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DANA Aircraft Was Insured for Combined Limit Risk of $ 350 million (N 56 billion)

By on June 14, 2012

The National Insurance Commission (NAICOM) has ascertained that the ill-fated Dana aircraft was insured for a combined risk of $ 350 million (N 56 billion).

The local underwriters led by Prestige Assurance have expressed their readiness to pay compensation to the families of the deceased, beginning with an initial compensation of $ 30,000 (N 4.8 million).

Prestige Assurance led a consortium of other local insurance companies to underwrite 30% of the $ 350 million for which the plane was insured.

The balance of 70% was taken up by foreign insurance companies including Lloyds of London.

The $ 350 million covers the benefits due to the passengers and third-party liabilities as well as to Dana for losing an aircraft and employees.

However after a cosmetic analysis of the damage, the insurance companies involved do not believe they will have to cough up the entire $ 350 million.

Prestige Assurance has said it is setting up customer claims centers in different regions of the country where the families of the deceased may go to verify their status as beneficiaries to the compensation.