In January this year, the cabinet approved listing of 5 public sector gener...
The popular multi-storied textile showroom has an insurance cover from New India Assurance Company Ltd to the tune of Rs.40 crores. It was previously insured by National Insurance Company.
As per documents, the facade of the building was constructed in gross violation of rules and a significant portion of the front of the structure collapsed from the intensity of the heat.
Though one of its flagship stores was destroyed in fire and losses are being assessed, Chennai Silks’ fire insurance cover is expected to help recoup a significant portion of the losses,
According to a senior official of New India Assurance Company, “The claim process will take six months to one year for such big claims as various parameters have to be assessed before arriving at the final settlement”.