Guy Carpenter's Instrat unit has released an updated RISK-I report on the Buffalo, N.Y. plane crash that killed 50 people. In the report, Guy Carpenter provides a general overview of the ill-fated Continental Connection Flight 3407, including an update about the ongoing investigation and probable insurance ramifications.

The insured value of the twin turboprop Bombardier Dash 8 Q400 involved was $19 million. In addition to that figure, significant liability claims are expected to result. All 49 passengers and crew onboard the plane died in the incident, and one person was killed on the ground when the plane crashed. Four others were injured on the ground, including a mother and daughter who were inside the affected dwelling.

The aircraft — operated by Colgan Air for Continental Airlines — was flying from Newark Liberty International Airport in New Jersey to Buffalo Niagara International Airport when it nose-dived into the roof of a home at around 10:20 p.m. (EST) on Feb. 12, 2009. According to reports, the plane went down, sparking a fiery explosion about four miles short of Buffalo Niagara International Airport. Witnesses said they heard the plane sputtering before it fell down amid light snow and fog.