in the recent past that have ‘carved their names on history’s Richard Ince pages’ in Barbados, though not necessarily in the way that one might want to be remembered, so the cynicism may not be entirely out of place.

Throughout all this, however, the industry continues to roll along as a quiet but essential part of commerce.

It may be difficult for ‘Joe Public’ to comprehend that few transactions in the world of business can proceed without the involvement of insurance and it is unlikely that anyone involved in our society can go through their lifetime without being involved with several forms of insurance at some point or other – car business, home, life, travel, medical – It is the most effective, universally applicable, risk management tool that has been devised.

The industry’s principal failing, in our humble opinion, has always been its seeming unwillingness to stand up and defend itself. To really make the point to society that, on the whole, insurance is the skeleton on which economic activity hangs and is able to flourish. Insurance stabilizes the business environment by effectively holding external risks at bay.

There are things that traditional insurance was not designed to protect

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against, like business risk – businesses may still prosper or fail depending on the strength of their leadership and the soundness of their business plan - but by exchanging a small known loss (the premium you pay) and often the acceptance of a small probability of loss (the deductible, or excess) the businessman or the individual is able to realize their dreams without having to consider the possibility of being irrecoverably wiped out by hurricane, fire, tsunami or those other contingencies that are beyond the control of mortal man.

The arrangement with an insurance company forms the basis of a legally binding contract that may be upheld in a court of law. It is important that the purchaser read and understand the terms of their insurance policy. An insurance policy is not meant to cover ‘everything’. It is important to understand what is covered and WHAT IS NOT. The broker or the insurer should review the contract with the purchaser. The purchaser should be comfortable that it provides the cover that is needed.

Not all Insurance companies are created equal. The purchaser should ask around. Who has the best rates? The best service? Which insurers have a reputation for prompt settlement of claims? Ask about service standards.

Does the insurance company carry a favourable A M Best Rating? A M Best is an independent international rating agency with no affiliations.

The cost of home, car or business insurance has been steadily reducing for the last several years. Insurance in Barbados is generally less costly than at anytime this century!

Insurance cannot prevent the fire but can provide the funds to rebuild.

Insurance cannot undo the injuries or illness but can pay for treatment and recovery.

Insurance cannot eliminate the legal consequences of negligence but can protect from its monetary consequences.

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BEAVA Members Get Advance Training in Residential Valuations

Above: Tania Wallace, featured presenter at BEAVA workshop.

The second CIBC First Caribbean-sponsored session is scheduled for May 22

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It is safe to say that each presenter had the rapt attention of the audience as topic after topic proved thought-provoking and invaluable during BEAVA’s second installment in a series of educational modules, which got underway last November and continues this year.

The workshop, held recently at Barbados Yacht Club was on Residential Valuation for members of the association. This session was very exciting and signalled the continuation of a fantastic partnership between BEAVA and CIBC First Caribbean who has generously offered to sponsor each of the workshops for 2015, slated for every other month.

Gregory Blackman, Manager, Sales and Business Development for CIBC First Caribbean who was accompanied by his colleagues Sheldine Pinder and Jerome Gittens, offered BEAVA members an exclusive financial package for potential clients who wish to purchase property. Details of this package can be found on BEAVA’s facebook page.

Sheldine and Jerome briefed members and other real estate practitioners present on the bank’s platinum services and mortgage and land loan terms respectively.

The highlight of the afternoon was the featured presentation by Tania Wallace, a professional appraiser and Director of Finance and Business Development for UNNA Luxury Resorts and Residences. Her discussion enabled members with the tools to better understand the valuation profession and effectively execute the valuation methodology, as it relates to appraising residential real estate.

In between questions from keen participants, Tania also guided them on what the minimum contents in a valuation should be and on what agents should look for and be aware of when reading valuation reports.

“To understand what it means to value a property we have to understand the difference between market value, price and cost,” she told them, ensuring participants walked away with a strong understanding of what value means and what factors affect value.

Plans are being made for the second CIBC First Caribbean-sponsored session scheduled for May 22 which speaks to a very simple term: Real Estate – Part A. Stay tuned to our facebook page for updates and details closer to the date, or you can register early by sending an email to admin@beavainc.com.

Terra releases Eighth Annual Edition of The Red Book Regional real estate firm, Terra Caribbean has announced the release of the eighth annual edition of The Red Book.

This comprehensive property guide provides readers with a data-driven overview of what’s happening in the Barbados real estate market.

“Last year, the International Monetary Fund in its August report relating to tax reform in Barbados, referred to The Red Book as an ‘important publication’ and quoted from some of the data in the 2014 edition,” revealed Chief Executive of Terra Caribbean, Andrew Mallalieu. “Certainly, this must be some acknowledgement that our goal to be a source of information on real estate matters, has significant credibility.”

Senior Marketing Coordinator, Gemma Holder, explained: “Each year we have been able to present the current and upcoming real estate products in an easy-to-use guide, but this year we have made several changes to improve on the presentation and provide our readers with an even more systematic guide to real estate. The Red Book is now arranged into distinct property sections across three respective locations and ordered according to price. We have further enhanced the publication with even more data and bigger, brighter images, especially in our expanded luxury section by our sister company Bajan Services | Knight Frank, which showcases some of the finest homes available for sale in Barbados.”

The informative Pink Pages section features articles from knowledgeable and experienced professionals in the sector as well as members of the Terra Caribbean team. “Our Knowledge team has again developed some insightful reports that have helped us to better understand trends in the market.

“In this edition, we have released an informative ‘Barbados Beachfront Condo Price Index’ (BCPI). The data for this index was formulated from our proprietary database,” explained Mallalieu.

“The BCPI aims to provide insight into this key segment of the Barbados real estate market,” explained Group Knowledge Manager, Tarik Browne.

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Real Estate News

Chief Operating Officer Hayden Hutton’s analysis in “Plantations 101 – A Brief History” in the Pink Pages, offers a brief commentary on the change in plantation acreage on the island in the 101 years since 1913. Readers will also learn that renewable energy in Barbados is older technology than we think in David Staples’ article, while Richard Gill sheds some light in “Town Planning – Thoughts on Policy and Control.”

“Our feature article this year highlights a new dimension in the real estate market. We interviewed Mark Maloney of Bushy Park Circuit Inc.,” said Mallalieu. Maloney reveals the history and vision for the future of the new Bushy Park Circuit and ties together world-class sports, sports tourism and real estate development.

“I hope you will find that this year’s edition is again true to our mission to ensure that our clients feel comfortable and confident to make informed real estate decisions,” affirmed Mallalieu.

About Terra Caribbean Terra Caribbean is a fully integrated real estate services firm providing sales, rentals, property management and advisory services with subsidiaries Bajan Services Limited - Luxury Property Professionals and Blue Sky Luxury – The Holiday Home Experts.

For more information visit www.terracaribbean.com

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