Insurance issues from Volcano?

[dcollon]

Does anyone know or has anyone read about insurance costs from the volcano in Iceland?  I'm wondering about costs as it relates to business interuption for the airlines and other potential impacts from the "European lockdown".

 

Any facts would be helpful.

 

 

[onyx1]

Insurers Say Airlines Not Covered For Volcano Disruption

 

 

http://online.wsj.com/article/BT-CO-20100416-709857.html?mod=WSJ_World_MIDDLEHeadlinesEurope

[nodnub]

There was an article posted in another thread a couple days ago.  I think this was it:

http://www.marketwatch.com/story/insurers-say-airlines-not-covered-for-volcano-woes-2010-04-16

Basically stating that none of the airlines had business interruption insurance for this type of event.

 

http://www.property-casualty.com/News/2010/4/Pages/Business-Interruption-Aviation-Volcano-Claims-Success-Unlikely-.aspx

 

Obviously, there will be a large impact on many types of businesses, not just airlines and air freight. I don't know if any other businesses are insured for this type of risk.

[dcollon]

onyx1 and nodnub,

 

Thanks for the quick responses.  I appreciate the links.

 

 

[JAllen]

They're asking the E.U for money also which further implies that they're not covered.

 

http://online.wsj.com/article/SB10001424052748704671904575193292611544742.html?mod=WSJ_hpp_LEFTTopStories

[beerbaron]

I goes to say how airline is a crappy business. They are to tight on margins that they can't even pay for insurances...

 

There will be some costs on the traveller's insurance side... Can you imagine 1M people with 5 days hotels @ 200$ per night (rates doubled last week).

 

BeerBaron