Oct 26
Insurance Terrorists
Following the recent series of arrests in London that apparently foiled a plot to blow up a number of airliners flying out of Britain, one of the new security measures undertaken by the airlines was to ban carry-on luggage. Laptops, iPods and cellphones, jewelry and other personal items were relegated to the aircraft’s hold.
After the emergency ban on cabin luggage most insurance companies said that they would treat passengers sympathetically. But within 24 hours of the terror alert has the insurance companies have decided to harden their position.
Insurance industry insiders say that companies are reluctant to announce blanket payouts for loss of valuables in these special circumstances because they think that passengers will exploit any relaxation of policy and have a field day with claims. Consumer groups predict scores of complaints from passengers about insurance companies failing to meet claims for losses.
More after the jump…
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