Rs 500 Crores Hit-One of the Biggest
Rs 500 Crores Hit By Insurance Companies :
Eight corporate jets which were submerged under flood water at Chennai airport in December are being written off as the damage is beyond repairs.
Insurance companies say that the aircraft parts will be sold for scrap to recover part of the costs. “The damages to the jets and its parts are severe and cannot be restored. Hence, we will have to dismantle and sell parts as scrap, though we will only be able to recover 20-30 per cent of the costs,” said chairperson and managing director of a large public sector general insurer which had exposure to these jets.
The eight jets belonging to TVS Motor, Sun TV, Kalyan Jewellers, Joy Alukkas group and others have a combined insured value of around Rs 500 crore and the entire claim value will have to be borne by the insurance companies.
Chennai-based United India Insurance, among other insurance companies, has been involved in the process of assessing the claims through insurance surveyors and loss assessors. Others like Oriental Insurance and some private insurers were also involved in the insurance of the jets and took a hit due to the floods. But share of public insurers was much higher in the claim.
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