Whoever idiots want to still fly in that coffin should be considered as deliberately committing suicide and not entitled to claim from now on!
https://www.channelnewsasia.com/new...ms-after-second-boeing-737-max-crash-11334180
Insurers face large claims after second Boeing 737 MAX crash
Boeing Co's insurers face big claims from families of the victims of the Ethiopian Airlines crash, coming less than six months after the crash of the same type of Boeing aircraft in Indonesia, insurance and aviation sources said.
Relatives and friends of Sara Gebremichael, 38, a senior hostess and a crew leader on the Ethiopian Airlines Flight ET 302 plane that crashed, mourn at her house in Addis Ababa, Ethiopia, March 11, 2019. REUTERS/Maheder Haileselassie
12 Mar 2019 03:16AM
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REUTERS: Boeing Co's insurers face big claims from families of the victims of the Ethiopian Airlines crash, coming less than six months after the crash of the same type of Boeing aircraft in Indonesia, insurance and aviation sources said.
An Ethiopian Airlines passenger jet bound for Nairobi crashed minutes after take-off on Sunday, killing all 157 people on board, raising questions about the safety of the Boeing 737 MAX 8, a new model that also crashed in Indonesia in October.
While the initial insurance payments will be made by Ethiopian Airlines' insurers, they may look to recoup their money from Boeing's insurers if they can prove that the aircraft was faulty, the sources said.
Initial payments to the passengers' families are bound by the Warsaw and Montreal conventions, but those payouts could be much higher if families pursue legal claims, particularly through U.S. courts, said Clive Garner, head of law firm Irwin Mitchell's travel litigation group in London.
"If there were to be anything defective in terms of the plane or any of its components, then it would be possible to bring a claim against the manufacturer as well as the airline," he added.
Insurers typically form a consortium to share the risks of large claims, with the lead insurer taking a larger proportion of the risk. The insured value of the plane itself was likely around US$50 million, according to industry sources.
Willis Towers Watson was the insurance broker for Ethiopian Airlines, while Chubb was the lead insurer, a Willis spokeswoman said on Monday. A Chubb spokesman declined to comment.
Britain's Global Aerospace was the lead insurer for Boeing and also for Lion Air, which operated the plane that crashed in October, said Global Aerospace Chief Executive Nick Brown.
Marsh was Boeing's insurance broker, two sources told Reuters. None of the sources gave financial details of the policies.
Boeing shares fell 5.6 percent on Monday.
U.S. LAWSUITS POSSIBLE
Boeing self-insures an initial layer of coverage before the Global Aerospace coverage kicks in, said Justin Green, a New York-based aviation lawyer who has represented families in cases against Boeing. Boeing declined comment on its insurance cover.
It is not uncommon for the planemaker, which is headquartered in Chicago, to face lawsuits in the United States, where legal compensation payments for the crash victims could run around US$2 million to US$3 million per person, depending on the law applied, compared to about US$200,000 in Ethiopia, said Green.
U.S. courts often throw out such lawsuits, given the difficulty of finding witnesses overseas, but the fact that eight U.S. citizens were killed in the Ethiopian Airlines crash increases the likelihood that litigation on behalf of all victims' families could be heard by a U.S. court, Green said.
Initial compensation costs for all 157 passengers who died on the flight could be around US$25 million, according to Reuters calculations based on the terms of the Montreal convention.
The Montreal convention provides for a maximum of 113,100 special drawing rights, currently worth US$1.39, for death or injury of each passenger, although not all countries are joined up to the convention.
(Reporting by Noor Zainab Hussain in Bengaluru and Carolyn Cohn in London and Suzanne Barlyn in New York; Editing by Rachel Armstrong and Bill Rigby)
Source: Reuters
Tagged Topics
https://www.morningstar.com/news/pr...surance-demand-according-to-insuremytrip.html
Concerns Over Boeing 737 Max 8 and Max 9 Spur Travel Insurance Demand, According to InsureMyTrip
Print Share Font-size
03/13/19 11:59 AM EDT
Concerns Over Boeing 737 Max 8 and Max 9 Spur Travel Insurance Demand, According to InsureMyTrip
No coverage for fear of flying under traditional travel insurance
PR Newswire
WARWICK, R.I., March 13, 2019
WARWICK, R.I., March 13, 2019 /PRNewswire/ -- A new report by InsureMyTrip suggests that more commercial airline passengers are purchasing travel insurance in an effort to safeguard against airline mishaps. While fatal accidents are rare, safety concerns are raised following a series of airline accidents — the latest involving the Boeing 737 Max 8 aircraft.
Summary:
Travel Insurance for Airline Mishaps
Passengers concerned about flight issues and the limitations of airline compensation can utilize travel insurance for the following flight-related scenarios:
Flight Delay or Cancellation — when a passenger's flight is delayed or canceled due to weather or mechanical issues travel insurance may offer compensation. This is the most common airline mishap reported by travel insurance policyholders.
Missed Connection or Missed Cruise — when a delayed or canceled flight forces a passenger to subsequently miss a connecting flight or cruise departure, travel insurance may offer reimbursement if the trip is then delayed or canceled.
Lost or Delayed Baggage — when a passenger's luggage is delayed, lost or damaged due to the airline, baggage protection may provide compensation.
Financial Default of an Airline — when an airline ceases service due to financial default, travel insurance may apply in the event a passenger must cancel or delay a trip.
Injury — when a passenger requires medical attention due to an injury during a trip. Travel insurance that includes emergency medical benefits may apply. This would help reimburse expenses for a doctor or hospital visit.
Serious Injury or Death — when a passenger is dismembered or dies due to a flight accident. Accidental death and dismemberment (AD&D) coverage offer a lump sum in the event a death or serious injury has occurred. Passengers have the option to purchase three different types of AD&D coverage from InsureMyTrip:
Flight Accident Only - if the accident occurs when boarding, disembarking or traveling on an airplane only
Common Carrier Only - if the incident occurring while you're traveling on a cruise ship, airplane, or train.
AD&D For Entire Trip - if an accident occurs anytime during a trip.
This is in addition to any life insurance policy or any potential airline compensation. Travelers have the option to purchase a comprehensive travel insurance plan with AD&D included or as a stand-alone policy. In addition, some plans offer travelers the flexibility to upgrade limits.
Airline Cancellation Policies
Flight cancellation policies vary by airline and circumstance. When an airline cancels a flight, most will try to rebook passengers on the next available flight.
Airlines are not required to reimburse travelers for losses incurred as a result of a canceled flight. These losses may include such as a prepaid, non-refundable:
Travelers concerned about protecting pre-paid, non-refundable trip expenses should buy travel insurance.
Airline Delay Policies
Each airline has its own flight delay policy for passengers stuck at the airport. There are no federal requirements, according to the US Department of Transportation (DOT).
Travelers concerned about delays should be aware of the following:
To schedule an interview with an expert or to request specific research data, please contact [email protected].
About InsureMyTrip
It's simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise.
View original content to download multimedia:http://www.prnewswire.com/news-rele...mand-according-to-insuremytrip-300811806.html
SOURCE InsureMyTrip
https://www.channelnewsasia.com/new...ms-after-second-boeing-737-max-crash-11334180
Insurers face large claims after second Boeing 737 MAX crash
Boeing Co's insurers face big claims from families of the victims of the Ethiopian Airlines crash, coming less than six months after the crash of the same type of Boeing aircraft in Indonesia, insurance and aviation sources said.
Relatives and friends of Sara Gebremichael, 38, a senior hostess and a crew leader on the Ethiopian Airlines Flight ET 302 plane that crashed, mourn at her house in Addis Ababa, Ethiopia, March 11, 2019. REUTERS/Maheder Haileselassie
12 Mar 2019 03:16AM
Share this content
Bookmark
REUTERS: Boeing Co's insurers face big claims from families of the victims of the Ethiopian Airlines crash, coming less than six months after the crash of the same type of Boeing aircraft in Indonesia, insurance and aviation sources said.
An Ethiopian Airlines passenger jet bound for Nairobi crashed minutes after take-off on Sunday, killing all 157 people on board, raising questions about the safety of the Boeing 737 MAX 8, a new model that also crashed in Indonesia in October.
While the initial insurance payments will be made by Ethiopian Airlines' insurers, they may look to recoup their money from Boeing's insurers if they can prove that the aircraft was faulty, the sources said.
Initial payments to the passengers' families are bound by the Warsaw and Montreal conventions, but those payouts could be much higher if families pursue legal claims, particularly through U.S. courts, said Clive Garner, head of law firm Irwin Mitchell's travel litigation group in London.
"If there were to be anything defective in terms of the plane or any of its components, then it would be possible to bring a claim against the manufacturer as well as the airline," he added.
Insurers typically form a consortium to share the risks of large claims, with the lead insurer taking a larger proportion of the risk. The insured value of the plane itself was likely around US$50 million, according to industry sources.
Willis Towers Watson was the insurance broker for Ethiopian Airlines, while Chubb was the lead insurer, a Willis spokeswoman said on Monday. A Chubb spokesman declined to comment.
Britain's Global Aerospace was the lead insurer for Boeing and also for Lion Air, which operated the plane that crashed in October, said Global Aerospace Chief Executive Nick Brown.
Marsh was Boeing's insurance broker, two sources told Reuters. None of the sources gave financial details of the policies.
Boeing shares fell 5.6 percent on Monday.
U.S. LAWSUITS POSSIBLE
Boeing self-insures an initial layer of coverage before the Global Aerospace coverage kicks in, said Justin Green, a New York-based aviation lawyer who has represented families in cases against Boeing. Boeing declined comment on its insurance cover.
It is not uncommon for the planemaker, which is headquartered in Chicago, to face lawsuits in the United States, where legal compensation payments for the crash victims could run around US$2 million to US$3 million per person, depending on the law applied, compared to about US$200,000 in Ethiopia, said Green.
U.S. courts often throw out such lawsuits, given the difficulty of finding witnesses overseas, but the fact that eight U.S. citizens were killed in the Ethiopian Airlines crash increases the likelihood that litigation on behalf of all victims' families could be heard by a U.S. court, Green said.
Initial compensation costs for all 157 passengers who died on the flight could be around US$25 million, according to Reuters calculations based on the terms of the Montreal convention.
The Montreal convention provides for a maximum of 113,100 special drawing rights, currently worth US$1.39, for death or injury of each passenger, although not all countries are joined up to the convention.
(Reporting by Noor Zainab Hussain in Bengaluru and Carolyn Cohn in London and Suzanne Barlyn in New York; Editing by Rachel Armstrong and Bill Rigby)
Source: Reuters
Tagged Topics
https://www.morningstar.com/news/pr...surance-demand-according-to-insuremytrip.html
Concerns Over Boeing 737 Max 8 and Max 9 Spur Travel Insurance Demand, According to InsureMyTrip
Print Share Font-size
03/13/19 11:59 AM EDT
Concerns Over Boeing 737 Max 8 and Max 9 Spur Travel Insurance Demand, According to InsureMyTrip
No coverage for fear of flying under traditional travel insurance
PR Newswire
WARWICK, R.I., March 13, 2019
WARWICK, R.I., March 13, 2019 /PRNewswire/ -- A new report by InsureMyTrip suggests that more commercial airline passengers are purchasing travel insurance in an effort to safeguard against airline mishaps. While fatal accidents are rare, safety concerns are raised following a series of airline accidents — the latest involving the Boeing 737 Max 8 aircraft.
Summary:
- There is no coverage for fear of flying under traditional travel insurance.
- Travelers must opt for the Cancel For Any Reason benefit in order to have the option to cancel a trip due to safety concerns and seek reimbursement for a portion of their trip cost.
- Passengers may file a claim with their travel insurance company if a flight is grounded, delayed, canceled — or they miss a connecting flight due to a common carrier delay, such as a mechanical issue.
- Flight cancellation policies vary by airlines and circumstance.
- Airlines are not required to reimburse travelers for losses incurred as a result of a canceled flight.
Travel Insurance for Airline Mishaps
Passengers concerned about flight issues and the limitations of airline compensation can utilize travel insurance for the following flight-related scenarios:
Flight Delay or Cancellation — when a passenger's flight is delayed or canceled due to weather or mechanical issues travel insurance may offer compensation. This is the most common airline mishap reported by travel insurance policyholders.
Missed Connection or Missed Cruise — when a delayed or canceled flight forces a passenger to subsequently miss a connecting flight or cruise departure, travel insurance may offer reimbursement if the trip is then delayed or canceled.
Lost or Delayed Baggage — when a passenger's luggage is delayed, lost or damaged due to the airline, baggage protection may provide compensation.
Financial Default of an Airline — when an airline ceases service due to financial default, travel insurance may apply in the event a passenger must cancel or delay a trip.
Injury — when a passenger requires medical attention due to an injury during a trip. Travel insurance that includes emergency medical benefits may apply. This would help reimburse expenses for a doctor or hospital visit.
Serious Injury or Death — when a passenger is dismembered or dies due to a flight accident. Accidental death and dismemberment (AD&D) coverage offer a lump sum in the event a death or serious injury has occurred. Passengers have the option to purchase three different types of AD&D coverage from InsureMyTrip:
Flight Accident Only - if the accident occurs when boarding, disembarking or traveling on an airplane only
Common Carrier Only - if the incident occurring while you're traveling on a cruise ship, airplane, or train.
AD&D For Entire Trip - if an accident occurs anytime during a trip.
This is in addition to any life insurance policy or any potential airline compensation. Travelers have the option to purchase a comprehensive travel insurance plan with AD&D included or as a stand-alone policy. In addition, some plans offer travelers the flexibility to upgrade limits.
Airline Cancellation Policies
Flight cancellation policies vary by airline and circumstance. When an airline cancels a flight, most will try to rebook passengers on the next available flight.
Airlines are not required to reimburse travelers for losses incurred as a result of a canceled flight. These losses may include such as a prepaid, non-refundable:
- Hotel room
- All-inclusive vacation or resort
- A cruise
- A tour or safari
- Concert or entertainment tickets
Travelers concerned about protecting pre-paid, non-refundable trip expenses should buy travel insurance.
Airline Delay Policies
Each airline has its own flight delay policy for passengers stuck at the airport. There are no federal requirements, according to the US Department of Transportation (DOT).
Travelers concerned about delays should be aware of the following:
- If a flight is delayed, try to learn the reason why to better gauge if the flight is in jeopardy of being canceled. Reasons for delays may include maintenance, fueling, crew issues, or weather. Another common reason is when a previous flight with the same aircraft arrived late, causing the present flight to depart late (Source: bts.gov).
- Some flights will be delayed on the tarmac before or after take-off. As a general rule, DOT prohibits flights to remain on the tarmac for more than three hours.
To schedule an interview with an expert or to request specific research data, please contact [email protected].
About InsureMyTrip
It's simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise.
SOURCE InsureMyTrip
