NAGICO respects arbitrators’ decision

PHILIPSBURG--NAGICO Insurances Chairman Imran McSood said on Thursday that the company accepts the decision of the arbitrators in the case involving Princess Juliana International Airport (PJIA).
 
An arbitration panel consisting of arbitrators appointed by PJIA, NAGICO Insurances and the Court of First Instance ruled in favour of PJIA in the settlement of a US $71 million insurance claim against NAGICO, PJIA’s principal insurer.
 
“NAGICO has noted the decision of the arbitrators, which is respected,” McSood said in a brief comment on the matter on Thursday night. “We trust that we can now move on to the most important thing, which is the rebuilding of the airport for the benefit of the people of St Maarten and our valued visitors. NAGICO has always acted in good faith and intentions, and will continue to do so without discussing client confidentiality matters in public domain.”
 
Under the terms of the arbitration ruling, the airport operating company PJIAE was awarded a principal claim (excluding interest) of $71,864,341, including the $58 million NAGICO has already paid out to PJIAE in an advance settlement.
 
The ruling was handed down on Tuesday, August 13.

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