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Insurance broker gains respite for Gafoor’s Complex
Insurance broker, Abdool & Abdool Inc. has said that the company never called Gafoor to cancel any insurance coverage.
In yesterday’s edition of the Kaieteur News, the brokerage was listed as an insurance
Section of building damaged in fire.
company which canceled its coverage offered to the Gafoor’s Houston Complex.
Abdool & Abdool Inc. is the appointed broker for a specific segment of Sattaur Gafoor’s businesses. It represents Sattaur Gafoor’s interest and not that of the insurer/insurers.
A part of Abdool & Abdool’s responsibility as a broker, is to ensure that insurers are unable to cancel with immediate effect, any of their client’s coverage.
“The insurance brokerage is contractually required to provide a notice of cancellation which guarantees their client a specific period in which a suitable replacement policy might be negotiated with other insurers,” was the explanation given to Kaieteur News when it questioned the role an insurance broker plays.
In this case Abdool and Abdool advised that Gafoor, as with all of their clients, has been afforded this small period of protection in the wake of the stated cancellation.
Meanwhile, word from the broker is that the best efforts are being made during this period, to acquire replacement coverage policy.
The company added that it is unfortunate that some insurers have exercised their prerogative to withdraw support in this particularly difficult period for their client Sattaur Gafoor.
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