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"Armavia" Suffered The Least?

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  • "Armavia" Suffered The Least?

    "ARMAVIA" SUFFERED THE LEAST?

    A1+
    [02:35 pm] 05 May, 2006

    There is an unwritten law in the aviation sphere: "Aviation laws are
    written in blood". After each crash the laws and rules concerning
    the sphere are improved.

    The crash of the airplane flying from Yerevan to Sochi will give
    the specialists another occasion to think if everything was done to
    maximally guarantee the security of the passengers.

    But there is not a single aviation company in the world which will
    confess that it did not do everything possible for maximum security. It
    is noteworthy that if the aviation company is able to prove in
    court that they did everything possible, but it was impossible to
    prevent the crash, the company will be able to avoid making insurance
    payments. Nevertheless, nothing of the kind has ever happened. One
    of the reasons is that any judge is also a potential passenger.

    Going back to the May 3 air crash, let us first speak about who
    suffered most, naturally leaving aside human casualties which are
    irreparable and immeasurable. It is noteworthy that the greatest
    financial loss is inflicted to the re-insurance companies. In this case
    these are British companies. The aviation company suffers the least as
    they will be compensated according to the rules of airplane insurance,
    although there is also a non-compensated sum: about 100 thousand USD.

    Let us remind you that the airbus was bought in February 2004 by
    leasing, for 25 million USD. And as it was insured, the insurance
    companies must compensate the total sum of 25 million minus the
    above mentioned 100 thousand USD which is the loss of the aviation
    company. It should also be mentioned that the aviation company from
    time to time makes payments to the insurance companies.

    By the way, the insurance sums for the lives of the passengers are paid
    again by the re-insurance companies. In this case, the 20 thousand
    USD to each family is paid to by "Grand" insurance company, but by
    the British organizations. This is why the company avoids speaking
    about specific sums and dates as it can be a long process.

    According to the specialists of the field, first the investigation of
    the criminal case must be concluded, then the British specialists must
    examine all the documents in order to assess the case as an "insurance
    case", after which they will make a decision about compensation. Only
    after that will the process of compensation start which in itself will
    be quite long, as there is not one re-insurance company but several.

    "Financially this is not an insoluble question, but it is rather
    difficult to solve from the organizational and administrative points of
    view", said on of the specialists of the field who refused to introduce
    himself. "It has nothing to do with Armenia. The process lasts long in
    the whole world". Let us remind you that after the terrorist acts in
    New York the insurance companies announced that the process can last up
    to 20 years. As for the Armenian insurance companies, "Grand" in this
    case, it has to do the most thankful business: to get the money and
    to give it to people, forming positive image for the insurance field.

    And still, the most important question is that why the sides
    try to insist on the weather factor. Perhaps it is done to avoid
    responsibility. If it turns out that the reason was not the weather
    but carelessness, it will be necessary to find out whose carelessness
    it was. If it turns out that the reason was technical malfunction of
    the plane, the re-insurance companies can raise the insurance tariffs
    as the aviation company was unable to provide necessary technical
    criteria b previous tariffs. In the worst case a criminal case can
    be initiated against the aviation company.

    At present while the investigation process is under way and the
    weather factor is the main hypothesis, we can state that the loss of
    "Armavia" is mainly moral, plus the factor of damaged image with
    partial financial losses proceeding from them.

    P.S. There are several cases when the insurance companies can
    refuse to pay. According to one of them the insurance company is not
    responsible for the crash if the plane was overloaded with luggage
    or with passengers. That's why during the investigation process the
    insurance companies will probably be extremely careful.
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