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Conflicts over Bellview plane insurance

Posted by By Ifeanyi Ugwuadu on 2005/10/24 | Views: 717 |

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Conflicts over Bellview plane insurance


TWENTY FOUR hours after reports confirmed the death of about 117 people on board the Bellview airline that crashed Saturday in the outskirts of Lagos, the insurance market is still grappling to ascertain the insurers of the aircraft.

LAGOS—TWENTY FOUR hours after reports confirmed the death of about 117 people on board the Bellview airline that crashed Saturday in the outskirts of Lagos, the insurance market is still grappling to ascertain the insurers of the aircraft.

While some claim that Leadway Assurance is lead insurer of the Bellview aircraft, others say the insurance is placed offshore. Other companies said to be co-insurers of the airline are yet confirmed.

Although Vanguard is yet to establish the insured value of the aircraft and possible limits of passenger insurance, some insurers said the loss is very huge not only in terms of financial estimates but in terms of the tragic event that has left the nation in shock.
A chief executive of a leading reinsurer believed to be one of the reinsurers of the aircraft said he would not speak on the matter until much later. "I am not in the mood to talk about that issue now," he stated.

However, it is expected that by the end of today, the underwriters would have issued a statement on the crashed aircraft.
An official of leading reinsurer, Africa Re on its own said is not on the treaty of the Bellview but disclosed that the renewals about to be concluded in London would have had the reinsurer on the business against 2006.
Efforts to contact the lead insurer to confirm the insured value of the aircraft proved abortive as the Chief executive officer could not be reached on his mobile phone.

Commissioner for Insurance, Chief Emmanuel Chukwulozie told Vanguard that he escaped narrowly from the accident as he was billed to board the flight on his return from Vienna where he attended a conference of insurance commissioners.



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