The Tata Group has announced big compensation for the family of those killed in the Ahmedabad plane crash. India’s biggest business group has said that Rs 1 crore will be given to the family of every person who is victims of the accident. However, the Tata Group and Air India will not have to pay this money from their pockets. It is said that this money will have to be given to New India Assurance and Tata AIG. The reason for this is that both companies give insurance cover to the plane of Air India. Sources associated with the case gave this information.
Air India has a $ 20 billion insurance cover
According to reports, Air India has taken a $ 20 billion insurance cover for its aircraft. After the merger of expansion, the number of Air India aircraft has increased to 300. For insurance of these aircraft, the company paid a premium of $ 3 million, or about Rs 246 crore in 2023-24. This premium amount has not increased. However, the insurance cover has increased from $ 10 billion to $ 20 billion. Generally, domestic insurance companies do some part of ships insurance themselves and make the rest of the foreign reintegors’.
Insurance more share foreign insurance companies cover
Sources said that about 5 percent of the Hull Claim will be carried out by the Indian Insurance Company GIC Re, while foreign reinsure companies will cover the risk. Aig London can cover the highest risk in this. Experts say that aviation has two parts of the insurance cover. The first, the plow is insurance, while the second is passenger liability. The plow cover means the money that the Airlines company gets to damage the aircraft in the accident.
The value of plane crashed in Ahmedabad can be imposed $ 2-30 million
Experts say that the value of 787-8 Dreamliner of Boeing crashed in Ahmedabad can be imposed $ 20-30 million. Insurance Brokers Association of India (IBAI) President Narendra Bhaindwal said that passenger liability for Europe’s countries is usually more than $ 400 million. Pencanger liability comes under third party liability. In this, compensation is given for the passenger or his injuries. Apart from this, he gets compensation even if he is lost like a passenger. It is found under Montreal Convention and India’s Carriage by Air Act.