American Crash Loss Assessed
The total insured monetary loss in thecrash of American Airlines flight 587 will be above a low estimateof $150 million but “conceivably less than $750 million,” accordingto Bob Bailey, chairman and chief executive officer of NYMAGICInc., one of the airline's insurers.
The Nov. 12 flight from Kennedy Airport in New York was boundfor the Dominican Republic. Five persons on the ground and 260persons aboard the Airbus A300 perished when, minutes aftertakeoff, the plane crashed into a neighborhood in Queens, N.Y.
Mr. Bailey heads the holding company that contains New YorkMarine & General Insurance Company, one of a dozen insurers forthe airline. The lead insurer was Associated Aviation Underwritersof Short Hills, N.J., part of London-based Global AerospaceUnderwriting Managers.
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