Perhaps BFU or other insurance PPRuNers could comment? This has serious ramifications for us all.
From today's ATWonline:
Industry faces shutdown over insurance changes
Dateline: Thursday September 20, 2001
ATWOnline has learned that the world's airlines were served with notices from the global insurance industry advising that from Sept. 24, liability for any single accident caused by terrorism or civil unrest will be limited to $50 million relating to third-party damage to buildings and people on the ground.
Senior Qantas executives have confirmed the advice and say that no airline can take the risk and that all airplanes would be grounded unless governments acted quickly. A US Major airline also said it had been informed of the policy change. The insurers of American Airlines and United Airlines already face potential claims well into the billions of dollars from the World Trade Center and Pentagon attacks last week.
Australian Transport Minister and Deputy Prime Minister John Anderson said the situation is extremely serious and that the Australian government is discussing th matter with other governments and airlines. Qantas told ATWOnline that all its flights would come to a standstill Monday unless the government agreed to meet the underwriting difference of any claim. The insurance industry also advised airlines that it will impose a levy on tickets of $1.25 for each sector to meet the $50 million cap.