PRESS RELEASE

BF&M and Argus announced today that they will be waiving the right to apply separate deductibles for those unfortunate residential customers who incurred damage during both Tropical Storm Fay and Hurricane Gonzalo.

The companies reported that “in accordance with the wording of home insurance policies, each event would normally require home policyholders to absorb the deductible in respect of each storm. BF&M and Argus however, have decided that two named storms in such a short period, as has just occurred, is a very unique occurrence, and two deductibles absorbed by policyholders would provide financial hardship for many who may already be hard hit with the economic challenges that Bermuda is facing and has been enduring for several years now.”