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US-Bangla plane crash: Procedure to pay insurance to start by April 15

  • Published at 01:13 pm March 21st, 2018
  • Last updated at 03:14 am March 22nd, 2018
US-Bangla plane crash: Procedure to pay insurance to start by April 15
The process of insurance payments to the victims of the US-Bangla plane crash will start by April 15. Sources said the procedure to pay the money might be delayed if problems arise regarding the identity of any victims or their successors. The amount of money to be paid to the victims is yet to be finalized. Sena Kalyan Insurance Company Limited Chief Executive Officer (CEO) Brig Gen (retd) Shafique Shamim said: “We are making an effort to pay some of the victims the insurance money by April 15. “We cannot say at the moment how much money the families will get.” “We have reinsured with the largest insurance company in the London market in compliance with the government’s insurance policy,” he said. Sources said victims or victims’ families will be given the compensation under the Warsaw Convention and the damages will be determined based on a number of issues like social and financial status, age, family and circumstances of loss of the victims. US-Bangla is insured with a domestic and a foreign insurance company.
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Since the accident, XL Catlin and Lloyd’s of London assigned two law adjusters– McLarens Aviation Limited and Holman Fenwick Willan — for investigation. Representatives of these firms are currently working on the spot, trying to determine the loss. “The firms will submit their probe report soon and the victims will get their insurance money following the recommendations in the report,” said Shafique. Right after the plane crash, US-Bangla airline authorities wrote a letter to the Sena Kalyan Insurance Company Limited, claiming the insurance. The insurance company is taking necessary initiatives to give the compensation to the victims. The airline authorities have already started to collect full biodata of the victims. They are also communicating with the legal successors. “We have sent a letter to the insurance company. We are conducting a search on the social status of all victims. We will also contact the legal heirs soon,” US-Bangla Airlines General Manager (public relations) Kamrul Islam said. Sources said the authorities of US-Bangla Airlines will compensate the families of the victims but the insurance companies will provide the financial assistance. In order to ensure that the victims get the money without any hassle, officials of Sadharan Bima Corporation and Insurance Development and Regulatory Authority (IDRA) have held several meetings. “We are trying our best to ensure that the plane crash victims get the insurance money at the earliest,” IDRA Member Gokul Chand Das said. Sena Kalyan Insurance Company Limited reinsured with Sadharan Bima Corporation and XL Catlin, the largest insurer in the UK, through reinsurance broker KM Dastur & Company. Sadharan Bima Corporation’s Managing Director Shahriar Ahsan said: “The victims will get insurance through US-Bangla Airlines. We will pay the compensation through the airline authorities following the recommendations of loss adjuster or surveyor firms. “Right now, we cannot say much money each of them will get. However, according to the cover note, a victim might be paid a maximum of $200,000 or Tk1.66 crore.” Experts think a victim’s family might get a maximum of $100,000 from the insurance as per the condition mentioned in the tickets of the airline. A senior official of an insurance company, seeking anonymity, said: “According to the US-Bangla Airlines ticket, the victims will be covered under Warsaw Convention.” A plane crash victim either dead or injured can get maximum $100,000 under the latest amendment of the Warsaw Convention. The first amendment to the convention was made on September 28, 1955 in the Hague Protocol. The facility was upheld for passengers in the last Guatemala City protocol amendment made on March 8, 1971. According to terms and conditions mentioned in the US-Bangla Airlines ticket, passengers will get the benefit under the Warsaw convention held on October 12, 1929 or on the amendment to the convention brought in the Hague, Netherlands on September 28, 1955. Decisions made in the Warsaw Convention are now effective in 99 countries around the world. Governments of the countries obey the rules even in domestic aviation. On February 13, 1979, Bangladesh announced that it would follow the Warsaw Conventions signed on October 12, 1929, and the amendment made in 1955 at the Hague. On March 12, at least 49 people, including 26 Bangladeshis, were killed in the US-Bangla plane crash at Tribhuvan International Airport in Kathmandu, Nepal. This article was first published on banglatribune.com