Word: meas
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...When Israeli commandos raided Bei rut's International Airport last month, eight of Middle East Airlines' 13 planes went up in flames. Despite this destruction, MEA did not really lose much during the raid - and in some ways is better off than before. Though a brand-new Boeing 707 jet was destroyed, the line also got rid of some aging Comets and other planes that it had been trying unsuccessfully to sell...
Keep 'Em Flying. Most important, MEA had shrewdly insured its fleet with war-risk policies that covered the full "book value" of the aircraft. Since the line valued the planes rather generously on its books, it figures to get $17.9 million from Lloyd's of London and other insurers - more than enough to replace the lost fleet. The true mar ket value of each of its three six-year-old Comet jets, for example, is about $400,000, but MEA listed each at $1,500,000 and paid appropriate premiums. MEA will also collect...
...high insurance coverage did not result from Israeli-Arab tensions, but from the brief Indo-Pakistani war in 1965. "At that time," says Sheikh Najib Alamuddin, MEA's president, "our aircraft served both Karachi and Bombay, and we decided to cover our fleet with complete war-risk insurance. Thank goodness we've continued to maintain those policies...
...MEA, the largest and most successful Arab airline, managed to maintain its service by doubling up some flights in the first days following the raid. Instead of scheduling separate flights to London and Paris, for example, it serviced both capitals with a single daily plane from Beirut. To back up its remaining five planes, the line has since chartered three Comets from Kuwait Airways, one Boeing 720B from Ethiopian Airlines and another Boeing from Air France. It will also have six months' free use of a Caravelle owned by Morocco's King Hassan II. Other offers to help...
There is no guarantee that MEA's recovery will last. Chartering planes is expensive and cuts into flight profits. Since the Israeli attack, Lloyd's has increased MEA's premiums for war-risk coverage eighteenfold, and has imposed a ceiling on what it will pay henceforth: a maximum of $8,150,000 each for no more than two airplanes. Lloyd's is imposing similar conditions on Israel's El Al and all other airlines operating intensively in the Middle East area...