The “On Account” settlement by Mayfair Insurance, for a claim by Nakumatt Holdings against its terrorism cover is expected to set the stage for settlements to businesses and individuals who may have also suffered losses at the mall.
The partial settlement of Nakumatt’s terrorism cover obtained through the retailer’s insurance broker Ms TeeVee Insurance Brokers Ltd is also the first on record settlement to a claimant following last month’s attack.
Confirming the Nakumatt payout, Mayfair Insurance Company Managing Director Tushar Shah said that the partial payment had been accelerated to help spur Nakumatt’s speedy recovery following the tragic events at its former Nakumatt Westgate branch.
Alongside, Nakumatt’s claim, Mayfair Insurance will fast track the claims settlements for other terrorism cover policyholders that may have suffered losses following the tragic terrorist attack.
“At Mayfair Insurance, our business is to serve the insured’s risk on underwritten covers; hence the partial settlement to Nakumatt Holdings who are currently suffering a loss of more than Sh2billion loss following the recent attack,” Shah explained.
On his part, Nakumatt Holdings Managing Director Atul Shah welcomed Mayfair Insurance’s helping hand and confirmed that plans are already underway to restore the chain’s flagship store.
He further implored local insurance companies to consider settling claims relating to the Westgate terrorist attack ex-gratia for policyholders who may not have held a valid terrorism policy cover.
“It’s a reality that many traders and motorists may not have taken out a terrorism cover and my humble request to all insurers is to consider settling claims arising from the attack on a goodwill basis to avert unnecessary losses, pain and anguish,” Shah said.
He reiterated that a series of elaborate business recovery plans have been activated in a swift bid to maintain the retailer’s growth pace.