Royal Exchange Assurance pays N3.24bn claim to NBC
Royal Exchange General Insurance company Limited, Nigeria first insurance company, has paid N3.241bn insurance claim to Nigeria Bottling Company plc on December 18, 2008, in respect of the fire disaster at the Benin Plant of the company, which occurred recently. The claim was paid through Hogg Robinson Nigeria limited, the insurance brokers which handled the deal.
A statement signed by the Acting Managing Director of Royal Exchange General Insurance Company Limited, Mr. Olutayo Borokini, said that on the schedule of insurance cover for the NBC facility, Royal Exchange led the consortium of co-insurers with 47.5 per cent.
A number of professionals such as loss adjusters, valuators, quantity surveyors and engineers from within and outside the country were engaged in the assessment and adjustment of the loss initially estimated at N13.5 bn but eventually adjusted to N6.824bn.
The statement disclosed that while the claim was being investigated, two interim payments amounting to N2bn were made to the insured, out of which Royal Exchange contributed N950m in addition to a sum of N52.464m paid wholly by Royal Exchange to the professionals that worked on the claims.
The consequential loss aspect of the claims is being rounded up by the loss adjusters and Royal Exchange General Insurance Company Limited is expected to pay up its proportion as soon as this is concluded, the statement added.
Receiving the Royal Exchange cheque, the Executive Director of Hogg Robinson, Alhaji Saheed Egbeyemi, noted that the sum of N3.241bn is by far the biggest claims cheque ever received in the history of broking in Nigeria.
(Source: Punch)
