Gerard Farara QC speaking at the launching of the Insurance Company of the West Indies Limited (ICWI) in the VI on Friday January 27.

Owner of Alphonso Warner Insurance Agency, Alphonso Warner is the partner of the new company.

At a launching ceremony held on Friday January 27, 2012 at Maria’s By The Sea, ICWI’s president Paul Lalor outlined the company’s goals, objectives and mission.

According to Lalor, while there are other insurance companies, ICWI prides itself of being able to immediately cover 47.1 percent on any claim, if a major catastrophe was to occur.

“Most other insurance carriers in the Caribbean has an average of only 10 percent re-insurance coverage, which means that they need to have reserves to pay up to 90 percent of their claims. This is not a problem for the everyday small claim, but with a major disaster such as a severe hurricane or earthquake, ICWI is much better placed to survive such a major disaster than most other companies,” he added.

The ICWI president also noted that he was impressed with the business savvy Alphonso Warner, who he met in Antigua a few years ago, for his passion and drive to ensure fair competition in the insurance market.

“Our primary objective is to provide complete protection , always encouraging our clients to enhance the coverage offered by their policies by adding our Personal Accident, Accident Forgiveness, Alternate Transportation, and uninsured motorists riders. Our A plus homeowners policy is the most robust policy available, covering such critical areas as mortgage protection, alternative accommodation and cover for your much loved household pets,” Lalor told the audience.

Meanwhile, one of Alphonso Warner Insurance Agency’s oldest clients Gerard Farara QC, in a witty presentation, described the persuasive manner in which Warner sells his product. Adding he was not surprised with the partnership with ICWI, which was established in Jamaica in 1968.

"He is one of the most successful agents, and if you look at his resume he is always on the top tier regionally and internationally,” Farara said.

The quality and prompt service offered by the local insurance agent, Farara added, makes it “one of the permanent landscapes in the Virgin Islands”.

In an interview with Virgin Islands News Online, Warner stated that he is happy ICWI has decided to come on board. “I am impressed with their reputation and their roots run deep in the Caribbean.”

“In short ICWI has a lot more re-insurance coverage than most other carriers in the Caribbean. This means much better protection for their policy holders compared to other companies,” Warner added.

ICWI has agents in the Bahamas, Cayman Islands, Turks and Caicos, Jamaica, St. Kitts, St. Maarten and now the VI.

Chairman of the BVI Chamber of Commerce and Hotel Association (BVICCHA) Dr. Bernie Harrigan delivered the feature address with John Lewis chairing the proceedings.