Flyingbronco05 From United States of America, joined May 2002, 3838 posts, RR: 3 Posted (9 years 10 months 1 week 6 days 5 hours ago) and read 1456 times:
United Sues AIG Over Sept. 11 Loss Claims
"NEW YORK (Reuters) - Bankrupt United Airlines sued a unit of insurer American International Group Inc. (NYSE:AIG - News) on Tuesday, demanding that the insurer pay $25 million to cover some of the airline's losses after U.S. air traffic was shut down following the hijack attacks of Sept. 11, 2001."
Greg From United Kingdom, joined May 2005, 0 posts, RR: 0 Reply 1, posted (9 years 10 months 1 week 6 days 5 hours ago) and read 1435 times:
The policy covered "Property and Business Interruption" --how could the events of 9/11 not be considered both?
And why is making a claim on a policy you pay for considered 'cheap'?
It's a legitimate claim...and will likely be paid (althought the amount may not be as requested). If not voluntarily, then in court.
Greg From United Kingdom, joined May 2005, 0 posts, RR: 0 Reply 4, posted (9 years 10 months 1 week 6 days 4 hours ago) and read 1367 times:
Beleive me, they didn't just file the claim--they've been mulling it over with AIG for years.
The statute of limitations for seeking damages is approaching shortly---that's why it's news NOW. Any legal action would likely need to be filed within 90 days.
My opinion is still that they will prevail in some reasonable recovery.
Greg From United Kingdom, joined May 2005, 0 posts, RR: 0 Reply 6, posted (9 years 10 months 1 week 6 days 3 hours ago) and read 1314 times:
You are right in saying that the AIG stance is that any gov't reparation effectively negates their responsibility and dissolves the contract since those rewards are issued as a result of damages inflicted during a war.
So, it's largely an argument over semantics....but then so are most of all contractual disputes.
Elwood64151 From United States of America, joined Feb 2002, 2477 posts, RR: 7 Reply 7, posted (9 years 10 months 1 week 5 days 22 hours ago) and read 1230 times:
Funny... I wasn't aware we were at war on Tuesday, September 11th, 2001, at 8:44 am.
In fact, the United States has not officially declared war since the morning of December 8th, 1941. It isn't politically correct to go to war...
In any event, UA had no expectation of losing its aircraft on the morning of the 11th of Sept, 2001. That's like saying the windshear accident at DFW (DL L1011) was an "act of God", and so negates the insurance company's responsibility to pay DL for the aircraft, or that the UA DC-10's engine exploding in mid-flight of Iowa was an "act of God" that negates responsibility.
The fact is, insurance companies insure people for what is not likely to happen, but probably will happen some day, and then refuse to pay for it. To my mind, that's fraud.
Those who fail to learn history are doomed to repeat it in summer school.