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CPA receives $15M insurance money for Super Typhoon Yutu

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THE Commonwealth Ports Authority has received a total of $15 million in insurance settlement for the destructions caused by Super Typhoon Yutu in Oct. 2018.

In a report he presented last week, CPA board financial affairs committee chairman, Ramon Tebuteb said CPA received $1 million on Sept. 25, 2019, as part of the advanced payment for the insurance settlement. To date, he said CPA has received a total of $15 million.

CPA comptroller Skye L. Hofschneider said the ports authority stands to receive between $15 million and $20 million in insurance settlement.

The Francisco C. Ada/Saipan International Airport was heavily damaged by Super Typhoon Yutu, which caused a steep decline in tourist arrivals in the first and second quarters of fiscal year 2019.

Tebuteb stated in his report that CPA is required to deposit the insurance proceeds with the bond trustee.

In order to draw down the funds, CPA will need to provide certain documents such as project proposals and certified invoices, he added.

Also during last week’s meeting, the board members identified projects that will be funded by the insurance proceeds.

CPA Chairwoman Kimberlyn King-Hinds said these include the repair of one of the loading bridges, the renovation of the airport traffic control tower, and the construction of a training facility.

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