Following the recent fire at the St. Joseph Mercy Hospital which ravaged one of the main buildings in the compound a settlement has been reached between the hospital’s Insurance Broker, P & P Insurance Brokers & Consultants Limited and the three insurance companies with whom the risk was placed.
This was disclosed in a release yesterday from P&P. The three insurance companies are United Insurance Company, Guyana & Trinidad Mutual Fire Insurance Company and North American Fire & General Insurance Company Limited.
There was no disclosure yesterday in the statement of the quantum of the settlement but St Joseph Mercy officials had previously estimated the fire losses at around $600m. The extent of the hospital’s insurance coverage is unknown.
According to the release, Chief Executive of the Hospital, Helen Browman thanked the three insurance companies for their response to the claim and their timely settlement. She also said that she was happy with the work done by the insurance broker in preparing the claim and negotiating the settlement.