Plane crash: Air India Express Boeing 737 aircraft was insured for $50 mn

While the Air India Express is expected to get full insured amount for the hull loss, it would have to pay compensation to kin of deceased and injured passengers as per applicable laws

The Air India Express Boeing 737 which met with an accident at Kozhikode on Friday night was insured for $50 million.

Globally, airlines buy insurance policies to cover asset damage, customer liability and third party claims.

Air India's fleet is insured for around $10 billion and the airline has a liability cover of $750 million. The policy is underwritten by four public sector insurance companies. This covers all 170 planes of Air India, Air India Express and Alliance Air. The policy was renewed in April with an annual premium of around $ 30 million, sources said.

While the asset insurance