With the country in mourning for the tremendous loss of life from the terrorist attacks, the financial loss seemed to pale by comparison. But as Americans began to recover from the initial shock, the economic concerns loomed darker, and the insurance industry was among the first to feel the fiscal effects. It was also one of the first to put measures into effect to minimize losses and recover from the economic blow.
Despite the fact that the four aircraft hijacked were airliners, the business aviation community was included in a rush by insurers to deal with the disaster and its aftermath. Within hours of the attack, London insurers were notifying business aviation clients of the cancellation of the so-called war-risk covenants of their insurance policies. Included among those clients were corporate aviation flight departments, Part 135 on-demand charter operators, individual business aircraft owners, airports and FBOs.
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