As you are aware, the cost of building materials has increased over the past twelve (12) months. This has resulted in an increase in the cost of construction of new structures, and most importantly, has increased the values of existing structures. It is estimated that the average cost of constructing a home in Antigua is now between EC$350.00 – EC$400.00 per square foot, up from EC$275.00 – EC$300.00 a year ago, and the upward trend is continuing.
Section 176 of the Insurance Act of 2007 states that the penalty for underinsurance cannot apply for claims under a Homeowners Insurance Policy where the insured value at the time of the loss is not less than 85% of the replacement value, however in many cases, the current values are inadequate to avoid the underinsurance penalty (also called average condition).
With the forecast of an above average hurricane season, should a wind event make landfall in Antigua & Barbuda, the likelihood is that this would cause a shortage of building materials, resulting in further increases in prices overall.
This letter is part of Brysons Insurance Agency’s public education program designed to alert you, our valued policyholders, our partners, and the public of the consequences of underinsurance.
Please let us know how we can be of assistance in your understanding of this issue.
It is with immense grief and sadness that we inform the public of the passing of Mr. Nathan Dundas, Manager of Brysons Shipping.
Mr. Dundas joined the staff of Brysons in 1991 and very early demonstrated a penchant for detail, impressive customer care skills, astute management and leadership abilities which led to his promotion to the position of Shipping Manager. Mr Dundas was a dedicated and valuable employee and a consummate professional who discharged his responsibilities with distinction. He remained an employee of Brysons for 30 years and has served as a Director since 2005.
As the Chairman of the Antigua and Barbuda Cruise Tourism Association he led many pioneering initiatives and possessed a keen understanding of the challenges of the sector which quickly garnered enviable respect from his regional and international colleagues. He was a committed and outspoken advocate for Antigua and Barbuda’s cruise tourism sector and promoted Antigua and Barbuda as a premier cruise destination to all shipping lines, thereby ensuring that more cruise ships called at our ports every season.
Mr. Dundas served as a board member of the Caribbean Shipping Association for many years and was respected both regionally and internationally as one of the sharpest minds in the Shipping Industry.
Mr. Dundas passed away in the United States late Saturday night. Our thoughts and prayers are with his wife Andrea, his son Brandon, and his extended family as well as the Brysons family, particularly the staff of Brysons Shipping at this extremely difficult time.
The public is further advised that Mr. Patrick Ryan will assume direct responsibilities for the Shipping Department.
May his soul Rest in Peace.
John C. Warren Geo. W. Bennett Bryson & Co. Ltd – Chairman of the Board
The Government of Antigua and Barbuda, in collaboration with the Antigua & Barbuda Investment Authority (ABIA) has extended the successful Construct Antigua & Barbuda Initiative (CAB-I). Applicants can apply for CAB-I (2020) benefits starting now and expiring June 30th, 2021. CAB-I continues to be rooted in the principle of stimulating economic growth through increased construction and related activity. The application deadline is Wednesday, March 31st, 2021.
The main objectives of the CAB-I are to:
Make homeownership affordable by reducing construction costs by approximately 20%
Stimulate economic activity
Create employment in the construction sector
Build confidence in the economy via government policy
Potential Homeowner Benefits:
ABST zero−rated materials and aggregates procured locally from registered CAB−I suppliers
ABST zero−rated services from participating service providers
Store discounts on building supplies procured locally
Reduced interest rates with participating banks
Reduction in the negotiation/commitment fee
Discounts on premiums with participating Insurance Companies
How does it work?
Under the Initiative, homeowners access the government approved incentive of zero Antigua & Barbuda Sales Tax (ABST) on all approved building materials procured locally. As a part of the incentive package, other stakeholders (financial institutions, insurance firms, architects etc.) extend reduced service fees and charges to CAB-I approved clients.
Who can register?
The program applies to citizens and residents of Antigua & Barbuda.
What projects are eligible?
New residential construction projects with an overall construction cost of no more than $500,000.00 by first- time homeowners only.
Incomplete residential construction projects with an overall construction cost of no more than $500,000.00 by first-time homeowners only.
Renovation projects by the homeowner on the residence he/she currently occupies.
Expansion projects by the homeowner on the residence he/she currently occupies.
What is the process for registering for benefits under CAB-I?
After confirming your qualifying amount with your financial institution and your plans have been approved by Development Control Authority (DCA), make contact with ABIA and complete the CAB−I registration form and the estimate template. These can be collected at our office, emailed or faxed. DCA approval is required for new construction projects, structural changes, and expansion projects.
Gather the following documents and make an appointment with ABIA:
Completed registration form
Copy of the signed contract agreement with the contractor
Detailed estimate; prepared using the CAB−I estimate template
A copy of the DCA Approval
DCA Approved Plans (Physical and Electronic Copies)
Government−issued Identification (Preferably Passport or Driver’s License)
Completed site visit request form (for renovation projects)
Detailed scope of works (for renovation projects)
All projects are subject to an assessment fee and/or site visit fee to cover quantity surveying services. The Authority will advise the amount to be paid.
ABIA conducts a review of the file and sub−contract quantity surveying services. Applicants will be provided with a copy of the assessment report.
Applicants are issued the CAB−I Certificate and their official CAB−I Shopping List.
CAB−I registered homeowners or their homeowner representatives are required to present a government−issued ID along with their CAB−I Certificate and Shopping List when making purchases with CAB−I registered suppliers and service providers. Homeowners or their representatives must sign copies of the receipts at the point of purchase.
How long does the process take?
Applicants will be issued their CAB−I Certificate and Shopping list 10 − 15 business days after submission of a complete application package. For renovation projects, the vetting process begins after the site visit has been completed.
At Geo. W. Bennett Bryson & Co. Ltd., we continue to monitor developments relating to the Coronavirus (COVID-19) pandemic and encourage all our customers and partners to adopt health and safety protocols and adhere to directives from local and international health authorities.
We have also initiated several measures to comply with social distancing practices in addition to changing our business operations from 8:00AM to 2:00PM. Feel free to contact us via our Web Chat feature on our website: www.brysonsantigua.com, log onto your account via: https://portal.brysonsinsuranceonline.com/, contact us via telephone or via our social media platforms.
You are also encouraged to utilize the following options for paying your insurance premiums:
Cheque payments(only) via our two Western Union locations – Lower All Saints Road (opposite Courts) & Redcliffe Street – Twist Mall (formerly Benjies Mall). Envelopes will be provided at both locations.
Wire Transfer Payment to the following account: Geo. W. Bennett Bryson & Co. Ltd.
Brysons Bill Payment Account System at Antigua Commercial Bank.
Drop Box for cheques only at our Friars Hill Office.
We thank you for your continued cooperation and understanding. Management of Geo. W. Bennett Bryson & Co. Ltd.