💧 Water and Power · U.S. Virgin Islands
WAPA board scheduled emergency meeting on May 2, 2022 on property insurance renewal
The Virgin Islands Water and Power Authority said its governing board scheduled an emergency meeting for Monday, May 2, 2022, to consider approval of the authority’s 2022-2023 property insurance coverage.
According to the notice, the action item was renewal of an all-risks direct physical loss or damage policy, including machinery breakdown coverage and excluding named windstorm.
WAPA said it received final renewal terms on the evening of April 28, 2022, after the board’s regular meeting on April 27, 2022. The authority said the timing required an emergency meeting because the proposed renewal involved a change in participating insurers rather than an extension with the existing group.
The notice said the renewal package included 16 participating insurers. WAPA said the proposed terms would reduce the annual premium cost and lower deductibles by 50% compared with the expiring policy.