ICICI Lombard General Insurance has reinsurnace support for providing the cover to the business aircraft by ceding manadatory four per cent to state owned GIC Re along with a treaty policy wth Munich Re
The Learjet 45 (LJ45), a mid-size business jet aircraft produced by the Learjet Division of Bombardier Aerospace, went off the runway while attempting to land at Baramati airport and burst into flames
Mumbai:The mid-size business jet aircraft, that crashed near Baramati on Wednesday morning killing Maharashtra deputy chief minister Ajit Pawar and four others including two pilots, was solely insured by ICICI Lombard General Insurance with for Rs 50 crore, said industry sources.
ICICI Lombard General Insurance,the second largest general insurer in the country, has taken reinsurnace support for providing the cover by ceding manadatory four per cent to state owned GIC Re along with a treaty policy with Munich Re.
According to aviation insurance observers, ICICI Lombard General Insurance will have to pay around Rs 55 crores for Hull and liability cover of five passengers and can recover upto Rs 45 crore from the reinsurers.
Under Indian law, an air passenger gets around Rs 1 crore of standard claims in case of death due to accident.
The Learjet 45 (LJ45)(registration VT-SSK), a mid-size business jet aircraft produced by the Learjet Division of Bombardier Aerospace, went off the runway while attempting to land at Baramati airport and burst into flames, sources said.
The aircraft was owned by Delhi based VSR aviation. that has 17 aircraft and over 15 years exprience providing aircraft charters to business professionals as well as medivac.
Though, the causes of the crash of the aircraft carrying Pawar is not immediately known , sources told that the aircraft pilot had mentioned about poor visibility near the runway, before the aircraft attempted the landing.
“The aircraft was insured under an Aviation insurance policy issued by ICICI Lombard. Consistent with our prudent risk management and retention framework, the exposure under the policy is appropriately supported through adequate reinsurance arrangements,” said ICICI Lombard General Insurance in a statement on Wednesday.
“We remain committed to the highest standards of regulatory compliance and corporate governance. Our teams are closely coordinating with the relevant authorities and stakeholders to facilitate the claims process in accordance with policy terms and applicable regulatory requirements,” informed the statement
According to Flight Radar, the flight took off from Mumbai at 8.10 am and it disappeared from radar around 8.45 am.
The aircraft was cleared for landing in Baramati on Wednesday morning after multiple attempts, but having finally received landing clearance it did not give any `read-back’ or response to the ATC, and moments later burst into flames on the edge of the runway.
The aircraft was trying to land amid poor visibility, Civil Aviation Minister K Ram Mohan Naidu said earlier.
Baramati has an `uncontrolled airfield’, and traffic information is provided by the instructors/pilots from the Flying training Organisations at Baramati.
The ill-fated aircraft appeared “a bit unstable in the air” and exploded the moment it crashed on the ground near Baramati in Pune district on Wednesday morning, according to a woman eyewitness.
Another person who witnessed the incident said that after the crash, the aircraft burst into flames, followed by four to five consecutive blasts.
The woman said she noticed the aircraft in the morning as it circled the Baramati airport.
“It took a round in the air, appeared a bit unstable and as it was approaching the runway to land, it hit the ground hard and exploded. There was a loud sound and could be heard at our home,” the woman told a news channel.
She said several parts of the aircraft were hurled into the air after the explosion and fell near her house. “The plane tilted before coming down. We saw the explosion and it was frightening,” she said.
Another eyewitness also said the aircraft appeared to be losing control as it descended.
“The way the plane was coming down, we felt it was going to crash. It was around 100 feet above the runway. As we rushed towards it, we saw flames, followed by four to five consecutive blasts, which prevented us from going anywhere near the aircraft,” he told reporters.
“It was a major fire. We later learned that Pawar was on the aircraft. It was shocking for us,” he added.
Pawar was travelling to Baramati from Mumbai to address public meetings as part of the campaign for the February 5 zilla parishad elections in the state.
There were five persons on board when the aircraft crashed at 8.50 am, a police official said.
Superintendent of Police, Sandip Singh Gill, said that after the crash, there was a fire. “People onboard were immediately taken to the hospital,” he added.
Pawar and four other persons were killed after an aircraft carrying them crashed in Pune district on Wednesday morning, officials said.
The incident occurred when the plane carrying Pawar (66) and others landed near Baramati, they said.
Pawar was traveling to Baramati from Mumbai to address public meetings as part of the campaign for the February 5 zilla parishad elections in the state.
There were five people on board when the aircraft crashed at 8.50 am, a police official said.
Superintendent of Police, Sandip Singh Gill, said that after the crash, there was a fire. “People onboard were immediately taken to the hospital,” he said.
This is the second major insurance claims in the country after Air India’s last year June 12 Ahmedabad crash claim that is likely to hit a total of $475 million (Rs 4,275 crore) including $350 million of liability claims involving the compensation amount for 260 people who lost their lives in the mishap.
The Ahmedabad-London Gatwick flight AI-171, operated by Air India using a Boeing 787 Dreamliner, crashed near Ahmedabad, killing 260 people, including 241 passengers. The aircraft was completely destroyed.