The aircraft accident in Ahmedabad on June 12 has made many such wounds, which will take time to fill. This plane crash not only killed the people on the aircraft but also caused the death of those who were in the place where the aircraft fell. Air India has announced financial assistance for the people who lost their lives. He would have to pay money to recreate the buildings which became grounded due to this accident. However, the air lines will help the company from insurance companies. Let us try to know the answers to the big questions related to insurance after this incident.
What is the process of claiming insurance after such a big accident?
The victims of such accidents have to claim themselves to get compensation from the insurance company. The insurance company will give insurance money only when the victim or a group of individuals will claim. The families of those killed in this accident will have to go to Air India or Insurance Company. They have to present a death certificate, ID proof, ticket details etc. After claiming, his processing may take a few weeks to a few months.
How is airplane insured?
Airlines companies typically buy Hull Insurance. It consists of the ship’s body, engine and other equipment cover. Air India’s Boeing 787-8 insurance was around $ 15-20 million. Generally, India Insurance companies do not insure so much amount alone. She insures for insurance, in which more foreign insurance companies cover more risk.
How will those who lose their lives in this accident get insurance money?
The money that passengers receive from the insurance company in case of an aircraft accident are called ‘Passenger Legal Liability Insurance’. It is an integral part of the aircraft insurance under the Montreal Convention. Under this rule, Air India can pay about Rs 1.75 crore to the family of the victim. In this accident, the total passenger -ilated liability is expected to be around $ 35 million. The Tata Group has now announced the Rs 1 crore to the family of the victims, it is an X -resia payment. This means that it is an interim payment. The company will make the final payment later.
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Will the families of the people who are victims of the accident be compensated?
The answer is yes. This third party comes under liability insurance. Under this insurance, if a third party suffers from life and property if the aircraft crashs, then the insurance company will compensate for it. Some part of the aircraft collided with a hostel building after the accident, killing 38 people. All these people will get compensation from the insurance company.