Beautiful Virgin Islands

Wednesday, Sep 03, 2025

Insurance a necessary cost in business and life

Insurance a necessary cost in business and life

With the advent of another hurricane season and a slow recovery from two of the worst back-to-back category 5 hurricanes in 2017, one local insurer is sounding an early warning of preparedness to residents of the BVI once again.

Managing Director of NAGICO Insurances, Shan Mohamed, sounded the warning while insisting that insurance is a necessary cost in business and life.

He explained in a recent interview on ZBVI that following the hurricanes of 2017, it was discovered that there is a great need for education on the topic of what coverage persons get when they purchase an insurance policy.

Mohamed said he also learnt that persons were under the impression that everything, including outdoor fixtures – a typical exclusion under hurricane policy – was covered under their insurance.

He further reminded persons that they needed to insure items for their full value, consider the implications of under-insurance and, also be mindful of the importance of renewing their insurance policies.

“Insurance is an important part of our lives – it’s a cost – a necessary cost. Don’t see insurance as a luxury, don’t think that the choice of buying insurance is an option, it’s not an option – especially for businesses,” Mohammed said.

He also urged persons to take the time read their policies and understand what is covered.

“Nobody is going to come to our rescue if we don’t have an insurance policy,” Mohamed said while reminding persons of the financial constraints faced by governments around the world amidst the COVID-19 pandemic.

Readiness and togetherness emphasised


Governor John Rankin in his hurricane season message encouraged the people of the BVI to ‘Work Together to Be Ready and Stay Ready’ for storms and other hazards.

“As Governor,” he said, “my primary concern is to maintain the safety and security of our territory, and this remains especially true during the Atlantic Hurricane Season. Preparedness efforts have been underway for some time among the members of the National Security Council. In addition to updating their emergency operations plans and ensuring that the Territory’s security assets remain safeguarded; the Territory’s police and fire officers in particular are standing by to respond rapidly if needed.”

He added that plans must be made for the possibility of a disaster that we could not face on our own.

“Like other Caribbean territories, the Virgin Islands stand to benefit from the support of the United Kingdom in the form of two naval support ships this hurricane season. One is in Caribbean waters year-round, and the other is here for the hurricane season. Both ships stand ready to provide humanitarian aid and disaster relief should we see a major impact such as a hurricane, earthquake or flood.”

Meanwhile, Deputy Premier Dr Natalio Wheatley, in his hurricane season message echoed a similar sentiment of readiness and togetherness in preparation for the hurricane season and said it is important that persons do what they can to be a strong support to their family and community.

“Review and update your emergency plans and emergency supply kits as necessary; take steps to protect your property by ensuring that you have adequate structural protection and that there are no unnecessary hazards around your home or business,” he advised.

Dr Wheatley further suggested that those who are able should reach out to the vulnerable members of their extended family or village to see what assistance may be needed.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
×