Kissoon family to get $380M in insurance for Park
The insurance community has agreed to pay the Kissoon family a $380 million settlement off its $420 million insurance claim to cover losses from an inferno which engulfed most of the Park Hotel in Main Street. A May 6 fire left only one structure of the hotel, the Martin Wing, standing albeit without a roof, and it razed to the ground the other buildings of the hotel including the section which had housed the popular Chinese restaurant, New Thriving. Sources have told Stabroek News that the settlement is a good one, not only in terms of the quantum but in terms of the time span it took to be arrived at. It was only recently that the police and fire departments issued their reports which failed to establish the cause of the fire. The full claim by the company was not met because the Martin Wing had not been fully destroyed in the fire. The Kissoon Group retained P&P Insurance Brokers and Consultants to represent its claim and the insurance cover was led by the Guyana and Trinidad Mutual Fire Insurance Company with all the insurance companies in Guyana participating. The hotel was insured for $420M and the New Thriving Restaurant owners received an insurance settlement of $50M. The Kissoons are expected to receive their settlement in this coming week. The Kissoon family has spoken of plans to build a five star hotel in the place of the razed Park Hotel.
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