Gov’t seeking $100M Earthquake Catastrophe Insurance coverage for BVI

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Gov’t seeking $100M Earthquake Catastrophe Insurance coverage for BVI
Photo depicting sections of Tortola. Photo by Davion Smith/BVI News Journalist
Photo depicting sections of Tortola. Photo by Davion Smith/BVI News Journalist

(BVI NEWS) – Government is currently seeking to procure an Earthquake Catastrophe Insurance policy that will provide coverage of more than $100,000,000 to the British Virgin Islands.

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,” Procurement Coordinator Ishma Rhymer stated.

“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.

Criteria which must be fulfilled by all bidders

Government is, therefore, inviting proposals for the provision of this type of insurance.

According to the aforementioned release, potential bidders must meet a 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.

“The date of issue on the certificates must be current and should be no earlier than one month prior to the date of submission. Firms registered outside the British Virgin Islands shall be required to submit equivalent documents relevant to the firm’s place of registration,” it added.

How to apply for bidding documents

All companies that meet the criteria and interested in seeking bidding documents will have to make a request via email to [email protected] to receive an electronic copy.

The email subject title must have “Request for Bid Documents for Earthquake Catastrophe Insurance for the British Virgin Islands”.

All bids should be submitted by Tuesday April 14.

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