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Non-Tech : Allianz AG (AZ)

AZ 6.995

-6.0%

Nov 3 3:59 PM EST

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From: Sr K	3/29/2015 1:40:58 PM
	of 11

WSJ 3/29/2015 Liability for Germanwings Crash May Still Rest With Airline, Insurer Copilot’s secrecy wouldn’t necessarily exonerate Lufthansa, lawyers say LONDON—The unusual circumstances surrounding the Germanwings crash on Tuesday wouldn’t necessarily free the airline and its insurers from claims of negligence, according to aviation lawyers. Deutsche Lufthansa AG and its insurer could still face large legal liability claims in the crash of Germanwings Flight 9525 despite indications that the co-pilot who deliberately crashed the plane into a mountainside hid medical problems from his employer. “The airline has unlimited liability unless it can prove it is free from fault,” said Steven Marks, a partner at aviation litigation firm Podhurst Orseck. The crash of the Airbus A320 on Tuesday killed all 150 people on board. . . . Lufthansa, which has struggled to meet financial targets amid labor unrest and restructuring measures, wouldn’t pay the legal costs itself. The financial liability rests with its insurer, a unit of Germany’s Allianz, which typically is reinsured. The airline later could face higher insurance premiums though those would remain a small part of a carrier’s costs compared with fuel and staff, an airline-insurance specialist said. Allianz on Friday said it retains the liability element of the policy despite the seeming deliberate act of the co-pilot. The company said it wouldn’t disclose detailed claims estimates it considers confidential nor the extent to which it is reinsured. Costs to cover the loss of the plane shift to Lancashire Holding’s Cathedral unit which wrote the insurance to cover such an event in case of war or a deliberate act, according to aviation consultancy Ascend Worldwide. wsj.com

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