Posted on 03/23/2014 3:11:27 PM PDT by Oldeconomybuyer
Malaysia Airlines has already been handed $110 million (£67 million) by insurers over the loss of its missing Boeing 777 on flight MH370 that is the subject of an international search after disappearing more than two weeks ago.
Allianz Global Corporate & Specialty has paid the money into an escrow account and also agreed to make hardships payments to the families of the missing airliner's passengers, to cover their costs while the hunt for the plane continues.
The payment was made in accordance with standard air travel industry policy which says that if a plane has been missing for more than two days then it is assumed it has been destroyed.
If terrorism or negligence is found to have played a role it could alter the size and liability of the payouts and insurers are watching closely the hunt for the missing jet.
(Excerpt) Read more at telegraph.co.uk ...
Look into his retired background,,,
I did and it confirms what I figured, I am sure you did also, thanks Maggie.
Guys! Cut it out! This is Free Republic website!
>>Not sure how insurance works if the plane is later found to have landed relatively intact... someplace.<<
It is now the property of the insurance company. They would have to retrieve it and determine what they want to do with the aircraft.
Thanks for the info!
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