CPL gets K10 million fire insurance settlement

​Pacific MMI Insurance has settled an initial K10 million claim with Çity Pharmacy Limited following the recent fire which gutted its warehouse at Gerehu.

Chairman of Pacific MMI Insurance, Dr Ken Ngangan, handed over a mock cheque to CPL Chairman, Mahesh Patel, today before the staff and media.

The K10 million claim is an initial payment which will go towards replenishing stocks which were lost during the fire.

More urgently required are medical stocks for CPL's Pharmacies.

Patel thanked Dr Ngangan as well as Pacific MMI Insurance CEO, Angus Maciver when receiving the cheque saying they will continue to ensure that their stocks remain consistent.

Meantime, the settlement follows an independent assessment of the claim by Pacific MMI insurance after the fire which they agreed was genuine.

Maciver said that other payments will be made later once a full scope of the damage has been done.

He added initial payment would cover the loss of profits in the future and that later settlement payments would be lowered as a result.

Cedric Patjole