NSI Insurance Group Chairman & CEO Oscar Seikaly spoke with The New York Times reporter Keith Bradsher about the insurance and legal implications in the aftermath of the fires that tore through multiple towers in Hong Kong’s Tai Po district.
With hundreds killed, injured, missing, or displaced, the path to compensation could be long and complex. Seikaly noted that all parties tied to the construction project may face legal claims, including manufacturers and distributors of building materials, contractors and subcontractors, and property managers overseeing the towers.
These catastrophic events stress how why risk mitigation, accountability, and fire safety compliance can’t be afterthoughts. The claims process, liability determinations, and potential payouts could take months or years to resolve, impacting thousands of lives.
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