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A Southwest Airlines Co. appeal of a denial on a massive computer failure claim has been reversed by the U.S. Court of Appeals for the Fifth Circuit. On July 20, 2016, Southwest suffered a massive computer failure that disrupted about 475,839 customers. Southwest had cyber risk insurance with AIG Inc. and a series of related excess policies, including one with Liberty the provided coverage up to $10 million, but was only implicated if Southwest's system-failure losses exceeded $50 million. Southwest calculated losses of $77 million and collected $50 million from AIG and the other insurers.
Aerospace & Defense
January 17, 2024, 3:34 PM