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$10M payout to BVIEC on insurance claim from Nagico

The claim value for BVI Electricity Corporation (BVIEC) was $10M and NAGICO Insurances paid on the full claim. Photo: Internet Source
Neither the Corporation’s General Manager Leroy A. E. Abraham, left, nor NAGICO Managing Director Shan Mohamed, right, could be reached for comments. Photo: VINO/File
Neither the Corporation’s General Manager Leroy A. E. Abraham, left, nor NAGICO Managing Director Shan Mohamed, right, could be reached for comments. Photo: VINO/File
ROAD TOWN, Tortola, VI- Word just reaching our newsroom is that Nagico Insurances has made good on another hurricane related claim. The BVI Electricity Corporation (BVIEC) is the most recent to benefit from a claim settlement following the horrific destruction inflicted by hurricanes Irma and Maria in 2017.

According to sources close to both parties, the claim value was $10M and Nagico Insurances paid on the full claim.

It is also reported that the Corporation also tried to slip in another unrelated claim for Hurricane Maria, but it was rejected by the insurance company, according to two persons familiar with the negotiations.

Neither the Corporation’s General Manager Leroy A. E. Abraham nor Nagico Managing Director Shan Mohamed could be reached for comments.

What will the claim money be used for?

The funds received is expected to go towards repairs for the Long Bush and Henry Wilfred ‘Freddie’ Smith Power Station buildings, as well as the power station on Virgin Gorda.

Nagico Insurances has said in public statements that following the passage of the 2017 hurricanes, the Nagico Group received in excess of 12,000 claims spread across property, motor and marine lines, and paid more than $450M.

They said this is some 90% of all claims, including nearly 95% of all motor claims. However, the company has come under fire by some in the community over their settlement amount, but the company maintains its payout records are among the best in the Territory and they have supported that by actual statistics.

14 Responses to “$10M payout to BVIEC on insurance claim from Nagico”

  • cay (21/05/2018, 13:48) Like (5) Dislike (16) Reply
    good job nagico
  • ... (21/05/2018, 13:55) Like (7) Dislike (0) Reply
    good job just keep MV hands off the $$$$$
  • Interesting (21/05/2018, 15:25) Like (13) Dislike (2) Reply
    so you want to say all the damage BVIEC suffer was $10 mil. hmmmm.
  • .... (21/05/2018, 16:21) Like (1) Dislike (2) Reply
    Oops all fools day
  • Facts is Facts (21/05/2018, 20:14) Like (8) Dislike (14) Reply
    Heads up Sharn the haters are quiet these days
    • concern (22/05/2018, 16:53) Like (2) Dislike (6) Reply
      We the people of the B.V.I. fully well knows 10 million could never covered the damage and 11 million could never fix the B.V.I. complex. Something is wrong..
      • Understand (03/06/2018, 12:49) Like (0) Dislike (0) Reply
        Well these government institutions are underinsuring to save premiums and expect companies to pay full settlement.
  • na***** (22/05/2018, 17:16) Like (2) Dislike (2) Reply
    give us a break. you feeling rich while you dilly dally the people out of claims. A good insurer should pay out rather than forcing every single thing to be argued.
    • @ nagico (22/05/2018, 20:18) Like (9) Dislike (1) Reply
      the record is clear Nagico has paid out more than any other company and others have call clients to reduce orginal figures settled on so go talk that
      • understanding (02/06/2018, 16:34) Like (1) Dislike (0) Reply
        Sooo true... it seens as if there are a unreasonable vedetta against NAGICO for no reason. They have done a terrific job! People need to insure there properties for the adequate value to avoid issues in the future. If insurers allow people to underinsure and pay less premiums but pay claims to the value of there properties how can the make good on claims? Les be real people..
  • DON Q (23/05/2018, 07:36) Like (2) Dislike (0) Reply
    Bvi e c has lots of internal issues
  • understanding (02/06/2018, 16:27) Like (1) Dislike (0) Reply
    Just imagine it is reported that the Corporation tried to slip in an unrelated claim however the comments are still negative towards the Insurance Company. Very sad indeed....

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