I had a complex situation and had to book two separate tickets, arriving at LHR with AA, and departing to Spain with IB (LHR-MAD-regional city in Spain). I have a 4-hour layover between tickets and I know that I have to change T3-T5 but I will only have hand luggage and I can afford at least a 2-hour delay of the US arriving flight with AA.

My question is what will happen if there is a longer delay of the incoming AA flight and end up misconnecting, will IB rebook me for free or would I have to buy a new ticket? I have OW elite status. Again, separate tickets, the first one all AA ticket stock/code/metal, the second one all IB ticket stock/code/metal.(At least I was smart enough to avoid BA codes and metal, as who knows by then if BA will be on strike, in or out of the EU, or whatnot).