Liability losses expected to hit $10 million limit, sources say
No data recovered from helicopter's equipment, NTSB reports
Insured loss unlikely to affect pressured aviation market, source says
By Michael Jones
April 14 - (The Insurer) - Insured liability losses from Thursday, April 10's fatal helicopter crash in New York City's Hudson River will be limited to $10 million if the loss attaches to the operator cover, three senior aviation market sources told The Insurer.
New York Helicopter Tours, the operator of the Bell 206 that crashed into the Hudson River, has a liability limit of $10 million on its insurance cover, the sources said, with the cover "well spread" across the market with placements in the U.S. and London.
Two senior aviation market sources said they expect liability losses from the event to reach the $10 million limit, and said the helicopter's hull is valued at $1.3 million.
The crash killed all six people on board including a Spanish family with three children and the pilot, Mayor Eric Adams said on Friday.
Among those killed was Agustin Escobar, CEO of Rail Infrastructure at Siemens Mobility, the train transportation arm of German technology company Siemens.
No video or camera recorders have been recovered from the Bell 206 helicopter, the U.S. National Transportation Safety Board said late on Saturday, and none of the equipment on it had recorded information that would help the investigation.
On Sunday, the Federal Aviation Administration said that New York Helicopter Tours was shutting down operations immediately. New York Helicopter Tours said on its website it was referring all requests for comment to the FAA and NTSB.
One senior aviation broking source said an insured loss of this amount would not affect the market.
The market has seen multiple significant liability loss events since December 29, 2024, which included the Delta Air Lines incident in Toronto, the American Airlines disaster and the Jeju Air crash.
Gallagher Specialty aerospace global executive Nigel Weyman said earlier this month that the accumulation of large losses at the start of 2025 has led to greater scrutiny from senior management at some insurers. Lloyd's chief underwriting officer Rachel Turk also highlighted the class as a significant area of concern that warranted material rate rises or restructuring.
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