PHILIPSBURG–Both Princess Juliana International Airport and insurance company NAGICO wrapped up presenting their arguments mid-last week when arbitrators reviewed their hurricane insurance claim pay-out. Arbitrators are to give their decision on the matter by the end of June.
Both parties have up to June 7 to submit any additional documents to three arbitrators for consideration. The panel comprises a representative chosen by the airport and one chosen by NAGICO. The two parties involved in the dispute agreed jointly to the third arbitrator.
Arguments focused on the pay-out figure of the insurance claim, repairs and other points of contention following Hurricanes Irma and Maria in September 2017.
The airport received a judgment for some US $54 million in its summary proceedings case against NAGICO. As the insurer had already paid out $25 million in advance and some $4.2 million had already been spent on the repair of the roof, this left $54 million minus $20.8 million – $33.2 million – to be paid in advance. NAGICO paid the $33.2 million in full.
However, the airport’s total claim was significantly higher, clocking in at well over $100 million. NAGICO wants to stick to the court decision and pay no more than that amount to the airport. This led to the arbitration proceedings.
Should the two parties not agree on the decision of the arbitrators come the end of June, there is a possibility they will end up before a judge once again for a decision on the rest of the pay-out.