ONGC gets Rs 864 cr from UIIC against BHN settlement

New Delhi, Mar 13 (UNI) State-owned Oil and Natural Gas Corporation (ONGC) today received a Rs 864 crore cheque in respect of the BHN accident against its Offshore Package Policy.

The cheque was handed over by United India Insurance Company (UIIC) CMD M K Garg to ONGC CMD R S Sharma.

With this, the total amount received by ONGC toward the BHN accident loss works out to around Rs 1,700 crore, the largest ever insurance claim.

BHN accident took place on July 27, 2005, causing a major fire which totally destroyed the platform, while Multipurpose Support Vessel (MSV) 'Samudra Surkasha', which sustained major damages, sank on August 2, 2005.

ONGC's offshore properties damaged in the above accident were insured with United India Insurance Company (UIIC) under ONGC's Offshore Package Insurance Policy for 2005-06 Policy year with effect from May 11, 2005 against all risk of physical amage/loss. The claim settlement was ably facilitated by the Reinsurance brokers M/s Jardine Llyod Thompson (JLT), London, supported by their Indian partner M/s Heritage Insurance brokers Pvt Ltd.

UNI