The fire at Bharat Petroleum’s Mahul refinery in Mumbai could result in one of the largest insurance claims so far this year. According to insurance sources, going by early estimates, the facility’s losses would be more than Rs 200 crore.
In a statement to the stock exchanges, BPCL said that a leak was observed in the reactor effluent air fin cooler section of the hydrocracker unit of the Mumbai refinery at 2.50pm on August 8 and the resultant fire was put out around 2.10 am on August 9.
The refinery has been insured by public sector insurance companies with New India Assurance acting as the lead underwriter. According to insurance industry sources, BPCL has a loss limit of Rs 14,000 crore on its total assets, which are insured for Rs 1.2 lakh crore. Of this, the Mahul unit has an individual loss limit of Rs 7,500 crore. Read More
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