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Building destroyed by fire gets interim insurance settlement
A few months ago, a fire of destructive proportions razed two buildings situated at Camp and Robb Streets, Georgetown. Millions of dollars in stock went up in flames at those buildings. The City Mall building, a short
From left to right are: Mr. Raj Singh – CEO – Raj Singh Insurance Brokers; Yun Ping Lin – Owner – Gold City Hardware; Mrs. Ramona Singh – Fire Manager – GTM Group of Companies; Ms. Torrica Mc Rae – Manager – Raj Singh Insurance Brokers and Mr. Devkumar Persaud – Senior Account Executive – Raj Singh Insurance Brokers.
distance away was scorched.
Several lives and surrounding property were saved and a much major catastrophe was averted.
One of the buildings’ claim involved in the fire was settled by Diamond Fire Insurance Co. Ltd a few months ago. The stock contained in that building was owned by Yun Ping Lin T, as “Gold City Hardware”, whose insurance broker, Raj Singh Insurance Brokers, just concluded negotiations for an interim settlement on the stock claim with Guyana and Trinidad Mutual Fire Insurance Co. Ltd.
The destroyed buildings were owned by RNK Investment Inc., one of which housed the Stock for Gold City Hardware.
It was revealed that the delay in processing the settlement was due to the fact, that all the stock records of the Insured were destroyed during the fire. The statement said, too, that it was necessary for these records to be reconstructed to enable the loss adjuster to justify his recommendations to the Insurer on this interim settlement.
There were numerous meetings and discussions held between all the parties in addition to obtaining documents from Government departments.
Destruction of documents was cited as the principal reason for delays in such circumstances, and it is of utmost importance that companies insured maintain and keep adequate stock records of their sales and purchases away from the actual premises so as to facilitate easier processing of their stock claims. It is highly anticipated, by all parties, that the entire claim would be fully settled by this month end, the statement added.
It was noted too that both the client and the brokers were extremely pleased with the general efficiency that the Insurer displayed in the execution of the interim settlement of this claim.
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