The aircraft and crew were fully insured by Ipak Yolu, board chairman Niyazi Imanov told APA.
Once the commission investigating the cause of the crash has made its findings, the company will start to pay out funds, Imanov said.
He said that much of the general insurance risk of the aircraft was handled by reinsurers Lloyds of London.
The Il-76 cargo plane crashed into a mountainside in Siagerd in Afghanistan's Parwan Province at approximately 02.10 Baku time on Wednesday 6 July (21.10 GMT on 5 July). The plane was flying from the Azerbaijani capital Baku to Bagram military base, carrying cargo for the International Security Assistance Force (ISAF).
All nine Azerbaijani and Uzbek crew members on board are thought to have died in the crash.
Taliban spokesman Zabiullah Mujahid made contradictory claims to Afghan and Iranian journalists that the plane had been shot down by the Taliban.
Siagerd's district governor, Abdulhalim Mujaddidi, denied, however, that the Taliban were responsible for the crash.
The Ipak Yolu insurance company was formerly known as Azal Sigorta.
In May 2010 Azerbaijan's Finance Ministry suspended Azal Sigorta's insurance licence as it did not meet requirements on financial stability and payment capacity.