EXCLUSIVE:— PJAIE Management Board files injunction against NAGICO Insurances.

PHILIPSBURG:— The Management Board of Princess Juliana International Airport (PJIAE) has filed an injunction against NAGICO Insurances.

PJIAE is asking the court to force NAGICO to make an interim payment of $85M.  SMN News understands that NAGICO Insurances already paid PJIAE NAF.45M which is equivalent to USD 25M. According to the information provided to SMN News PJIAE submitted a claim for $140M. The court injunction came after months of negotiation between PJIAE and NAGICO. The case is expected to be heard next week.

Management of NAGICO confirmed that they received the court documents on Thursday. In an invited comment management of NAGICO says that everyone is entitled to legal recourse when they are not satisfied. Furthermore, NAGICO will defends its position in accordance of the policy terms and conditions.

Management of NAGICO Insurances said they are surprised by the injunction filed by PJIAE. They said that NAGICO adjusters are currently working with PJIAE representatives to quantify the claim.

Source: St. Martin News Network http://www.smn-news.com/st-maarten-st-martin-news/29167-exclusive-pjaie-management-board-files-injunction-against-nagico-insurances.html