BVI News

Insurance a necessary cost in business and life

This resident is photographed on Main Street, Tortola standing around debris deposited by Hurricane Irma back in 2017. (BVI News photo)

With the advent of another hurricane season and a slow recovery from two of the worst back-to-back category 5 hurricanes in 2017, one local insurer is sounding an early warning of preparedness to residents of the BVI once again.

Managing Director of NAGICO Insurances, Shan Mohamed, sounded the warning while insisting that insurance is a necessary cost in business and life.

He explained in a recent interview on ZBVI that following the hurricanes of 2017, it was discovered that there is a great need for education on the topic of what coverage persons get when they purchase an insurance policy.

Mohamed said he also learnt that persons were under the impression that everything, including outdoor fixtures – a typical exclusion under hurricane policy – was covered under their insurance.

He further reminded persons that they needed to insure items for their full value, consider the implications of under-insurance and, also be mindful of the importance of renewing their insurance policies.

“Insurance is an important part of our lives – it’s a cost – a necessary cost. Don’t see insurance as a luxury, don’t think that the choice of buying insurance is an option, it’s not an option – especially for businesses,” Mohammed said.

He also urged persons to take the time read their policies and understand what is covered.

“Nobody is going to come to our rescue if we don’t have an insurance policy,” Mohamed said while reminding persons of the financial constraints faced by governments around the world amidst the COVID-19 pandemic.

Readiness and togetherness emphasised

Governor John Rankin in his hurricane season message encouraged the people of the BVI to ‘Work Together to Be Ready and Stay Ready’ for storms and other hazards.

“As Governor,” he said, “my primary concern is to maintain the safety and security of our territory, and this remains especially true during the Atlantic Hurricane Season. Preparedness efforts have been underway for some time among the members of the National Security Council. In addition to updating their emergency operations plans and ensuring that the Territory’s security assets remain safeguarded; the Territory’s police and fire officers in particular are standing by to respond rapidly if needed.”

He added that plans must be made for the possibility of a disaster that we could not face on our own.

“Like other Caribbean territories, the Virgin Islands stand to benefit from the support of the United Kingdom in the form of two naval support ships this hurricane season. One is in Caribbean waters year-round, and the other is here for the hurricane season. Both ships stand ready to provide humanitarian aid and disaster relief should we see a major impact such as a hurricane, earthquake or flood.”

Meanwhile, Deputy Premier Dr Natalio Wheatley, in his hurricane season message echoed a similar sentiment of readiness and togetherness in preparation for the hurricane season and said it is important that persons do what they can to be a strong support to their family and community.

“Review and update your emergency plans and emergency supply kits as necessary; take steps to protect your property by ensuring that you have adequate structural protection and that there are no unnecessary hazards around your home or business,” he advised.

Dr Wheatley further suggested that those who are able should reach out to the vulnerable members of their extended family or village to see what assistance may be needed.

 

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27 Comments

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  1. Truth says:

    You may not like the messenger but he is absolutely right. Relying on ignorance and stupidity does not help, educate yourselves and protect yourselves.

    Like 26
    Dislike 3
  2. Lmfao says:

    Yup you all need to buy insurance from them just like you have been and once again when a hurricane causes destruction they won’t pay. Hit the thumbs up button if you didn’t get paid what you were supposed to from these cr**ks after Irma. I guess poor Moh***d not happy with you people not paying him enough. The man needs mo money from you all. He ain’t got enough.

    Like 17
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  3. Know it all says:

    My yearly premium went from 4k yearly to 14k.I simply cannot afford insurance anymore. It is too high. For goodness sake, please bring the prices back down a bit

    Like 28
    • Government says:

      If the politicians didn’t have their hands in the pockets of the insurance companies then they could regulate increases in premiums. Remember the insurance companies can only do business if the government issues them a license. This company screwed the government when they paid a third of what they were supposed to on the government building. Why did the government allow that to happen. If you can’t figure this all out then you deserve to be robbed by them.

      Like 10
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  4. Longshanks says:

    yep, true dat. Just not much use with the green agency. we remember.

    Like 6
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  5. Ausar says:

    I think insurance companies would be of better service to their clients, and the territory-at large, if there were full disclosure of services and what it entails!

    I have come to realize a long time ago, that securing insurance services, always require the enlisting of attorneys!

    Only legal heads can give sound and comprehensive advice sorrounding the insurance “madness”!

    Like 6
    Dislike 2
    • LOL what? says:

      You mean like if they gave you a document that spelled out what was covered and what wasn’t? If your agent isn’t explaining what’s covered – find a new agent.

  6. UN says:

    Being uninsured during the hurricane season is the same as being unvaccinated during a pandemic.

    Like 17
    Dislike 13
  7. Really says:

    The last person we want to hear from about insurance is NAGICO. They are th***es, plain and simple. Everybody was underinsured pre2017 and he ensured post 2017 that you cannot afford to be fully insured. My insurance premium doubled and I had to listen to him brag about how much money he makes and how paying claims was a piece of cake. Anything goes in the BVI, but when the banks have to pay insurance for persons with mortgages, somebody will sit up and pay attention then. It is WRONG what the insurance companies and many other businesses are doing to the people of the British Virgin Islands. When you work in the BVI, all your money goes to bills. Someone is always taking big chunks of cash out of your pocket.

    I would love to say to Mr. Mohammed and NAGICO, after years and years of collecting high insurance premiums and not having to pay out anything, your response after Irma throwing everything up 150% plus was ugly. It is called taking advantage of poor people. It is ugly with a capital U. And by the way, we are fully aware that you are also insured so didn’t have to spend everything you collected to pay out homeowners, which makes it even more sinister and wrong. And of course every other insurance company jumped on the bandwagon.
    #thieveseverysingleoneofyou

    Like 20
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  8. J says:

    Have insurance is good. Being able to afford insurance is another story. That is where the challenge comes in.

    Like 10
  9. B-rated says:

    Good advice but make sure you purchase the insurance from a reputable A rated insurance company, I think he missed that bit conveniently off.

    Like 10
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    • A rated company went bankrupt says:

      If my memory serves me correct Real Legacy Assurance was an A rated company that went bankrupt after the 2017 hurricanes. Until today, many clients still cannot receive payment for their losses.

      Like 12
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      • Correct says:

        It can happen to anyone, even an A-rated insurer so it just shows how far more susceptible it is to an even weaker insurer like Nagico! Rates are roughly the same between each provider so why not select the strongest possible- just common sense. If my memory serves me correctly, Nagico incurred the highest percentage of tribunal complaints after Irma by a huge margin……

        Like 5
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      • @A rated company went bankrupt says:

        Because insurance companies are c***ks just like the politicians. They go for what they can get out, not for helping others.

  10. Norris Turnbull says:

    “He explained in a recent interview on ZBVI that following the hurricanes of 2017, it was discovered that there is a great need for education on the topic of what coverage persons get when they purchase an insurance policy.”

    Ok. Why doesn’t the insurance company tell people what the hell they are going to be paying for and what is covered before any agreement is made? Mohamad you are a ***

    Like 5
    Dislike 6
    • Lol says:

      The entire BVI and the insurance industry concluded that there was a need to more education and this applies to the entire insurance industry.
      It is one to to hate but one has a responsibility to be objective and honest. Hopefully you will spend sometime to educate yourself.

      Like 1
      Dislike 1
  11. love BVI says:

    First comment is there are two reasons some people did not get paid what they expected.

    1 underinsurance. the policy makes it very very clear what amount you should insure your property for and why. if a policyholder wishes to reduce premium by reducing the sum insured it WILL effect your pay out. also people ( including brokers im sorry to say) don’t read the policy and don’t understand what is and isn’t covered. Read your policy in FULL. if you don’t understand something go back and ask the question. policy coverage is very different between different insurers its not just the price. And read what happens if you are underinsured different policy coverage has different penilties

    2 some insurers don’t play by the rules. Generally most do (honestly) and want claims paid but we all know the bad ones. Note the local carriers do not pay the whole bill them selves on Hurricane claims, its offloaded to other insures around the world to spread the risk. the good ones have for this reason a good motive to get as many claims paid as possible get a good review and keep you business. (they are not picking up the tab its not their money. BUT if the local insurer is picking up the tab and has not off loaded their motive is to underpay , delay or not pay a claim) before you buy ask to see the policy and you can often see what insurers are involved.( this also helps with issue 1 above before you buy. )

    Like 7
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  12. Lol says:

    Nagico continues to support BVI community and as a policyholder I will continue to do business with them

    Like 11
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  13. Rubber Duck says:

    Good advice to be insured.

    Just not with that guys company.

    Like 6
    Dislike 10
  14. What!!!! says:

    Everyone was underpaid by N***** after Irma. They quick to take your money but look for any excuse not to pay out the full amount due.

    Like 10
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  15. Not them again... says:

    Yes insurance is important, but not from them! Low rates, high deductibles & when it’s time for them to pay they don’t. If it’s not Caribbean Insurers I’m not interested….go to places that you know make actual money and are backed by companies that are international and successful. A lot of those regional insurance companies can only handle a few house claims, not the amount that comes with a catastrophic storm like Irma. They don’t have enough money backing them and that’s the truth.

    Like 8
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  16. Rip Off says:

    That man is a big rip off! He has no m***ls. Speaking from experience he will do whatever he can to make money for his company and pay the least in a claim. Use a better company. This one is a big rip off!

    Like 7
    Dislike 11
  17. Happy says:

    Nagico has served me well over the years.

    Like 14
    Dislike 5
  18. Point says:

    Missing the point people. Ensure your insurance is up to date and you have adequate coverage.

    Like 12
  19. Social Climber says:

    When you insure with this guy your policy will be determined by ”who you know”

    The man is an op*******st

    Like 6
    Dislike 12
  20. Great message says:

    Thanks for a great message, it is sad to see how people choose to use the timely, positive message as an opportunity to speak ill about another instead of receiving the message. Thank you NAGICO for continuing to stand firm and cover the people of the BVI. Your customers continue to appreciate you and all that you do!

    Like 11
    Dislike 2
  21. My NAGICO says:

    I am proud of the lovely staff at NAGICO, by far one of the most superior service providers in the BVI. They are always warm, friendly and very knowledgeable. I have opted to insure with this company for many years and have no regrets! Continue to provide competitive, superior service!

    Like 4
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