IP: airline shutdowns imminent?

[David Farber <dave () farber net>]

> Date: Thu, 20 Sep 2001 19:57:56 -0700 (PDT)
> From: frank millheim jr <millheif () yahoo com>
> Subject: airline shutdowns imminent?
> To: farber () cis upenn edu
>
> >From an article FT -- hints at possible insurance
> problems with aircraft:
>
> 'The airline industry warned on Thursday of
> severe disruption to services from early next
> week as a result of changes to insurance cover in
> the wake of last week's terrorist attacks in the
> US.'
>
> <snip>
>
> 'In a letter to Stephen Byers, the transport
> secretary, the airlines warn that reductions in
> insurance cover for injuries to third parties,
> such as people on the ground, could cause
> airlines to breach contracts with the companies
> from which they lease aircraft.
>
> The letter, seen by the Financial Times, says
> insurers are offering third-party insurance of
> only $50m (E54m) - way below the $750m typically
> demanded by aircraft lessors.
>
> "We are not confident aircraft owners and lessors
> will allow airlines to fly them with such
> reduction of cover," the letter says. "If our
> pessimism were to be borne out in practice,
> airlines would cease to be able to mount any form
> of coherent service beyond Monday 24th
> September." '
>
>
> http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3NDK50VRC&live=true&tagid=FTDO9DHMZJC
>
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