Government seeking US$100m-earthquake catastrophe insurance coverage for BVI

The British Virgin Islands Government is currently seeking to procure an Earthquake Catastrophe Insurance policy that will provide coverage of more than US$100,000,000 to the territory.

A media release from the Ministry of Finance said the insurance will provide coverage for the rehabilitation, restoration, reconstruction and revitalization of standard eligible insurable assets in the event the territory is severely impacted by an earthquake.

“The government of the Virgin Islands has taken a decision to employ a proactive approach to protecting and safeguarding the livelihood and infrastructure of the people of the Virgin Islands,” said Procurement Coordinator Ishma Rhymer.

“Meshed in this approach is the need to ensure that public infrastructure that may be severely damaged because of an earthquake can recover in short order to allow for the continuity of government and its services,” she further said.

The release stated that potential bidders must meet specific criteria to be considered a qualified candidate for the bidding process.

“Eligible bidders are required to have a valid Insurance Licence issued pursuant to the Insurance Act 2008 for insurance providers operating in the BVI, along with Certificates of Good Standing from the Director of the Social Security Board and the Commissioner of Inland Revenue,” the release stated.