Amended insurance conditions for the airline industry

Amended insurance conditions for the airline industry As a result of the terrorist act in the U.S.A last week, the international insurance market decided that the maximum current third party liability limit caused by war, terrorist attacks hijackings etc. involving aircraft shall be decreased to 50 MUSD. The insurances that SAS currently have in place contain a maximal insurance limit of 1 750 MUSD. The new limits of third party liability insurance will become effective as from 00.00 September 25, 2001. This reduced limit is considered by SAS and the other major European airlines to be far from sufficient and at such a low level that SAS under the current circumstances will not be able to carry on its airline operations. As a sufficient insurance coverage can not be obtained in the market. SAS today asked the three Scandinavian Governments to indemnify SAS for claims in excess of 50 MUSD up to 1 750 MUSD per single occurrence. Due to SAS's planned flights to the U.S.A. in the morning of September 24, 2001, SAS has asked the three Governments to decide on the request for an indemnification as early as possible in the morning of September 24. For further information: Hans Ollongren, Vice President Government & External Relations +46-8-797 1950 Bertil Ternert, Information Manager +46-8- 797 2081 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/09/21/20010921BIT00920/bit0002.doc http://www.waymaker.net/bitonline/2001/09/21/20010921BIT00920/bit0002.pdf