Air India Express plane, which overshot runway, was insured for $50 mn

The Air India Express Boeing 737, which overshot the Kozhikode table-top runway on landing at 7.41 pm on Friday, 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 $30 million, said sources.

“The claim settlement will depend on