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.
Copyright 2020 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.