Thailand’s Civil Court today ordered Deves Insurance to pay nearly Bt2 billion to the Zen Department Store owned by the Central Group for the severe damage sustained by its Ratchaprasong complex during Bangkok’s political upheaval in 2010.
Central earlier filed suit against the insurer for failing to pay for the damage. Deves claimed that it was an act of terrorism which was not included in the Central insurance policy.
The court ruled that the protest during which the department store was burnt was neither a political threat nor a demonstration meant to create fear among the public.
The court ruled that the protest during which the department store was burnt was neither a political threat nor a demonstration meant to create fear among the public.
Deves Insurance was ordered to pay a compensation of Bt1.647 billion plus a punishment fee of Bt329 million for its initial refusal to pay for the damage. The insurer is subject to pay 7.5 per cent interest from the day Central filed the lawsuit with the court. (MCOT online news)
Read More Here : Central to get Bt2 billion compensation from 2010 crisis burnout | MCOT.net
