Petrojam Jamaica Limited is taking steps to award another multimillion-dollar insurance contract to cover assets of the refinery in Kingston and Montego Bay.

CGM Gallagher Insurance Brokers Jamaica Limited and Petrojam have agreed to a US$5.18-million deal (J$460.8 million), which on March 25 hurdled the national contract-review process, according to the latest report out of the contractor general's (CG) office.

The contract is equivalent in value to the $400-million deal that Advantage General Insurance Company (AGI) said it struck with the refinery.

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