Business Services Industry
Liability limit waived in air crash; KAL 801 claims at least 225 lives. (Korean Air Lines waives liability limitation)
Business Insurance, August, 1997 by Shapiro, Stacy
LONDON - The crash last week of Korean Air Lines Ltd.'s Flight 801 in Guam could become the first major disaster in which an airline has voluntarily waived the liability limitation on international flights under the Warsaw Convention. Sources in London last week said aviation underwriters would set up a liability reserve of at least $200 million for the disaster, but the airline's broker, J&H Marsh & McLennan Inc., and lead underwriter at Lloyd's of London would not comment.
No official liability reserve has so far been set up. London brokers said the crash is unlikely to drive up aviation premiums. U.S. National Transportation Safety Board investigators arrived in Guam late last week to investigate why the Boeing 747-300 landed in mountains on Nimitz Hill only a...
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