new Delhi. Airline officials have made it clear that the Air India Express Plane, which crashed at Kozhikode Airport on Friday evening, was not of the company’s own lease. In such a way, the way for the money received by the insurance company from Air India Express has been cleared. The airline will get around Rs 373 crore from the insurance company. Let us tell you that before the accident, there were 25 Boeing 737-800 NG aircraft in the total fleet of Air India Express Plane Crash. Of these, 17 aircraft which have become 16 after the accident are airline own and the remaining eight aircraft are leased. In the case of people associated with the insurance industry, if it is a proprietary aircraft, then the airline will be paid the full claim amount.
Insurance gets approval
Air India Express will receive a full claim amount of $ 50 million, with the Dubai-Kozhikode flight’s total loss claim cleared by the aircraft’s major re-builder. The major reinsurance company of the crashed Air India Express has approved the claim for total loss. Actually, an insurance company also needs protection. That is why insurance companies buy reinsurance. These insurance companies purchase insurance to ensure that they are able to fulfill their obligations to customers. This process of transferring your risk by an insurance company to another insurance company is called reinsurance.
London company got approval
A senior official of one of the four insurance companies insuring Air India aircraft said in a media report that a consortium of primary insurers, like the consortium of primary insurers, insured the aircraft of Air India and its subsidiary Air India Express Have done Major reinsurance AIG London has approved the entire claim (claim for loss of aircraft). Other reinsurers’ associations will also give their approval.
Four companies have insured 170 aircraft
New India Assurance, a consortium of four public sector insurers, National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited have insured a fleet of about 170 aircraft of Air India and its subsidiaries, including Air India Express Is included. The airline has taken policies covering insurance for aircraft losses, liability for third parties and passengers.
All risks will be covered
According to the official, the major re-builder has also estimated to pay an interim liability / claim for the total loss of the aircraft. The insurance of the Boeing aircraft that crashed is $ 50 million. Air India Express will be paid the amount claimed for the loss in the aircraft. The officer said that all risks to the aircraft are covered in insurance. As a part of the claims process, the insurers / reinsurers will also ask for documents such as accident investigation reports, aircraft maintenance log books and pilot log books. The official also said that Boeing, the aircraft manufacturer, would also like to know the cause of the accident.
18 people died in Kozhikode aircraft accident
The Air India Express plane had slipped off the runway at Kozhikode airport in Kerala on Friday evening and fell into a ditch. The plane broke into two pieces in the accident, killing 18 people and injuring several others. Now the total damage done to the aircraft will be calculated and on the same basis the airline will get the money from the insurance company. There will be a legal team to take stock of the situation in relation to passenger liability or compensation to the legal heirs of passengers. Passenger liability also covers the value of the luggage.