BVI News

Quick insurance being introduced for agro-industry, small businesses

A new policy aimed at helping farmers, fishermen, taxi operators and small business owners recover faster after a disaster is being introduced to the British Virgin Islands.

This initiative is called the Livelihood Protection Policy (LLP) and it offers swift insurance payouts to its policyholders after an aggressive weather event.

Under LLP, which is being introduced through the Climate Risk Adaptation & Insurance in the Caribbean (CRAIC) project, persons affected by losses are “guaranteed” to receive direct payments within seven to 14 days of impact.

According to Tara James of the CRAIC, the policy was designed to be a considerably quicker alternative to the traditional insurance.

The Department of Disaster Management (DDM) – who, in conjunction with the Ministry of Natural Resources, hosted four days of meetings to discuss the introduction of the policy – said LPP ‘provides products that use satellite measurements to gather data of local rainfall and wind speeds during periods of heavy rains and storms’.

“The system is set to measure rainfalls and winds in varied parts of the territory allowing them to identify when weather conditions have exceeded the normal threshold. Once the threshold is breached, a payout is automatically given to policyholders without filing claims of damage,” the DDM said in a media release.

The DDM further said the LPP already has been introduced in other countries in the region such as St Lucia and Jamaica. However, preparations will be made to develop LLP products that are specifically tailored to the BVI market.

At least one local farmer has expressed support for the policy.

There have been widespread complaints about traditional insurers since the hurricanes. There have also been specific complaints that traditional insurers do not cater to the needs of local farmers and fisherfolk.


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  1. Hmmm says:

    Well this is certainly a program susceptible to abuses for sure. I appreciate looking our for farmers, etc but there still need to be some damage assessment to understand just what needs to be paid out.

    Oh – where is our Consumer Protection Bill?

    • @Hmm says:

      Stop holding your breath for CPB. Both you and i and every person who will benefit from such “enforced” legislation will die and leave earth, and there will never be such consumer protection, because the business community done, and will continue to bury people’s protection legislation till its bones turn to dust, for their continued amassing of mega profits and exploitation of everyone else without conscience or consequence.

  2. Anonymous says:

    Insurance policy initiatives or schemes seldom attain the expectations of the policy holder. Afterall, the only goal is to make lots of money, not to really assist where assistance is worthy of and needed.

    This scheme is probably just another to milk the least of the least of their few earned pennies.

    The insurance business is mystery wrapped up in a quagmire,it is needed, but it seldom and or barely hepls, yet a few do get some relative assistance.

    Was a faithful customer for fifteen years. After Irma,that customer went in and was summarily, no further discussion, kicked through the door.One could literally feel the words kicking you in the a**.

    After current vehicle insurance has expired, former customer will seek coverage overseas.

    • Sense says:

      Well you can be that way, not get coverage and deal with the losses yourself or you join the system and have a cushion when the inevitable occurs, your choice! There were many like you before Irma and choose not to have insurance and are now expecting Government to foot their bills. Pick your poison and live with it I guess.

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  3. Anonymous says:

    There are no consumer protection laws to protect the people from the insurance companies. These companies are in business to make money not help anyone. If you believe they exist to help you then you deserve what you get….nothing. The big insurance companies in the Territory did the same after Irma. Take what we give you or go f…k yourself. You all took what they gave you and walked with your tails between your legs and did nothing. All talk is what the people of the BVI are. No action.

    • Ok?? says:

      And what are your suggestions? Every business is in business to make money so what is your point? Insurance isn’t perfect but anyone especially with property or a business would tell you it’s better to have it than not to have it. If you don’t want insurance then you can simply save your money so that if something happens you have funding to handle it. Unfortunately not everyone has the means to bank up cash for a rainy day so they purchase insurance coverage.

      • Anonymous says:

        When insurance companies act like criminals like they did after Irma, who is there to protect you. In other countries like the US there are consumer protection laws that force an insurance company to pay the proper amount. Not what they feel like. If they don’t then they are liable for damages up to 3 times the original amount. Where are the laws in the BVI? When are the people going to say enough crooked dealings between the politicians and the big companies. Was anyone made whole after Irma? The answer is a big no and all you do is complain. Put all the crooked politicians on a leaky boat and send them out to sea for a cruise.

  4. Robbed says:

    The island needs proper insurance regulation strictly applied. The present policies are not worth the paper they are written on. Everyone knows who the chief offenders are but still they are allowed to trade and rob people of their hard earned money.Why?

    • No.. says:

      What we need more than anything are educational campaigns to help people to understand these products better and know what they are paying for and what to expect.

  5. Farmer says:

    Get from here with this satellite,technology schtupps ! Talking like we even have an agricultural ‘industry’. We have a small group of grass roots stalwarts, who are acting on the good instincts nature gave us to grow food as best we can on a virgin (chemical free) landscape for a population that is crying out desperately for more local organic food. What we need urgently is an effective mass education program to encourage young people into this sector and use the land WE do have to feed the people.

    Insurance ! …you think the Kalinago and Taino had insurance ???
    Ha! they did ….it was called Cassava, Tania, Sweet Potatoes etc….money can’t beat that come hurricane.

    • Lmao says:

      You expect the “belongers” to do manual work. Are you kidding. The “belongers” don’t do manual work, they import Manuel, Jose and Conchita to work for them. The locals only work in government offices or law offices where they can sit comfortably and wait till Friday for their pay. Don’t compare the locals to the Tainos or for that matter their hard working forefathers. Today’s population is lazy and unskilled

  6. Political Observer (PO) says:

    Indeed, this policy will be a boon for farmers, taxi drivers and small businesses. Hopefully, it will cover property, liabilities and compensation losses as promoted. Is this just catastrophic loss insurance that is being underwritten by CRAIC?

    Nonetheless, there is a flashing red light with how the reimbursement process will work. The following is an excerpt from the article: “The system is set to measure rainfalls and winds in varied parts of the territory allowing them to identify when weather conditions have exceeded the normal threshold. Once the threshold is breached, a payout is automatically given to policyholders without filing claims of damage,” the DDM said in a media release.” The proposed reimbursement process is ripe for abuse. Policy holders should be required to file a loss claim that should be inspected/processed by CRAIC. CRAIC should process claims promptly with a deliberate speed.

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