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HK Airport Authority Insures War, Hijacking, Terrorist Risk
The Hong Kong Airport Authority (AA) announced Thursday that it has put in place insurance cover for war, hijacking, terrorist and other risks thus ensuring the continued operation of Hong Kong International Airport(HKIA).
"Notwithstanding the difficult insurance market, the AA's broker Aon Hong Kong has negotiated with AIG Europe a 100 percent standalone cover for the AA," the AA said in a release.
The insurance provides both the AA and its subsidiary Aviation Security Company, which is a 49 percent owned by the government, basic insurance cover in order that HKIA can continue its position as an international aviation center.
"It's obvious important that HKIA secures the safety of all airport users," AA Executive Officer David J Pang said. "This is paramount to the operations of the AA and HKIA."
Insurers canceled war and terrorist risk coverage for all airlines and airports worldwide following the September 11 terrorist attacks in the United States.
The Hong Kong SAR government agreed to be the AA's insurer of last resort while it sought new insurance coverage.
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