No insurance claim from Bolton market affectees

The major insurance companies have not received any insurance claim or demand from the Bolton market affectees so far as most of the shops and properties, located in the paper and wholesale market jurisdiction were not insured, Even now, the concerned companies have not been approached by the affected traders. Till filing of this report, the owners of affected shops, who suffered losses during violence acts, had not submitted their claims of compensation to insurance companies.When this correspondent contacted the officials of top insurance companies like EFU General, Adamjee and AIG Insurance, they said none of the traders has made claim on their insurance policy for the compensation of properties that were damaged on 28 December 2009, while, some private companies said they have no exposure towards offering non-life general insurance services. Therefore, they have no client-base in this segment.Sources said that there were very few shopkeepers who had ownership of their properties in the Bolton market; however, most of the shopkeepers had obtained shops on goodwill (Pagri) by the genuine owners of the shops. There were very small shops and godowns whose value was not more than Rs 2.5 million and raw and goods material of the same worth was stored in the godowns as well. Therefore, the total value of the shop amounted to Rs 5 million. “The value of shops was down due to keeping these shops on goodwill basis”, sources said.