U.S. and European Governments Extend Airline Insurance Coverage By Michelle Logsdon - March 26, 2002
Airlines in the United States and Europe can compete fairly now that European Union transport ministers approved, March 25, a 60-day extension of government-sponsored war and terrorism risk insurance. U.S. airlines received 60 more days of similar coverage March 20.
Airlines were hard pressed to find liability coverage after the Sept. 11 attacks on New York and Washington. Commercial insurers quickly began ducking out of the market or placing caps on the amount of coverage they would provide. The costs of premiums skyrocketed as well.
The U.S. extension will buy national airlines time to devise a self-insurance plan that could be emulated by airlines overseas.
The Air Transport Assn. and the U.S. Department of Transportation are organizing the new insurance company, Equitime, with the help of broker Marsh & McLennan Cos. Inc.
Equitime, will provide the airlines with liability coverage of $1.5 billion per incident. Policyholders will pay 50 cents to 70 cents per passenger—almost half of what they pay now which is $1.33 per passenger.
Adjuster / Examiner Claims Examiner Santa Ana Unified School District Santa Ana, CA
__May11th2017.gif)
.gif)