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Rates may take off with IATA agreement; aviation underwriters fear claims will rise. (International Air Transport Association)
Business Insurance, May, 1997 by Shapiro, Stacy
LONDON - Aviation underwriters are starting to count the cost of a voluntary agreement by scores of airlines to offer unlimited passenger liability limits on international flights. The underwriters are concerned that the new IATA Intercarrier Agreement, which overrides liability limitations in the Warsaw Convention governing international flights, will increase the cost of liability claims in the future.
However, these fears may not be justified, as the agreement may result in lower litigation costs, defense lawyers say. Regardless, the agreement "is a groundbreaking initiative which draws a line in the sand," said Lorne S. Clark, general counsel and corporate secretary for the International Air Transport Assn. in Geneva. "There is no way that we would ever go...
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