AIG Covers US Airways plane Crash
Last week the US Airways Flight 1549 made a forced landing in the Hudson River. The crew reported that the plane struck a flock of birds shortly after taking off from La Guardia Airport in New York City. Thankfully, all the passengers escaped after the ordeal.
It was reported that the losses from the US Airways plane crash in the Hudson River would be covered under a hull and liability policy led by American International Group Inc. The loss of the Airbus A320 hull was reported as a sum of $40 million dollars.
Aviation?underwriting globally pays an estimated $2.6 billion in annual premiums, so the loss of about $40 million is unlikely to have much impact on the underwriting market.
The last previous insurance loss for an airplane hull caused by collision with birds was in 2004 causing a KLM Boeing 737 to veer off the runway in Barcelona, There were no fatalities in this crash.
Author: Morrell Insurance staff
Sources: Business News
Post sponsor: Morrell Insurance
Tags: insurance news
