Insurance Roadblock Threatens Virgin Islands Farming Leases and Agricultural Growth

The reluctance of local insurance companies to offer liability coverage to farmers in the Virgin Islands could threaten the territory’s agricultural prospects, according to V.I. Department of Agriculture Commissioner Louis Petersen. Speaking before the Senate on Wednesday, he explained that the department is unable to issue leases to farmers unless they have insurance in place, as it is a mandatory requirement. “No insurance companies in the territory provide liability insurance coverage,” testified Mr. Petersen before the Committee on Economic Development and Agriculture on Wednesday. Therefore, while an undisclosed number of leases have been prepared for hopeful farmers, they “cannot be executed until we can remedy this challenge." The challenge in accessing liability insurance is also affecting farmers who are considered to be in “good standing” by the Department of Agriculture. “We have most of their documents for renewal just sitting until such time as we can have insurance cove...