Insurers get ready to settle $250-million Aban claim

Leading domestic insurers, including New Indian Assurance, United India Insurance, ICICI Lombard General Insurance and country s official reinsurers GIC Re, are getting ready to settle claims out of a casualty involving the sinking of the Aban Pearl, a rig owned by Aban Offshore. Aban rig has a $ 250-million hull policy against any physical damage or total loss to the rig and had paid premium of around $ 10 million. Aban had also taken a $100-million protection and indemnity insurance cover, which will meet any claims related to debris removal. However, it is not yet known whether the company had ...

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