GTM Fire Insurance Co paid out $40 million to the Kissoon's Group of Companies yesterday which served as the final payment to cover its liability for the fire, which destroyed Kissoon's Furniture City on April 9, 2001.

The building was co-insured by a number of companies with GTM carrying 40% of the total $200 million payout. The group had claimed $205 million for the loss.

Because of the uncertainty surrounding the cause of the conflagration during the period when street protests were prevalent, an independent loss adjuster and a forensic scientist were appointed to conduct investigations into the circumstances and to adjust the claim.

The group accepted the recommended amount payable and GTM and two co-insurers each paid 20% of the total sum payable on December 14, 2001.

According to a press release from the company, the payment yesterday absolved GTM of all its liability for the many claims incurred for this particular event--the largest being Archie's Electrical, the National Bank of Industry and Commerce, and R.Sookraj and Sons.

The other insurers were Diamond Fire and General Insurance Inc, Caribbean Home Insurance Co and the Colonial Life Insurance Co.

The fire is the second to have hit the group in recent years with the Park Hotel fire on Main Street still engaging the attention of the court for settlement of outstanding liability by co-insurers.