Wednesday, 9 April 2014

Ks 140 million insurance claim paid for Gandamar Wholesale Centre fire

Union of Myanmar Economic Holdings Limited has received about Ks 140 million from Aung Thisa Oo Insurance Company for the fire damage at its Gandamar Wholesale Centre, witnessed in the ceremony for paid insurance claim held at Central Hotel on April 4.

“We have the appraisers to ensure the claim in accord with the real market price. No much disparity. We receive much of the percentage we asked, we got more than 90 percent (of claimed value). The initial price is Ks 6 billion and the depreciation is about Ks 3.9 billion. Therefore, in receiving insurance payment, there is 10 percent reduction,” said Min Naing, Director for Myawaddy Trading Limited under UMEHL.

The cost of Gandamar Wholesale mall construction is Ks 6 billion and UMEHL paid a yearly premium of Ks 26 million to the insurance company for over Ks 3.9 billion policy, according to Myawaddy Trading Ltd.

Since there were no entities responsible for fire-damage valuation in Myanmar , a team led by a headmaster of YID estimated the damage.

“There are increased values for some items damaged by the fire. One cannot factor in the increased values in claiming insurance, or on the other hand, cannot make value reduction. In some cases, reduction of value is possible, and insurance is paid by calculating the percentage (of property value). Therefore, there are a few discrepencies (on claim adjustment),” said Managing Director Ba Htun of UMEHL-supported Aung Thitsa Oo Company.

The fire took place in ‘Venus Garden Spa’ on the uppermost floor of the wholesale centre located in the corner of Waizayandar and Gandamar roads, Mayangone Township at night on 10 December 2013, killing three men and four women.

source: Eleven Myanmar
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