Allied Insurance ordered to pay USD 22 million to Yacht Tours
The Civil Court made the ruling on Sunday
Allied Insurance
Allied Insurance has been ordered to pay over USD 22 million to Yacht Tours Maldives.
The Civil Court made the ruling on Sunday.
While Yacht Tours was given the contract to develop Alidhoo island as a tourist resort, under Allied’s Fire Insurance Policy, the company filed a dispute against the insurance provider for not providing coverage for said damage, despite the company having paid the insurance.
Some of the water villas build were damaged by adverse weather conditions in 2014.
In its ruling, the Civil Court noted that the damages incurred due to the weather can be claimed under the agreement signed between Yacht Tours and Allied Insurance.
Hence, the court ordered the insurance provider to pay USD 22,784,837.59 to Yacht Tours, as per the agreement signed.
The court added that the amount should be paid within six months after the ruling.
Yacht Tours is owned by Kaashidhoo constituency MP, Abdulla Jabir.
