Business Daily from THE HINDU group of publications
Tuesday, Nov 06, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Nov 06, 2007 ePaper | Mobile/PDA Version |
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Logistics
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General Insurance New India front runner for AI’s fog insurance cover
A file photo of an aircraft landing in dense fog. Ashwini Phadnis New Delhi, Nov. 5 New India Insurance is the front runner for picking up the mandate to provide fog insurance cover to both domestic and international flights of Air India. Sources told Business Line that although a final decision is expected within the next few days the public sector insurance company was likely to beat competition from a number of other insurance companies, including some from the private sector, and win the mandate. The insurance cover would get triggered if fog persists at an airport for more than six hours for three-to-four days and visibility is reduced to below 200 metres. The cover is to run till March 31 next year and would be available at 17 airports in India and abroad. While Bangalore, Dibrugarh, Lucknow, Srinagar, Delhi and Amritsar are among the domestic airports where the cover would be applicable, New York, Chicago, Toronto, Birmingham and Frankfurt are among the international airports. The airline’s total exposure is Rs 20 crore, with the airline seeking a maximum daily expenditure of Rs 10 lakh for delays at Indian airports and Rs 20 lakh/day for delays at international airports. The funds would be used to cover expenses incurred by the airline on account of re-routing of the aircraft and providing hotel accommodation for passengers. This is the second successive year that the airline is seeking an insurance cover against loss arising out of its flights getting delayed by foggy conditions. More Stories on : General Insurance | Climate & Weather | Airlines
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