FOR IMMEDIATE RELEASE November 29, 2001
Marianna Ohe 202-565-3200
The Export-Import Bank of the United States (Ex-Im Bank) has notified all airlines operating Ex-Im Bank supported aircraft that it will continue to refrain, through 23:59 EST on March 31, 2002, from exercising its rights regarding required amounts of third party war risk liability insurance.
As a direct consequence of the September 11, 2001 terrorist attacks, the international aviation insurance industry took actions to cancel and then modify the terms of coverage for third party liability arising from war and related perils. On September 24, 2001 and again on October 1, 2001 and October 11, 2001, Ex-Im Bank responded to the changes in the international aviation insurance market by announcing that it would not enforce its rights to require third-party war risk liability insurance in the amounts originally required. Ex-Im Bank has been working with other U.S. government agencies, international aviation associations such as the International Civil Aviation Organization, the International Air Transport Association and the European export credit agencies to develop a longer term, uniform approach to these issues.
Ex-Im Bank's election not to require compliance with the third party war risk liability requirements is subject to revocation upon 24 hours' prior written notice from Ex-Im Bank. This action does not affect the rights of any other parties (including other financiers) or any airline's obligations to comply with all laws and regulations in all applicable jurisdictions. Ex-Im Bank does not make any comment on any aspect of any arline's business or operations, including any decision by an airline to operate or not operate any aircraft or any route.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world by providing loans, guarantees and insurance. Ex-Im Bank supported $12.5 billion in U.S. exports in fiscal year 2001.