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SunbeltAsia

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    Bangkok: Central World Shopping Mall Destroyed By Fire

    in Thailand News

    Posted

    However almost 100% of the store owners inside the Central, that had insurance did not have the rider for terrorism or riots and are not covered.

    With the prevalence of terrorist acts these days, can't help wondering why those taking out insurance accept having this disclaimer.

    1. Most business owners never bother to read the policy.

    2. If they did happen to read, and asked the agents, in most cases, they would respond " riot coverage not available in Thailand".... what happen to me.

    3. The other few that did read, thought "Mai Pen Rai" It won't happen here.

    Central World went outside Thailand to get the insurance coverage after 9/11/ 2001

    Most owners are not going to even know where to go to buy this riot insurance outside Thailand.

    Insurance companies will find every excuse not to pay 100%. I had a restaurant fire in Jan. Damage was 1.7 million and they paid 1.2 million. Thats just the way it is.

    By the way, Central Food Hall and TOPS on 7th floor did not get burnt, but might be effected from smoke and water. Noone is allowed to go and check the damage themselves yet until the engineering department of Bangkok Metropolitan checks the structure of the building and make sure that it is safe to go inside.

    The Offices at Central ( located next to Central World) have no damage from the 7th floor upwards. A restaurant I own on the third floor was not damaged from the fire but was looted for meat, cookies and coke. Guess da boys were hungry. :)

    www.sunbeltasiagroup.com

    Bangkok: Central World Shopping Mall Destroyed By Fire

    in Thailand News

    Posted

    Maybe the owners knew that they would be covered by insurance. Otherwise I'm quite sure they would have done as much as they could to prevent attacks on their own buildings, e.g. build fire-proof barriers.

    Those speeches were given at the stage next to Central World. You think the red’s would have let construction workers to go in and build a "fire proof barrier"?

    Also, pretty hard to let your five star water sprinkler system work when water and electricity has been turned off to that area.

    Central was covered with all risks insurance for 13 billion baht and another $100 million dollars for riot and terrorism.

    However almost 100% of the store owners inside the Central, that had insurance did not have the rider for terrorism or riots and are not covered. The insurance companies are saying its terrorism and the shop owners are saying arson which would mean they are covered. The insurance companies don't share the same viewpoint it was arson.

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