GIC Re, country?s official reinsurer which administers Terrorism Pool, set up by the domestic general insurers has released Rs 25 crore, as the first tranche of claim payment to Taj Mahal hotel which has been badly ravaged by the recent terror attack
Also the Life Insurance Corporation (LIC) has already paid Rs 74 lakh as claims to 22 persons who lost their lives on account the terror attacks in the city.
The family of the three police officials Hemant Karkare, Ashok Kamte, Vijya Salaskar have been paid claims by the corporation.
The corporation has simplified the documentation for the settlement of claims of the terror victims.
?We have established special help line(022-1251and 022-26134584)) for reaching out to the victims,?? said a senior official of LIC.
LIC had also paid claims of Rs 22 lakh to another police official- P Sharma who got killed by the terrorist in New Delhi Mosque. Though the total amount of insurance claims is yet to be assessed, the GIC Re has made the first claim amount from Terrorism Pool so that the repair work can take up speedily.
Taj hotel can be paid a maximum of Rs 750 crore of claim as Terrorism Pool can maximum pay that much amount on a single claim.
More than the property damage, claims out of the business interruption losses, valuable paintings will be quite large for Hotel Taj
Hotel Taj has been insured by three insurers Tata Aig general insurance, ICICI Lombard General Insurance and IFFCO Tokio General Insurance for a total sum assured of around Rs 1000 crore.
However any claim by the hotel on account of terrorism incidents has to be paid by the Terrorism Pool which has currently a total fund support of Rs 1500 crore. Another Mumbai based Trident Oberoi which was ravaged the terrorist is expected receive its payment shortly. The hotel was insured for Rs 2000 crore by New India Assurance.
However, the its maximum claim amount paid by the terrorism pool will be capped atRs 750 crore.