Shimla: Settling what probably is the largest insurance claim in the countryâ€™s power sector, V Ramasaamy, CMD National Insurance Company here today handed over a Rs 307 crore cheque to HK Sharma, CMD Satluj Jal Vidyut Nigam (SJVNL) for the losses the public sector utility incurred due to material damages and flooding of the power house at the 1500 MW generation station in Jhakri in September 2005.
The 6 X 250 MW Nathpa Jhakri hydropower station of SJVNL was insured for the year 2005-06 under Industrial All Risk Policy with National Insurance Co, as leader. Other co co-insurers were New India Assurance Company, United India Insurance Company, Oriental Insurance Company, Reliance General India Insurance Company, Bajaj Allianz General Insurance Co, ICICI Lombard General insurance Co. and Chollamanadalam General insurance Co.
On the night of September 4 &5, 2005 the power house of Nathpa Jhakri Hydro Power Station was flooded resulting in stoppage of complete plant generation. One generating unit was temporarily reinstated and the generation restarted 44 days later.
To ease cash flows and for early restoration of the plant the insurance company released Rs 51 crore March 2006.
Finally the claim was settled at Rs 71.19 crore against material damages and Rs 236.68 crore against business interruption losses, a SJVNL communiquÃ© stated.