American Crash Loss Assessed
The total insured monetary loss in the crash of American Airlines flight 587 will be above a low estimate of $150 million but “conceivably less than $750 million,” according to Bob Bailey, chairman and chief executive officer of NYMAGIC Inc., one of the airline's insurers.
The Nov. 12 flight from Kennedy Airport in New York was bound for the Dominican Republic. Five persons on the ground and 260 persons aboard the Airbus A300 perished when, minutes after takeoff, the plane crashed into a neighborhood in Queens, N.Y.
Mr. Bailey heads the holding company that contains New York Marine & General Insurance Company, one of a dozen insurers for the airline. The lead insurer was Associated Aviation Underwriters of Short Hills, N.J., part of London-based Global Aerospace Underwriting Managers.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
