Finally! Insurance Solutions in Bocas del Toro – Introducing ProBroker

Abdiel Terán Della Togna is 34 years deep into the insurance game in Panama. He has the know-how and the know-who to protect important on-the-water assets on the islands of Bocas del Toro. Normally complicated and expensive, for the last year Abdiel and his team have been putting their network, knowledge and experience to work in getting Bocas del Toro residents and commercial operators comprehensive coverage within their budget.

We sat down with Mr. Abdiel Terán Della Tonga himself to learn more about the nuances of insurance coverage in Bocas del Toro and what he and his team at ProBroker can offer our community.

Insurance in the Blood

Abdiel followed in his father’s footsteps who spent 50 years working in Panama’s insurance industry. While the son spent decades on his own learning the technical knowledge of the family trade -university studies, seminars, international work experience- it was his father’s business ethics that Abdiel directly absorbed from his days coming up under his father’s mentorship.

“That was the first thing I focused on in my career,” Abdiel reflected, “be honest with my clients, always look out for their interest, never put mine before theirs, and always fight for my client’s rights.”

Abdiel founded his Insurance Solutions company in 2002, merging it in 2019 with two strategic partners, Interbroker and Proll & Asociados, combining three mid-size firms to create a powerhouse with all specialized areas of insurance represented, over a century of combined years of experience between the firms and the professional network and reputation you would expect of 100+ years of providing innovative risk protection of assets and fighting for client’s rights. The merger of these three firms is where ProBroker was born.

“The idea of ProBroker is to help other insurance brokers administer their business and, of course, to take care of our own clients,” he explained.

One of their keys to success has been investing in technology. They have developed their own administration system for insurance risk assessment, and continue to modify the system to fit their needs. Owning the system and not having to rely on third parties for it to function has really contributed to the efficiency and effectiveness of their service. With their cutting edge information systems, they are able to research, assess and deliver more precise and comprehensive solutions for their clients.

So what kind of insurance can ProBroker deliver to its clients? Everything in the realm of personal insurance: life, health, home, property, automobiles, boats and commercial insurance as well. They have clients with restaurants, hotels, construction businesses, and are equipped to serve any commercial entity that chooses to make the wise calculated investment to protect their hard earned assets. One of the three partnering firms even specializes in maritime insurance, which has already been proven to be valuable for clients in Bocas del Toro.

Bocas Town (Isla Colon) with Carenero and Bastimentos islands in the background. Photo by Bocasislove

Insurance in Bocas del Toro: Wood, Water and Zinc – Oh My !

“Wood, water and zinc- for some reason the big reinsurance companies in the US and Europe are very reluctant to back properties near the water,” revealed Abdiel in our interview. This  is the reason most believe it is impossible to get property insurance in Bocas.

However, through some diligent on-the-ground research and presenting data to reinsurance firms, ProBroker has managed to secure the perfect coverage for clients with over-the-water properties.

In our interview, Abdiel gave a quick lesson on how insurance companies and “reinsurance” companies work together to provide individual policies to consumers. Insurance brokers in Panama purchase policies from the reinsurers and sell it to personal and commercial clients locally. It is the reinsurer that dictates which policies they will insure or not, based on what they know about the prospective client; and also based on “the unknown,” and whatever is unknown in the insurance industry, the gap will be filled with a higher premium, according to our interview Abdiel. With more risk and unknown variables, it can take a great deal of salesmanship on the part of the local insurance brokers to convince the reinsurers to back a property.

These reinsurance companies are typically large multinational conglomerates far removed and unfamiliar with the ways of our little Caribbean island community in Panama. As such is a lot of “unknown” being presented to these companies when it comes to life in Bocas. We’re talking about the idea of backing properties made of wood, prone to rapid fire spread and made with  other construction materials traditionally used in Bocas that deteriorate quickly when exposed to the salty, sunny, windy and party elements of Bocas del Toro. This prospect is automatically very scary to the foreign reinsurance companies, making it challenging for Panamanian brokers to obtain the policies that Bocas clients need.

This dynamic was flipped upside down in 2022 with the diligence of ProBroker and the matched diligence of one of ProBroker’s new star clients with a over-the-water wooden hostel-bar-restaurant, notorious for its young guests and vibrant parties.

“It’s a matter of dedicating yourself to trying to find solutions for people that need it…I took the time to go down to Bocas, talk with the fire department, the police, getting to understand how they react to any emergency, how many fires there have been, what are the costs, the locations, and once I got all that, I could say: Bocas is pretty safe to insure,” confidently outlined the insurance veteran of 34 years. He pointed out this is true for properties closer to the Bocas Town center, Isla Colon, Carenero, Bastimentos and Solarte. When you get to the islands further out with longer response time and no fire hydrants, it is a riskier policy, but there are things every client can do to improve their chances of securing a policy.

Abdiel spoke about how clients can make their prospective policies more attractive to the reinsurance companies and was able to provide a great case study for this notion: Aqua Lounge and its new ownership, administered by Jason Fish and Galen Jacob since 2022.

Aqua Lounge, Carenero Island, Bocas del Toro. Photo courtesy of bocasaqualounge.com

When it came to insuring the famous hostel and events venue, Abdiel was not convinced at first. He met with owner-operator Jason Fish and would soon be pleasantly shocked by his ability to persuade him with Jason’s amazing vision of risk, as Abdiel recalls. “I was about to tell him: look man, I know you need the insurance, but you’re on the water, you have a lot of wood…but then [Jason] says ‘Hey, I have a manual that I’ve prepared.  Let me show it to you.’ And when he showed me that, I was like: hands down the best thing I have ever seen from a client.”

The manual was a plan that outlined a protocol that instructed the Aqua Lounge staff members what to do in case of fire; step-by-step, different scenarios, a manifest of tools and devices installed to mitigate the fire damage on site. Abdiel describes the instructional literature as “a fully detailed manual of managing and administering the risks at Aqua Lounge,” which when presented to the reinsurance companies is like “candy to kid” and goes very far when making a case for securing an insurance policy. “The company saw that and instantly told me: You got it! We love this client.” On the water, made of wood and zinc and in Bocas, and yet: no problem.

Aqua Lounge went on to be among the first of many satisfied ProBroker clients in our community. We gathered a few more recent testimonials volunteered from readers of The Bocas Breeze in response to our social media ads for ProBroker:

“It was important to us to find insurance for our waterfront commercial buildings in Bocas Del Toro. We were told by others that commercial insurance was impossible or very difficult. We then met Abdiel of ProBroker. We were impressed with Abdiel from the first meeting with him. He was precise with his information and spoke perfect English. Abdiel set us up with a thorough policy at a great price. The process was very professional, quick, and easy. We recommend Abdiel and his team to anyone seeking insurance!” – Ron and Sharon Heinbaugh, RSJ Holdings, Inc.

“Best of Bocas: Homeowners Insurance! Coverage is affordable, and comprehensive.  Really impressed with the service as well.” – Jennifer Van Geel-Smith

“ProBroker was a life saver for our business. We were trying to get insurance for over the water assets for a better part of a year with no luck. Abdiel and his team were incredibly professional and accommodating throughout the process. I feel that most people have accepted that in Bocas getting insurance is extremely difficult, but with ProBroker I think many will change their minds and be able to properly protect their businesses and properties.” – Jason Fish

ProBroker has worked for these clients and hundreds of others since 1974. Find out what their team can do for you in the protection of your assets.  Contact them today for a free consultation. They would love to help guide you to a risk management plan that will work for you.

Website:  http://probrokerpma.com/
Email: recepcion@probrokerpma.com
Panama City office: (507) 270-7190
Panama City office location

Check out the complete conversation with Abdiel Terán Della Togna on our YouTube channel: