"Insurers to pay $5.9 million for lost Southern California 9/11airport revenue"

Saturday, February 5, 2005

Insurers to pay $5.9 million for lost SoCal airport revenue
The Associated Press


LOS ANGELES - City officials said Friday they have reached a $5.9 million
settlement with their insurers over revenue losses suffered when the Federal
Aviation Administration ordered Los Angeles International and Ontario
International airports closed immediately after the Sept. 11, 2001,
terrorist attacks.

The settlement was reached with Industrial Risk Insurers and Westport
Insurance Corp., said Cheryl Petersen, board president for Los Angeles World
Airports.

"We are pleased to recover a significant portion of our business
interruption losses relating to the airport closures caused by the terrorist
attacks," she said in a statement. "Our airports were shut down for several
days and did not return to their previous levels of activity for a
considerable period."

The city sued the insurance companies after they rejected a claim for
compensation.

Los Angeles World Airports, a city agency, owns and operates Los Angeles
International, Ontario International, Palmdale Regional Airport and Van Nuys
Airport. Los Angeles International is listed as the world's fifth busiest
passenger airport.


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