They are definitely working the co-insurance clauses. I posted an explanation of how co-insurance works as a reply on a BVI Community Facebook and have been answering messages all day. It appears that they were using the before Irma market value to calculate the under insurance figure. In all but two case it was fairly easy to determine the owners had made substantial improvements and failed to increase coverage. Once they told me how much they spent on the improvements the numbers worked out. In the other two I was not able to figure out how they got to the payout.

BTW I was able to find that Nagico is owned by Peek Reinsurers of Hong Kong which about $1 billion in reserves and is owned by a Chinese company with very deep pockets so probably no problem with solvency. Have not been able to find info on Caribbean yet.