Third co-insurer to pay up today
Demerara Mutual Life and Fire Assurance Society is today to hand over a $38 million cheque to the Kissoon Group of Companies as part of its coverage for the Park Hotel which was destroyed in a fire in May. The cheque presentation, which represents ten percent of the insurance settlement, will take place in the insurance company's boardroom. This company is the third co-insurer to pay the now controversial claim. The lead insurer, the Guyana and Trinidad Mutual Fire and Life Group of Companies has paid its 25% of the claim. The Caribbean Home Insurance Company has paid its ten percent. Four other co-insurers, Colonial Life Insurance Company (CLICO), the North American Fire Insurance Company (NAFICO), Hand-in-Hand Insurance Company (each of whom has a 15% stake in the claim) and the Guyana Cooperative Insurance Service (GCIS) which has a ten percent stake, have so far refused to honour the claim. This is because of their concern about the possibility that the fire was as a result of arson.
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