About BVI Insurance
Covers individual and family property – can be tailored for required features. Standard coverage extends to fire, lightning, explosion, riot and strike, earthquake, volcanic eruption, hurricane, cyclone, tornado or windstorms, although different providers have various exclusions.
Car Insurance (Auto/Motor Insurance)
All vehicles in the BVI must be insured by law. Main insurance agencies in the BVI for car insurance are Nagico, Alphonso Warner and Caribbean Insurers. In general, third party car insurance costs from $220 to $600. Comprehensive insurance in the BVI is considerably more expensive, depending on the price and age of the car.
Medical insurance in the BVI often includes dentist and optician, although plans differ by co-payment. The most important difference is coverage by countries. Some insurance providers extend the insurance to the USA or even worldwide. Cheaper plans cover the BVI partners and selected institutions in Puerto Rico. As a general guide, a family of 4 (2 adults, 2 children) will pay from $350 to $650+ per month.
BVI law firm and the BVI system (UK)
Insurance and claims can often involve law proceedings. For your litigation needs, you might need to involve a BVI law firm, for example Sabal’s Law from Road Town, Tortola, BVI. Note that the BVI us under the UK law system. Unlike other jurisdictions, the UK civil law does not have a single codified source. Instead, the system is based on the past interpretations of the law. In any case, the matters are further complicated by the European Council and decisions of the European Court of Justice, that often take precedent over the UK courts decisions. In any case, consult a specialized law firm, as they will be best able to advise on the best course of action.
Boat Insurance (Marine Insurance)
Takes care of boat related risks. A variety of sizes and values can be covered, starting with dinghies to mega yachts. Coverage usually extends to most perils of the sea, disasters including natural disasters or man caused events, theft, malicious acts, collisions, fire, and acts of piracy. A special type of insurance in the BVI is yacht charter insurance, which covers Force Majeure, or cancellations. An important extension of the policy is property and/or bodily injury, where the insured party may become liable.
In case of sinking, there are options to cover the removal of the wreckage.