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Allied Insurance appeals USD 22 mln payment to Yacht Tours

Allied Insurance, on Sunday, revealed that it appealed the Civil Court’s verdict to pay USD 22 million (MVR 339 million) to Yacht Tours, a company owned by a parliamentary representative for Kaafu Atoll’s Kaashidhoo constituency MP Abdulla Jabir.

On June 19, the court allocated a six month period for Allied Insurance to pay out the insurance requested by Yacht Tours, to cover storm damages to the resort previously managed by the latter on Alidhoo, Haa Alif Atoll, in 2014.

According to a statement released by Allied Insurance, the type of damages which occurred at Alidhoo resulted from low construction standards, as well as poor maintenance and, are not covered under the insurance policy chosen by Yacht Tours.

Allied Insurance, the largest insurance company currently operating in the Maldives, reiterated its commitment to upholding agreements signed with policyholders and condemned ongoing efforts by certain entities to harm the company’s reputation.

Following the failure of Allied Insurance to settle the instalment for the first month, Yacht Tours requested the Civil Court to enforce its verdict.

Yacht Tours also previously expressed the intention to file for compensation over the delayed payment of insurance.

Full details are available at the link below:

Source URL: Google News

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