Nagico Acquires Major Insurance Contract For Admin Complex
The Cabinet of the Virgin Islands has agreed to award Century Insurance Agency Ltd/Nagico Insurance Ltd a $238,185.00 contract for insurance coverage of the Ralph T. O'Neal Administration Complex in Road Town, Tortola. This was announced via a post Cabinet meeting statement issued recently.
According to the statement, during the July 28 sitting, Cabinet "reviewed and accepted the Evaluation Report submitted by the Central Tenders Board (CTB) Technical Sub-Committee, which was approved by the CTB on 28th July 2021, and accepted the CTB's recommendation to award the contract to Century Insurance Agency Ltd./Nagico Insurance Ltd."
The insurance coverage is for $25,589,000, the statement noted, outlining "for the coverage of fire and extended perils, contractor's all risk insurance and public liability for the Ralph T. O'Neal Administration Complex in the amount of $238,185.00."
In the aftermath of the 2017 hurricanes that wreaked havoc on the admin complex and the rest of the territory, Nagico, at that time, paid government some $11.4 million in insurance coverage for the damages.
The admin complex was insured for $32 million with the company and sustained $23 million in damages.