The products were launched last week under the trademark 'CourtsCover' at the Hotel Tower in Georgetown.

Insurance plans can be paid for over periods up to three years, officials said.

"This is another very bold step for Courts, unprecedented in local retailing," Managing Director, Mr. David Burgess said, noting that this is the first time in retailing business that a local retailer is providing insurance products on credit terms.

He explained that CourtsCover details a range of insurance products developed to benefit customers - the portfolio being completed in collaboration with Hand-In-Hand Insurance and Clico Life and General Insurance companies.

"We believe that every aspect of life is important and we need to be aware of the dangers and perils in life and be very prepared," he stated, adding, "At Courts we recognise that every customer is an individual with particular needs and what we try to do is to gear our services to cater for those requirements."

It is for this reason, he said that they have formulated six clear, easy and safe insurance plans that can offer financial and other security for individuals and families through life.

There is also a funeral plan that has a pay out of $200,000 for $168 a week.

The others are: hospital cash plan, personal accident plan, home contents plan, home building plan, and motor insurance plan.

Burgess said it took months of planning and detailed accounting to come up with the plans.

Staff members have received training to gain the relevant product knowledge and according to Burgess, are now prepared to treat inquiries with confidentiality and respect.

"...we are committed to providing the very best service, not only to our customers, but to each and every Guyanese. I think it is well established by now and that for Courts, the consumers always comes first.

"Our goal is to be in complete harmony with the needs and desires of all consumers," he said.

He further promised to look for relevant and meaningful ways to serve the Guyanese community, noting that despite outside influences in Guyana, which are affecting the nation, Courts remains positive and focussed on its mission to continue to provide top quality products at the lowest prices.

In his remarks, Director, Private Sector Commission, Mr. David Yankana noted that the initiative will benefit those who cannot afford to pay monthly in the same way they pay installments on household and other items.

He pointed out that talk of the Caribbean Community Single Market and Economy, and the Free Trade Area of the Americas, for instance, requires businesses in Guyana to be competitive and innovative by introducing technology and updated management techniques.