SET wins arson payout battle

SET wins arson payout battle

The damaged Stock Exchange of Thailand is cordoned off on May 22, 2010. (Photo by Prakit Chanthawong)
The damaged Stock Exchange of Thailand is cordoned off on May 22, 2010. (Photo by Prakit Chanthawong)

The Supreme Court has overturned a lower-court ruling that earlier prevented six insurance firms paying out claims to the Stock Exchange of Thailand (SET) and two firms whose building was torched during the deadly dispersal of red-shirt protesters on May 19, 2010.

The court on Wednesday ruled the six insurers must pay almost 100 million baht in claims to the SET, Thailand Securities Depository (TSD) Co and Family Knowhow Co.

The insurers are New Hampshire Insurance Co, Dhipaya Insurance Plc, Falcon Insurance Plc, Bangkok Insurance Plc, Deves Insurance Plc and Muang Thai Insurance Plc.

The three claimants indicated the sum the six insurance companies had insured the building for totalled 3.47 billion baht, spanning from Jan 31, 2010 to Jan 31, 2011.

An unknown number of people stormed the SET building on Ratchadapisek Road on May 19, 2010, smashing property and setting fire to the building.

The SET said the damage incurred amounted to 94 million baht, while TSD reported 380,000 baht in damage and Family Knowhow said it suffered 14.5 million baht in damages. The insurers rejected their claim.

They brought the case to the Court of the First Instance, which sided with the six insurers, as did the Appeal Court.

Both courts ruled the violence was caused by protests against the government of Abhisit Vejjajiva and was deemed terrorism, which meant the insurance companies were not liable.

The Supreme Court, however, said the damage was caused by people with malicious intent, which fell under the insurance policies.

The court told the insurers pay 89 million baht to the SET, 57,500 to TSD and nine million baht to Family Knowhow.

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