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
larger | smaller
By m.p. - Nov 24, 2009 - 2:27 PM

A view of the paseo marítimo in Benalmádena Costa - Wikipedia

They are reported to have refused to honour the policy the Irish owner took out to cover his payments to the builder

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.

Click here for related stories

mobile |

email this article | print

printer friendly page

More Spain News : Andalucía : Costa del Sol

Readers' comments:
Please keep to the subject. Opinions published here are of our visitors, not the Typically Spanish team. Comments which go against Spanish laws or which are libellous are not allowed. We reserve the right to delete any comment we wish. Placing a comment indicates you have read our terms and conditions and privacy policy.

Por favor, céntrate en el tema. Son las opiniones de los internautas, y no las de Typically Spanish. No está permitido verter comentarios contrarios a las leyes españolas o injuriantes. Reservado el derecho a eliminar los comentarios que consideremos fuera de tema. Escribir un comentario indica que has leído nuestros condiciones de uso y politica de privacidad.