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Airlines, airports starting to see sharp rate hikes.

Publication: Business Insurance
Publication Date: 08-OCT-01 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Airlines, airports starting to see sharp rate hikes.(Brief Article)

Article Excerpt
Commercial airlines are beginning to feel the hull and liability insurance cost repercussions from the Sept. 11 terrorist attacks, while U.S. airports continue to operate without terrorism liability coverage as brokers work on pulling together a new market for that risk.

Based on the Oct. 1 renewals of a few major U.S. airlines, carriers that renew their hull and liability insurance through year end can expect rate or premium hikes of up to 500%, according to commercial aviation insurance market sources. That estimate includes the new surcharge for primary limits for terrorism liability coverage but not the cost of excess terrorism coverage.

How much of the insurance cost increase that airlines will have to shoulder this year is unclear, however. Under the airline rescue law that President Bush signed on Sept. 22, the U.S. secretary of transportation is authorized to reimburse U.S. airlines for the additional cost of their coverage through Oct. 1, 2002.

But airlines can expect a hard insurance market over the next couple of years at least, market sources said.

Meanwhile, airports-which...

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