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Oriental to insure aircraft of Paramount Airways

Staff Reporter

COIMBATORE: Oriental Insurance Company Limited has clinched a deal to insure the aircraft of the Coimbatore-based Paramount Airways, scheduled to begin operations next week.

Four public sector general insurance companies and one private sector insurance firm participated in the quotation process, said the Divisional Manager of the Oriental Insurance Company Limited C. Kumar.

Competitive deal

Refusing to divulge the premium amount, Mr. Kumar said that it was a highly competitive deal. According to him, Oriental Insurance had an edge over its competitors because of its exposure in this arena.

`We have the experience of having provided insurance cover for aircraft of Jet Airways and Indian Airlines,' he said.

Risk profile

The aviation risk profile was huge, since each aircraft was worth Rs. 150 crores, and the company provided passenger and third party cover as well.

`Indian companies alone cannot take on this load. Oriental Insurance had the backing in the form of a reinsurance from a firm in London,' he said.

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