Court reportedly orders embargo on Zurich insurers over off-plan purchase in Benalmádena

Court reportedly orders embargo on Zurich insurers over off-plan purchase in Benalmádena
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By m.p. - Nov 24, 2009 - 2:27 PM
They are reported to have refused to honour the policy the Irish owner took out to cover his payments to the builder

A view of the paseo marítimo in Benalmádena Costa - Wikipedia

A judge in Madrid is reported to have ordered an embargo on the Zurich insurance company for failure to honour a claim by a policy-holder in Benalmádena from their sister company, ACC Seguros. El Mundo said the company was given a deadline of this Tuesday to pay up.

The policy-holder is an Irish man who the paper reports bought two properties in Benalmádena in 2005, covering the payments made to the constructor with a policy taken out with ACC. The construction company was however unable to complete the properties by the 30-month deadline and is understood from sources quoted by El Mundo to have filed for insolvency proceedings after failing to meet the deadline.

The Irish policy-holder took his claim to court after Zurich’s alleged refusal to honour his claim for almost 127,000 € to cover the down payments he had made for his two properties. The ruling from First Instance Court No. 9 in Madrid was issued on 4th November, ordering the insurers to pay the amount, plus more than 38,000 € court costs, or have part of their assets embargoed.
Zurich have however told the newspaper that they do not expect an embargo this Tuesday, but instead expect notification of the court claim, after which the company will provide bank details to guarantee the amount claimed while they study their defence in the case.

The owners of the remaining apartments in the Benalmádena complex are reported to have taken their claims through a court in Fuengirola.

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