Mumbai: Large claims of around Rs 600 crore from the insured refineries at Mahul, Kochi, Bina and Numaligarh have nearly doubled the insurance premium for Bharat Petroleum Corporation Ltd (BPCL) even while its insured assets have remained the same for 2019-20.
According to a source, a fire at the state-run oil marketer’s Mahul refinery in Mumbai has resulted in one of the largest insurance claims so far last year of around Rs 450 crore. The Bina, Madhya Pradesh, refinery had a fire claim of Rs 60-70 crore while the Kochi, Kerala, refinery made a claim of Rs 12-15 crore. As a result, the premium on renewal of the property insurance cover this year for BPCL has nearly doubled to around Rs 131 crore. In 2018-19, the premium was Rs 70 crore.
