Boeing Co's insurers face big claims from families of the victims of the Et...
- 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.
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. 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 $50 million, according to industry sources.
Marsh was Boeing’s insurance broker, two sources told Reuters. None of the sources gave financial details of the policies.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.
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