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.