Supreme Court orders 6 insurers to pay 100 million baht to SET for riot damage
Thailand’s Supreme Court has ordered six insurance companies to pay the Stock Exchange of Thailand (SET), Thailand Securities Depository and Family Knowhow Company 100 million baht in total compensation for damage caused to the SET building and valuables contained therein by arsonists during the anti-government protests in 2010.
The Supreme Court’s verdict, which was read today (Wednesday) at Bangkok South Civil Court, overturned the verdicts of two lower courts which acquitted New Hampshire Insurance, Dhipaya Insurance, Fall Call Insurance, Bangkok Insurance, Deves Insurance and Muang Thai Insurance.
The three plaintiffs took out insurance on valuables in the SET building worth about 3.4 billion baht with a coverage period from January 31st 2010 to January 31st 2011.
On May 19th, 2010, a group of unidentified rioters broke into the SET building, set fires and damaged valuables, causing total damage estimated at about 108 million baht.
However, the six insurers refused to pay out on the policies, claiming that the arson committed by the rioters was an act of terrorism and, hence, they were exempted from compensating the insured parties.
The Supreme Court, however, ruled that the torching of the building and valuables during a riot was not an act of terrorism.