Insurers to Pay $5.9M for Lost SoCal Airport Revenue
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.
Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Adjuster Created Law Firm and Fake Claim to Defraud Insurer of $1M, Officials Charge
- CCC Intelligent Solutions Agrees to $6.1B Take-Private Deal with GTCR, Elliott
- Burned by Fire, Malibu’s Million-Dollar Mansions Face a New Threat: El Niño
- All in the Family: Husband, Wife and Daughter Indicted for Insurance Fraud and Bribery