Mumbai: State-owned general insurer New India Assurance will have to fork out around Rs 2.5 billion in insurance claims to Hindustan Aeronautics Ltd (HAL), following the crash of its Sukhoi Su-30 fighter jet near Nashik last week.
This will be the largest claim in the aviation sector for Indian insurers in the last three years, said sources.
The Su-30 aircraft was on a pre-delivery test flight when it crashed last Wednesday. There were no casualties. HAL had insured the aircraft with New India Assurance for around Rs 2.5 billion. The policy covers manufacturer liability arising from accidents or incidents before it is handed over to the air force.
05/07/18 Aneesh Phadnis & Advait Rao Palepu/Business Standard
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This will be the largest claim in the aviation sector for Indian insurers in the last three years, said sources.
The Su-30 aircraft was on a pre-delivery test flight when it crashed last Wednesday. There were no casualties. HAL had insured the aircraft with New India Assurance for around Rs 2.5 billion. The policy covers manufacturer liability arising from accidents or incidents before it is handed over to the air force.
05/07/18 Aneesh Phadnis & Advait Rao Palepu/Business Standard
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