Gafoor’s multi-billion $$ settlement will be comfortably covered – P&P Insurance

May 18, 2016 News

Losses in Gafoor’s Houston Complex fire have been estimated in the billions.

It has been little more than a week since a catastrophic fire struck at the Gafoor’s Houston Complex. CEO Gafoor had estimated his losses to be in excess of $12 billion. The fire is believed to have been accidental, with possible electrical problems cited as the cause.

Gafoor’s business is insured with P&P Insurance Brokers and Consultants Ltd.
In a brief interview with this newspaper, Managing Director of P&P Insurance Brokers and Consultants Limted, Mr. Bish Panday, stated that while the insurance coverage on the Gafoor’s Houston complex is well in the multi-billion range, it will be “comfortably covered”.
When asked about the stability of the insurance business in Guyana, he indicated that there has been a recent influx of several insurance companies in Guyana which has brought a notable level of stability in the market.
The Houston Complex fire had left some five-hundred plus workers pondering their future. Gafoor’s has since relocated twenty-five percent of its employees to different branches across the country, while fifty percent has remained at the part of the Houston complex that remained untouched after the fire.
The CEO had told this newspaper that the remaining twenty-five percent of workers would be paid 75% of their respective salaries to “tide” them over until they resumed their jobs. The business tycoon had emphasised that his workers are his “greatest assets’’.
On another note, an official from the insurance community noted that the Gafoor’s fire should be a wake-up call to other business people that at any time fire could strike. The official also indicated that a vast majority of business places lack proper fire prevention systems and firefighting equipment, as well as the fact that they stock combustible materials and goods in risky conditions.