Skip to comments.Flight MH370: Insurers make first pay out on missing Malaysia Airlines plane
Posted on 03/23/2014 3:11:27 PM PDT by Oldeconomybuyer
Malaysia Airlines has already been handed $110 million (£67 million) by insurers over the loss of its missing Boeing 777 on flight MH370 that is the subject of an international search after disappearing more than two weeks ago.
Allianz Global Corporate & Specialty has paid the money into an escrow account and also agreed to make hardships payments to the families of the missing airliner's passengers, to cover their costs while the hunt for the plane continues.
The payment was made in accordance with standard air travel industry policy which says that if a plane has been missing for more than two days then it is assumed it has been destroyed.
If terrorism or negligence is found to have played a role it could alter the size and liability of the payouts and insurers are watching closely the hunt for the missing jet.
(Excerpt) Read more at telegraph.co.uk ...
The search is going to be quite expensive.
They’ll never find it.
If the plane is detected and the passengers are presumed dead twice from being shot from the skies does the insurance cover being dead twice?
At some point, the search may have to be called off but until then, anyone involved in the search will be sending their bills to Malaysia Airlines.
That’s nice. I’m sure the families of the passengers and crew are still looking for their first penny.
Most correct CL. My apologies for being insensitive with my post. I should have thought this out.
‘Salright. Until they’re found, they’re alive to me....
Please, no offense taken.
Thanks CL. They are alive to me also.
After the Malaysian Airlines read their insurance policy and spoke with their carrier they reneged on their claim that the course changes were programmed into the airliner’s computer as that would diminish the policy’s payout significantly.
“The search is going to be quite expensive”
Yeh especially the part where we have to send in a bunch of special ops guys to retrieve the plane from wherever it is in Pakistan or Iran.
thanks for the article, oldeconomybuyer!
Pinging all y’all to this article...
Not sure how insurance works if the plane is later found to have landed relatively intact... someplace.
The general is on fox now 8:07
watchin....said outright...India Ocean a dodge to buy time
CNN still on it 24/7?
General back on
Watching ... Huckster dropped the ball.
The White House has also confirmed the FBI is assisting with the investigation into the missing airliner.
White House spokesman Jay Carney said Malaysia was also speaking to US aviation and transport accident investigation agencies, the BBC reported.
He added: We are finding that the level of cooperation with the Malaysian government is solid, and we are working closely with the Malaysians as well as our other international partners in this effort to find out what happened to the plane and why it happened.
The FBI and US Justice Department have offered to help the Malaysian government with its investigation ever since the plane went missing.
However, it was not until today that they were formally invited to join the inquiry.
Speaking to USA Today, Attorney General Eric Holder said the US and Malaysian governments have been in ongoing conversations about how we can help.
Holder added: Were working with authorities, but we dont have any theories (on the cause of the planes disappearance).
The FBI has confirmed today it is formally joining the investigation into the missing airliner .
One of its roles will be to analyse some of the computer hard-drives which were seized at the pilots homes.
As reported by USA Today, the material, which includes a flight simulator, could soon be sent to an FBI laboratory in Quantico, Virginia.
First 5 mins the general confirmed what he has said, only thing new is he did take a swipe at the ISI. I find that interesting. Not that they would be complicit as we both know they are pure evil but that he mentioned them by name and brought up they were the ones who control and fund the Taliban.
This could point to his source. Have to think on that one.
Look into his retired background,,,
I did and it confirms what I figured, I am sure you did also, thanks Maggie.
Guys! Cut it out! This is Free Republic website!
>>Not sure how insurance works if the plane is later found to have landed relatively intact... someplace.<<
It is now the property of the insurance company. They would have to retrieve it and determine what they want to do with the aircraft.
Thanks for the info!