$400K insurance settlement for BVI Fishing Complex
Local fish is typically bought and sold at the BVI Fishing Complex in Baughers Bay. (Photo provided)
More than a year after the onslaught of Hurricane Irma on the British Virgin Islands, a settlement has been reached between NAGICO Insurance the state-owned BVI Fishing Complex.
The Cabinet of the Government of the Virgin Islands said it has decided to accept the insurance company’s $400,000 settlement offer for the facility.
Members of Cabinet agreed to accept the offer during their November 8 meeting, this year.
“The Ministry of Finance would instruct the Attorney General’s chambers to vet the release for full and final settlement,” Cabinet said in its report on the meeting.
The fishing complex, which sustained considerable damage like several other infrastructures in the territory, was one of the few government-owned buildings that were insured.
Reports of an insurance settlement on the Baughers Bay-based complex comes months after NAGICO offered an $11.4 million insurance payout for hurricane damage to the Central Administration Complex in Road Town.
The fishing complex, in the meantime, is one of the government departments which will reportedly be privatised.
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Only dah? A drowning will catch at a straw they say
a drowning party i went to say…LOL
We still need proper insurance regulations. My home insurance was doubled after Irma and I never claimed a cent before or after Irma. How could this be right?
ayu put them in so ask them to fight for ayu