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European aviation industry sets up mutual insurance fund.


The European aviation industry has reportedly created a mutual insurance fund for USD1bn coverage.

The fund - which is awaiting approval from national and European Union authorities - will remove the need for governments to provide airlines with war and terrorism insurance coverage. The European Commission has extended the deadline for government emergency cover until the end of June 2002, to allow more time for the scheme to be finalised.

The European fund - created by airlines, airports, aircraft manufacturers and other industry interests - will eventually be replaced by a global mutual fund, to be established by the International Civil Aviation Organisation. The process is currently under way but it is unclear when it will come into force, reported Reuters.

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Publication:Airline Industry Information
Date:May 28, 2002
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