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Aviation Insurance
Saturday, March 1, 2008
No surprise

Not surprisingly following the recent debacle at Heathrow when a BA B777 made an early arrival, rather short of the runway.

The Hull was insured for about $124 million, which is quite a nasty New Year’s present for the insurers – led by AIG, plus the liability claims — though these won’t be much as no-one was seriously injured. This may well affect the market generally, since the basic principle of insurance is to spread the losses of the few among the premiums of the many. It does seem these days that the premiums are being overtaken by the claims. Even so the market has been driven down by the entrance of new insurers who will quote anything just to get a slice of the action.
Last year was not a good one for many so the premiums are expected to rise in 2008 anyway.

Safety vehicle causes accident

Turning east for a bit, I see that at Bucharest’s Octopeni airport a B737-300 struck a vehicle that was standing on the runway, and crashed. Apparently there were no injuries and one passenger even got it all on video from his seat. It turns out that the vehicle had been driven onto the runway to check out the runway lights since it was foggy at the time. The light inspector then “forgot” he had come by car and just left it there. The mind boggles, but even then the Tower didn’t know anything about it either. Apparently the car was privately owned and presumably is not one of the airport maintenance vehicles. I wonder yet again what the owner’s insurance will think of this one. By Henry Tours, The Aviation Consultant and claims negotiator.

 

Copyright © Insurance Times and Investments® Vol:21.2 1st March, 2008
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