NAGICO gets $238K contract to insure admin complex up to $25M
The government has awarded NAGICO Insurance Ltd a contract valued $238,185 to insure the Ralph T O’Neal Administration Complex.
Under this insurance policy, the complex is covered for up $25,589,000.
The complex will have coverage for fire and extended perils, contractor’s all-risk insurance, and public liability.
This was detailed in a summary document of Cabinet’s latest decisions. The document did not specify what the term ‘extended perils’ means.
In the meantime, Cabinet approved NAGICO to win the contract based on the recommendation of the Central Tenders Board’s Technical Sub-Committee which had submitted an evaluation report to the executive body.
NAGICO has been the insurer for the admin complex for years. Back in 2018 — a few months after the September 2017 hurricanes — the government received an $11.4 million payout from NAGICO. This payment was for the complex which sustained major damage from the disasters.
The complex is still being rehabilitated.
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Pay NAGICO and when the complex is damaged in the next hurricane … Government should self insure. Put premiums in a special account and save the money. How much is the deductible? Deductible is got to be over $1mil. Add that to the premium each year and no need for Mohammed
He should change his name to Mohammed Ali because he gets whatever he wants
lol
Why can the BVI government not self insure using a BVI captive insurance company? They would benefit from the economy of scale if they did so.
Does the BVI government not understand how the Territory’s financial services industry works?
’cause that makes sense.
it has been suggested over the years. roundly ignored for reasons highlighted on Youtube for a couple of months recently.
We all know how they treated the captive industry so that should answer question 2
The man buys out every government!! Smh
Nothing against Nagico, but when it comes to this government that we cannot trust anything they do becomes suspicious. I hope this is not an under cover or under the table way of them getting their personal insurance they been trying hardti get…When is the COI going to Resume…
Right, so Irma caused $23m damage to the admin complex and Nagico pays $11m. A sensible deductible is 2% which at a total sum insured of $32m is $640k, where did the other $11 million dollars go! To continue insuring with this company raises some serious concerns and questions which I hope will be asked #COI.
Perhaps in your infinite wisdom, you will first try to establish what the actual loss was and then decide if your comments above applies. Idiots commenting without any facts.
they weren’t paying out the school either
lol, lol, lol….COI?
Perhaps in your infinite wisdom, you will first try to establish what the actual loss was and then decide if your comments above applies. Idiots commenting without any facts.
The loss amount WAS noted on BVI *** website but has since been removed- you have to laugh.