Airshow's cancelled due to Insurance demands.
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Airshows cancelled due to Insurance demands.
Air show grounded by insurance won't be the last, industry warns
Last Updated Sat, 04 May 2002 13:16:46
LONDON, ONT. - With insurance rates rocketing into the stratosphere, one of Canada's largest air shows has been cancelled, and industry representatives say it won't be the only grounding of the summer.
Executives at the London Air Show and Balloon Festival announced on Friday the June 28-30 show in London, Ont., has been cancelled.
A statement on the festival Web site says the decision was made "due to the recent issues regarding war and terrorism insurance."
Insurance for the show quadrupled for this year's show to $200,000, and it was just too much.
The cancellation leaves 54 committees, 1,000 volunteers – and thousands of spectators – looking skyward in disappointment.
Aviation insurance hit the ceiling following the Sept. 11 terrorist attacks, and London's might not be the only air show to be cancelled.
Air shows across the country entertain thousands of Canadians with a chance for a close-up look at military and civilian flying machines, and displays of flying prowess such as those provided by the Canadian military's Snowbirds precision flying team.
The costs of insuring the shows means others in Moose Jaw and Ottawa, for example, could also be cancelled, said John Cudahy, president of the International Council of Air Shows.
"We're horrified that the people whose livelihood depends on this, and all the citizens who come to be inspired to learn about the military, to learn about aviation, and frankly to be entertained, that they may lose that is beyond disappointing," Cudahy said.
Ottawa should to step in with cash to keep Canada's air shows going, Cudahy said.
But a spokesman for Transport Minister David Collenette said air shows aren't an essential part of the aviation industry, so Ottawa doesn't have money for them.
Last Updated Sat, 04 May 2002 13:16:46
LONDON, ONT. - With insurance rates rocketing into the stratosphere, one of Canada's largest air shows has been cancelled, and industry representatives say it won't be the only grounding of the summer.
Executives at the London Air Show and Balloon Festival announced on Friday the June 28-30 show in London, Ont., has been cancelled.
A statement on the festival Web site says the decision was made "due to the recent issues regarding war and terrorism insurance."
Insurance for the show quadrupled for this year's show to $200,000, and it was just too much.
The cancellation leaves 54 committees, 1,000 volunteers – and thousands of spectators – looking skyward in disappointment.
Aviation insurance hit the ceiling following the Sept. 11 terrorist attacks, and London's might not be the only air show to be cancelled.
Air shows across the country entertain thousands of Canadians with a chance for a close-up look at military and civilian flying machines, and displays of flying prowess such as those provided by the Canadian military's Snowbirds precision flying team.
The costs of insuring the shows means others in Moose Jaw and Ottawa, for example, could also be cancelled, said John Cudahy, president of the International Council of Air Shows.
"We're horrified that the people whose livelihood depends on this, and all the citizens who come to be inspired to learn about the military, to learn about aviation, and frankly to be entertained, that they may lose that is beyond disappointing," Cudahy said.
Ottawa should to step in with cash to keep Canada's air shows going, Cudahy said.
But a spokesman for Transport Minister David Collenette said air shows aren't an essential part of the aviation industry, so Ottawa doesn't have money for them.
Last edited by Cyclic Hotline; 5th May 2002 at 00:14.
The insurance industry can shut down planet earth if it so desires, such is the stranglehold it has on business and recreational activities.
In my opinion, this is just an exercise in greed and stupidity and it will end when the insurance industry realises it has shot itself in the foot by jacking up premiums to unsustainable levels. Eventually no-one will buy insurance and nothing will happen or get done...then the industry will implode like a star running out of fuel to keep it "inflated".
I want to be around to see that happen! An insurance "black hole" would be one of the seven wonders of the modern world.
In my opinion, this is just an exercise in greed and stupidity and it will end when the insurance industry realises it has shot itself in the foot by jacking up premiums to unsustainable levels. Eventually no-one will buy insurance and nothing will happen or get done...then the industry will implode like a star running out of fuel to keep it "inflated".
I want to be around to see that happen! An insurance "black hole" would be one of the seven wonders of the modern world.
Last edited by criticalmass; 6th May 2002 at 21:28.
