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TAIPEI, Taiwan--The China Airlines Co. Boeing 747-200 jetliner that crashed Saturday, killing all 225 people on board, was insured for $20 million, the airline said.
Taipei-based China Air said it was fully covered for hull and liability claims stemming from the crash. It said the program was placed with nine local insurers, including Taiwan Fire & Marine Insurance and Shinkong Insurance Co.
The hull was reinsured in the international market, led by London-based Global Aerospace Underwriting Managers Ltd., sources said.
The flight from Taipei to Hong Kong plunged into the Taiwan Strait shortly after takeoff, killing the 206 passengers and 19 crew. The cause of the crash is not yet known.
The accident is China Air's fourth fatal crash since 1994. China Air said it expects its insurance premiums to increase following the disaster.
China Air said it has set up a relief fund for families of victims. Negotiations about compensation for victims' families will begin this week, according to the insurance department of Taiwan's Ministry of Finance.