2010 PROTESTS
Court tells insurer to pay Zen almost B2bn
- Published: 6 Mar 2013 at 00.00
- Newspaper section: News
The Bangkok Civil Court has ordered insurer Deves Insurance Plc to pay Zen department store 1.977 billion baht for damage caused in the red-shirt arson attacks in the Ratchaprasong area on May 19, 2010.
Central Department Store Co (CDS), the operator of Zen, bought an industrial all-risks policy worth 3.3 billion baht plus an extra clause for terrorism coverage from Deves Insurance.
The department store filed a complaint against the insurer in May 2012 after it delayed payment on Zen's damage claims. Deves argued the government had declared the arson attacks as acts of terrorism and it was debatable whether this was covered in the all-risks insurance policy.
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