Princess Juliana International Airport, located in Sint Maarten, has sued insurance broker National General Insurance Corp. NV, or NAGICO, over the insurer's refusal to appraise in full the airport's insurance claim worth about $193.4 million, The Daily Herald reported.
Airport officials filed the claim as construction and restoration works on the terminal building, which were damaged by Hurricane Irma in 2017, have started.
The damage is covered by the airport's commercial all-risk insurance policy and business interruption extension, both of which NAGICO handles. Of the total claim, $29.5 million is for business interruption, the report said.
According to airport officials, restoration works cost $100 million, based on estimates from a report released by experts in January.
NAGICO received a claim from the airport worth more than $100 million under its all-risk insurance policy and about $10 million under its business interruption extension for 2017 alone. NAGICO already advanced up to $25 million, the publication said.
Meanwhile, the publication noted that the airport is now covered by another insurance firm, the Guardian Group.
