News From Press Chennai calamity: Flood-ravaged corporate jets to cost insurers Rs 500 cr

Chennai calamity: Flood-ravaged corporate jets to cost insurers Rs 500 cr

Source: Business Standard Feb 22, 2016

Eight private jets owned by corporate houses were irreparably damaged in the Chennai floods last December. The planes had been submerged under water for a prolonged period and the water entered the entire aircraft.

The eight jets, belonging to TVS Motor, Sun TV, Kalyan Jewellers, the Joyalukkas group and others, have a combined insured value of around Rs 500 crore and the entire claim value will have to be borne by insurance companies.

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