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Insurance companies cancel coverage of Gafoor’s Complex

Oct 20, 2016 News

Three companies offering insurance coverage to the Gafoor’s Houston Complex, have indicated that they will be cancelling the coverage offered to the company. This comes on the heels of two major fires that ravaged the facility located at Houston, East Bank Demerara.
The company’s Chief Executive Officer, Abdool Sattaur Gafoor said that he received calls from three companies – Abdool & Abdool (an insurance broker), North American Fire Insurance Company (NAFICO) and Hand in Hand. In fact NAFICO has informed Gafoor’s by way of letter that it would be cancelling its coverage. Hand in Hand did so by phone, giving 14 days’ notice.
Sattaur said the companies informed him that they would not be able to carry the risk involved in insuring the company (Gafoor’s). One of the other companies that is still offering coverage said that Gafoor’s is now a high risk entity.
Sattaur added that he is now carrying 32% of the risk which was once covered by the insurance companies. The businessman disclosed that the 32% risk roughly translates to about $70 billion.
“I now have to carry this risk just because somebody burned my place,” the CEO said.
To his credit there are still four companies that are providing insurance coverage to the company.
One fact is that the companies withdrawing their coverage will first pay the claims from the previous fires before they cancel any further coverage.

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