By Favour Nnabugwu

Seven local insurance companies are to pay their share of 30 per cent claims in the $4.5million insurance premium paid by management of Dana Airline for insurance of the aircraft.

The ill fated plane that crashed on Sunday, June 3, 2012, Vanguard investigations revealed that aircraft was insured and had a combined single limit of $350million out of which 30 per cent was retained in the local market led by Prestige Assurance Company and 70 per cent insured overseas through Aon Brokers to insurers in the London market.

The insurance account of the airline which was co-insured were shared as follow: Prestige Assurance leading with 8%; Leadway Assurance with 7%; NEM Insurance, 5%; Sterling Assurance, 3%; Continental Reinsurance 3%; Aiico 2% and Standard Alliance 2%.

Llyods of London, the group insurer of Dana Airlines, said that it would pay adequate compensations to the families of the victims of last Sunday’s air crash at Iju-Ishaga, a Lagos suburb.

Mr Yomi Oshinkoya, the Lloyds Correspondent, disclosed this on Wednesday at a joint news conference addressed by officials of the Lagos State government and Dana Airline.

The news conference took place at the Lagos State University Teaching Hospital (LASUTH), Ikeja, with Mr Ade Ipaye, the Lagos State Attorney-General and Commissioner for Justice, in attendance.

Oshinkoya said that compensations would be paid to the victims families, according to aviation standards, adding that people should not be afraid that the accident occurred in Nigeria.

He assured all the families of the victims that the airline was well insured and would live up to its liability bidding in this regard.

“The international law and standards stipulate that the sum of 30,000 dollars (N4.6 million) must be paid to each of the victims’ family within the first 30 days of the accident, as initial payment.

“A sealing of 100,000 dollars (N15 million) should be paid to the victims family after they must have completed all the requirements expected of them by the law,” Oshinkoya said.

He said that the compensation would be for the passenger families and those on the ground.

He explained that the insurer had commissioned a Nigerian surveyor to go to the site and evaluate the values of the buildings and properties damaged.

“The surveyor is to make a comprehensive report to the insurer through the airline for them to work out the compensations to be paid to them.

Oshinkoya, however, urged family members of the victims to come up with evidence to proof their claims that link them with the deceased.

“We will be responsible, as we do not want families of the victims to suffer and their claims would be processed as fast as possible,” he said.

Oshinkoya said that when payments would be made, the airline’s insurer would write to individual victim’s families to inform them.

Mr Francis Ogboro, representing Dana Airline, denied rumours that the aircraft was faulty before taking off from Abuja. “Dana takes the safety of its aircraft and that of its passengers very seriously,” he said.

He added that the airline had set up an Information Desk at the Terminal Two of the Murtala Muhammed International Airport, Lagos, where families of the crash victims could get information.

“With that, the information that will be provided to the airline’s insurer would be fool-proof and will facilitate the payment of compensations,” he said.