The Chinese government announced on Monday that it was extending insurance coverage of war and terrorist risks for the country’s airlines for an additional month, until December 24, 2002.
The coverage was first made available to the airlines following the Sept. 11 attacks, and has been provided on a month-by-month basis ever since. This is the 14th time that the government has extended the cutoff date.
However, with private sector coverage still limited to $50 million, and excess policies remaining very expensive, the Chinese government apparently feels it has little choice, but to continue the state’s insurance program in support of the airlines.
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