BUSINESS magnate Sattaur Gafoor has lauded the services of local business P&P Insurance Brokers which recently settled a multi-billion dollar claim following two fires which gutted parts of the Gafoors Houston Complex last year.
Said to be Guyana’s single largest ever fire claim, P&P was tasked with handling the claim which was made after conflagrations gutted the business in May and in October last year. Losses were estimated at more than G$12B.
At a specially arranged luncheon hosted by the Gafoors Group of Companies recently, business magazine Guyana Inc reported recently that Gafoor recognised the services of the insurance company and expressed appreciation to persons and organisations that assisted in the aftermath of the fires.
In brief remarks, Gafoor acknowledged the good that financial institutions can do despite the conventional wisdom that often defame such institutions.
Insurance companies are key contributors to human welfare and the businessman said he was honoured to be a client of P& P Insurance, who stepped up to the plate following the fire.
P&P Chief Executive Officer, Bishwa Panday, expressed appreciation to Gafoor for the kind remarks.
Panday said it was challenging to have Guyana’s single largest ever fire claim followed shortly by another claim. However, P&P met the challenges and was able to successfully negotiate both sets of claims to the satisfaction of the client.
At the time of the second fire, Gafoor said “not even during the tumultuous years of the 1980s; our first fire was on the 9, May 2016 — basically 64 years after we started business”.
Explaining the cause of the first fire, Gafoor said there was no electricity within the bond where the fire started, neither electrical wire but combustible items were inside.