hull
war risk insurance (including automatic termination and cancellation provisions in the event of war); and
The seller must purchase marine and
war risk insurance and provide the buyer with a clean bill of lading and a negotiable certificate of insurance or an insurance policy.
On his first visit to Hong Kong since taking up the post at the Geneva-based agency in June, Mr Bisignani also said that
war risk insurance premiums were carving a large dent in airline earnings.
11 been pressing for an affordable, non-cancelable and global solution to the
war risk insurance issue, strongly supported a solution proposed by International Civil Aviation Organization (ICAO) last January.
First, the federal government, via the FAA, stepped in to provide third-party
war risk insurance coverage excess of $50 million after all airlines were notified of cancellation and reinstatement provisions under their war risk liability policies.
Additionally, the federal government will cover the cost difference of any increases in
war risk insurance, which is bought by airlines and airports to cover their liabilities in times of war or crisis.
Congress establishes Bureau of
War Risk Insurance to satisfy demand.
It is being estimated that aviation
war risk insurance claims for the last 5 months now total $600 million, while the sector gathers just $65 million in annual premiums.
MANAMA: Bahrain-based Arab
War Risk Insurance Syndicate (AWRIS) has reported its highest profitability since inception and the election of a new technical committee.
James Oberstar of Minnesota would provide assistance by reopening a federal loan guarantee programme to cover rising fuel prices, as well as provisions on
war risk insurance and compensation for strengthening cockpit doors.
Meanwhile, UK Government ministers yesterday agreed to further extend a
war risk insurance scheme for airlines still battling to overcome the impact of the September 11 terrorist attacks in the US.
The potential grounding of airline fleets worldwide was averted yesterday after governments all over the globe agreed to provide the necessary
war risk insurance cover.
