Nakumatt Holdings' managing director Atul Shah has appealled to insurers to make unconditional ex-gratia payments to businesses affected by terror attack at Westgate Mall on September 21.
Most insurers have said they will make such payments on a "case by case basis" a situation that could expose some businesses and car owners to total loss. APA Insurance, for example, said on October 9 it will compensate businesses with no terrorism cover depending on their loyalty to the company and business value. UAP managing director James Wambugu had, on the other hand, said:
"For those who did not have cover for terrorism, we would like to establish the extent of losses after which we shall consult our board to see if there is anything we can do." Atul admitted most policyholders at the Mall may not have been covered against terrorism.
"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 spoke when he received an undisclosed partial settlement from Mayfair Insurance following losses at its flagship store estimated at over Sh2 billion.
Mayfair managing director Tushar Shah said the payment would help spur Nakumatt's speedy recovery."Our business is to serve the insured's risk on underwritten covers," Shah said. The Nakumatt chief said the retailer has put in place an elaborate business recovery plan a bid to maintain its growth momentum.In a press statement, he said plans were also underway to restore the chain's fallen store at Westgate.