The Australian government has joined the U.S., the European Union and other countries in extending excess coverage for terrorist and war risk to the country’s airline industry and related infrastructure.
The Australian plan, which was first adopted in the wake of the Sept. 11 attacks, when many insurers withdrew war and terrorist coverage, requires the insureds to obtain the maximum amount of coverage available from the private sector. The government then offers excess coverage at no charge.
The extension runs to the end of April for Australian airlines and until May 6 for airports and related service providers. Meanwhile the government is continuing to work on a long-term solution.
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