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Mumbai: Indian Oil Corporation, the country’s largest state-owned oil refinery, has asked for Rs 900-crore claim for the losses suffered by the company at the massive fire at its depot in Jaipur.
This is one of the largest claims in the history of Indian insurance industry and is almost double the amount of the claims the two hotels—Taj Mahal and Trident — will be paid on account of losses due to terror attacks.
The claims settlement process will take some time to be completed. The IOC has bought its insurance cover at a cost of Rs 230 crore, majorly from ICICI Lomabard Genral Insurance which has 50% of the cover, joined by Oriental Insurance (25%), IFFCO Tokio General Insurance (15%) and National Insurance (10%).
However, being a very large insurance account, IOC has been reinsured over 90% with some global reinsurers, including India’s official reinsurer GIC Re, which will be shelling out the majority of the claim amount.
ICICI Lomabrd has confirmed that the company has sent surveyors to the fire site for assessing the extent of damage due to the fire. Sources point out that the premium amount at the renewal of the IOC account in 2010-11 will be much higher.
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