Arbitration panel awards Sint Maarten Airport USD72m in insurance claim agains Nagico

Sint Maarten Princess Juliana Airport announced (20-Aug-2019) that an arbitration panel ruled in favour of PJIAE in the settlement of a USD71.9 million insurance claim against Nagico, PJIAE's principal insurer. Under the terms of the arbitration ruling, PJIAE is awarded a principal claim (excluding interest) of USD71.9 million including USD58 million Nagico has already paid out to PJIAE via an advanced settlement. Material damage awarded added USD51.3 million, business interruption damage awarded was USD18 million and cost of advisors USD2.6 million. There still remains a matter of PJIAE's claim for damage to furniture, for which management have been asked to provide additional information. The insurance proceeds will be mostly used to re-build the airport's main terminal in its upcoming reconstruction project. [more - original PR]