Newsstand - City Airports Lose Terrorism Coverage

City Airports Lose Terrorism Coverage

New York's three area airports, like airports around the country, lost their liability insurance coverage for terrorism after the World Trade Center attack. The Port Authority of New York & New Jersey, which runs the airports, still has insurance for the Sept. 11 attack, but any future terrorist incident would not be covered.

A Port Authority spokesman says the bistate agency is working with its trade groups, including the Airports Council International and the American Association of Airport Executives, to persuade Congress to provide replacement insurance.

http://www.crainsny.com/news.cms?postDate=2001-10-17&newsId=1513

Airlines across Asia were forced into last-ditch measures to avoid being grounded as a result of the insurance crisis. In Hongkong, Cathay Pacific and Dragonair struck an 11th-hour insurance deal to keep their planes flying and avoid the need for government intervention. The airlines sealed an agreement with a private insurer on third-party war-risk coverage, an issue that had threatened to ground all planes from 8 am on September 25 in the wake of the terrorist attacks on the United States.

The move was made necessary after insurers decided to cap third-party payouts for terrorism and war at US$50 million, greatly below the original $2 billion payout limit, and totally insufficient cover to allow airlines to fly.

http://www.travel-asia.com/newsdetail.asp?id=526226163&news_type=Weekly_news

British Help Airlines on War Claims

http://www.nytimes.com/aponline/business/AP-Britain-Airline-Insurance.html

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Airports 'Fly Blind' With No Insurance

Airports across the country are struggling to protect themselves financially after having their insurance coverage for war and acts of terrorism canceled in the wake of the Sept. 11 attacks.

http://www.latimes.com/news/nationworld/nation/la-000084645oct24.story?coll =la%2Dheadlines%2Dnation (http://www.latimes.com/news/nationworld/nation/la-000084645oct24.story?coll=la%2Dheadlines%2Dnation)

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Bush Administration Sees Critical Insurance Problem

http://www.nytimes.com/reuters/politics/politics-attack-insurance.html



[This message has been edited by doc (edited 10-24-2001).]

United States airports are moving to protect themselves financially after seeing their insurance coverage for war and acts of terrorism cancelled in the wake of the September 11 terrorist attacks.

http://news.airwise.com/stories/2001/10/1004009750.html

Terrorism insurance renewed for aviation industry

The 'Troika' insurance scheme - set up to ensure that UK airlines could continue to fly in the wake of the terrorist attacks on 11 September - has been extended until 20 March 2002.

The Treasury has extended the short-term replacement insurance scheme for the aviation industry, which was due to expire at midnight on 22 January.

http://www.number-10.gov.uk/news.asp?NewsId=3465&SectionId=30

EU commission to approve airlines insurance aid extension to Oct 31 - document

The European Commission will tomorrow approve an extension until Oct 31 of member states' guarantees for insurance against terrorism risk for EU airlines, according to a leaked document.

The extension is expected to be cleared without debate at the weekly meeting of European commissioners, according to a document obtained by Agence France-Presse.

http://www.ananova.com/business/story/sm_619775.html?menu=