Insurers Reject Panama Claims
PANAMA CITY — Dozens of store owners whose shops were ransacked amid frenzied looting after last week’s U.S. military operation were told Wednesday that “acts of war†are not covered by their insurance policies.
“We regret to inform you that the claim you have submitted . . . must be rejected because the insurance policy excludes losses suffered as a direct or indirect result of acts of war,†said one letter sent by Panamanian insurance companies.
Conservative estimates by insurance brokers and store owners put the damage and losses between $750 million and $1 billion, according to Alfredo Maduro, president of the Panamanian Chamber of Commerce.
Maduro said Panamanian businessmen will ask the United States for direct assistance “in the form of equipment, technology and interest-free loans†to try to recover losses and resume operations.
“The insurance companies are saying that in an invaded country there is no insurance coverage,†insurance broker Gilberto Jimenez said.
Businessmen have estimated that more than 90% of the shops were looted on Via Espana and Central Avenue, two commercial streets in downtown Panama City.
Thousands of looters raided food, furniture, televisions, appliances and other goods. Only bookstores survived.
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