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ECD bond owner receives insurance settlement following fire

Jan 20, 2023 News

Kaieteur News – Raj Singh Insurance Brokers on Wednesday handed over a cheque representing a fire claim settlement to Zaid Mohammed, the owner of an East Coast Demerara bond which was gutted by fire last year November.

In a press release Raj Singh Insurance Brokers recalled the fire which occurred late in the afternoon of November 28th 2022. The company said Mohammed from ZAID MOHAMMED & SONS TRADING suffered a multi-million-dollar loss to his bond situate at Lot 9 Felicity, East Coast Demerara.

ZAID MOHAMMED & SONS TRADING is an importer and distributor of quality building materials and supplies. “This unfortunate incident devastated the entire bond building and the inventory within the bond which had to be eventually declared a total loss,” the broker stated.

According to the insurance broker, Mohammed was reasonably well insured through his insurance broker, RAJ SINGH INSURANCE BROKERS & RISK MANAGEMENT CONSULTANTS INC, with DIAMOND FIRE & GENERAL INSURANCE CO LTD. “Losses that involve inventory or stock are usually a little more complex and time consuming if the records are destroyed in the fire but in this case it was not.”

The company said it is highly recommended that stock records should always be backed up and kept away from the risk location so that the quantum of the loss can be easily determined if or whenever there is a fire or other material damage loss. “Less than two months has passed since this fire and we are pleased to announce that the claim was fairly settled by the insurer on January 18, 2023. Mr. Mohammed has already commenced his rebuilding efforts at this location so that his business operations can continue as seamless as possible with minimal disruption,” the statement concluded.

Kaieteur News had reported that the bond was stocked with thinners, sheet rack, ply-board and other hardware materials. Speaking to reporters at the scene of the fire, Businessman Zaid Mohammed had related that he was in office when he received a phone call around 16:30hours informing him about the fire at the bond. Mohammed stated that he immediately contacted the fire department who responded to the emergency call. The businessman added that at the time of the fire none of his six employees was at the warehouse. “I don’t know if it’s electrical, but it could be electrical,” Mohammed said.

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