Neshami Loss Adjusting Secures $2.3 Million Victory in Insurance Dispute

In a significant victory for Neshami Loss Adjusting, a Kuwait-based stock-listed company has been awarded KD700,000 (approximately $2.3 million) in arbitration against a local insurance company, after the insurance company refused to pay an insurance claim. The case, which was in accordance with Kuwaiti law, involved a fire in a factory belonging to a third-party on the insured's premises, which resulted in damage to plastic inventory.

At first, Neshami's role in the case was to act as Loss Assessors and represent the insured against the insurance company, evaluate and determine the claim amount, investigate the cause of loss, assess the damages, and prepare a proper claim. When the insurance company refused to pay, alleging the insured's breach of policy terms and conditions, Neshami worked closely with the insured's legal representatives to assist and to provide support in the resolution of the dispute.

The team at Neshami provided expert testimony, analyzed data, managed documents discovery, and attended arbitration sessions. The case faced many internal and external challenges, and as a result, the insured’s legal representatives were changed many times, and the case had to be kept alive for several years.

Despite these challenges, Neshami's experts were able to prove that the insured had an insurable interest in the damaged inventory due to care and custody, which was covered under the policy. Additionally, the team proved that the case was not time-barred as alleged by the insurance company, and the cause of fire was in fact covered by the insurance policy issued.

The final arbitration award was a compelling victory for Neshami Loss Adjusting and its client, and the team is proud of their work in helping the insured achieve 100% of the claim sought. This case serves as a reminder of the importance of thorough and effective loss assessing and litigation support services in resolving disputes with insurance companies.