Dubai: Aramex will be making provisions of $15 million plus for damages related to the Beirut Port blast in August and “partial” to three of its storage chambers at its warehouse in Casablanca, Morocco. These will appear in the financials for the third quarter.
But “The company expects insurance policies to cover the losses and damages resulted from these incidents, with the total final reimbursement to be agreed upon based on the final reports issued by the related authorities in both countries,” the logistics giant said in a statement. "Aramex maintains comprehensive iinsurance coverage policies which should cover both incidents, and the management has appointed a loss assessor to manage both claims with the respective insurance companies."
The Beirut blast took out its warehouse and will result in provisions of $2.73 million. The Casablanca incident accounts for $12.35 million from damages sustained to the three storage areas within the warehouse.
“We would also like to notify the market that Aramex will disclose any potential reimbursement from the insurance companies only when it is certain to be received, and upon completion of all related procedures,” the statement added.