• Germany's news in English
 
app_header_v3

Insurance will save late airport's managers

The Local · 3 Nov 2012, 09:30

Published: 03 Nov 2012 09:30 GMT+01:00

Airport Project Manager Rainer Schwarz and the supervisory board, led by Berlin Mayor Klaus Wowereit will be covered by a special liability insurance policy, airport spokesman Ralf Kunkel told Saturday’s Tagesspiegel newspaper.

He refused to say how large the liability policy was or name the insurance company covering it, but experts said it was to be expected that businesses which lost money due to the huge delays will claim millions of euros in damages.

The new airport was most recently scheduled to open on June 3 but just weeks beforehand, the management board had to admit that the fire protection systems were not ready and the airport would not meet the deadline. An investigative committee was established to figure out what went wrong.

On Friday, following a visit to the airport’s construction site, most of the members of the investigative committee were impressed with the construction progress.

But Andreas Otto from the Green Party wasn’t one of them.

“How could those responsible believe - up until four weeks before the planned opening in June - that the airport would be ready on time?” He said the managers were either “naïve or too full of themselves” to realize just how far behind they were.

Otto’s views were in stark contrast to those of representatives of all the other parties in Berlin local government, who appeared surprised at how much progress they said the airport had made.

The reopening was rescheduled for next March and then re-scheduled once again for October 27, 2013, though some doubts have been raised as to whether planners can even meet that deadline.

On Thursday Wowereit announced that planners would meet the October deadline and another delay would not be necessary.

He and other members of the supervisory board as well as the airport’s managers are benefitting from a Directors and Officers or D&O Liability insurance plan that many companies take out to protect their managers.

The policies became popular in Germany after a 2006 corruption scandal involving Siemens managers and accusations against Hypo Real Estate managers in 2009.

Story continues below…

An insurance expert told the Tagesspiegel the policies normally covered between €100 million and €300 million euro range. Typically the parties settle out of court and around half of the amount covered is paid out.

The Local/mw

The Local (news@thelocal.de)

Your comments about this article

12:18 November 3, 2012 by keeps71
Sounds like they've done a deal with the insurance company. You cover our arses now and we'll make sure your company does well in the future? No insurance company would normally cover such huge sums without trying to wriggle out of it - that's the raison d'être of insurance, to not pay out. Shame the whole project hasn't fallen through. Although this won't be the last embarrassment for city officials who are hell bent on removing any last remaining character from the city and turning it into a replica of any other European city. Of course, you have to balance the budget somehow but their incompetence is quite staggering and mismanaged projects like this one only push that goal further into the future. Mind you, if the city was run properly it wouldn't be half as much fun to live in!
Today's headlines
Naked swimmer hospitalized after angler hooks his penis
File photo: DPA

When a man swimming naked in a Bavarian lake felt a strange pain in his nether regions, he looked up to see a fisherman on the shore. "Don’t pull!" he shouted.

Study finds rival Rhineland beers 'actually taste the same'
Left: Altbier. Right: Kölsch. Or can you even tell? Photos: DPA.

Cologne and Düsseldorf have a long established rivalry, not least over who has the better home brew. So the results of a new study might be more than they can swallow.

Eastern Europe pushes Germany for joint EU army
Angela Merkel (l), Beata Szydlo and Victor Orban. Photo: DPA

Eastern EU countries on Friday pushed for the bloc to create a joint army as they met with Germany for talks on sketching Europe's post-Brexit future.

Merkel’s party mate wants to get rid of all Karl Marx streets
Karl Marx and one of the roadways in Berlin named for him. Photos: Wikimedia Commons, Nicor

Hundreds of streets are named after the founder of communism, but this conservative politician wants to give Marx the boot.

State elections
6 reasons why Berlin is now known as 'the failed city'
Photo: DPA

With state elections around the corner, The Local looks at the poor side of Germany's "poor but sexy" capital city.

Upstarts RB Leipzig plan to go right to top of Bundesliga
RB Leipzig players celebrate scoring against Dynamo Dresden. Photo: DPA

RB Leipzig make their Bundesliga debut on Sunday, but the East German outfit, sponsored by energy drinks manufacturer Red Bull, are already far from popular in Germany's top-flight.

Poland criticizes Germany’s 'self-serving' foreign policy
Witold Waszczykowski. Photo: DPA

The Polish foreign minister has said that Germany all too often follows its own interests at the expense of its partners, as Chancellor Angela Merkel prepares to visit Warsaw.

Vast majority of Germans in favour of burqa ban: poll
Women wearing niqab veils in Saudi Arabia. Photo: DPA.

A survey found that the vast majority of respondents were in favour of Germany passing a ban on the full-body veil sometimes worn by Muslim women.

Czech police detain driver for harassing Merkel's motorcade
Angela Merkel. File photo: DPA

Czech police arrested a man on Thursday for attempting to drive into the motorcade of visiting German Chancellor Angela Merkel in Prague, they said.

Teacher convicted for holding kids back after class
Photo: DPA

A music teacher from North Rhine-Westphalia (NRW) has been found guilty of "holding people against their will" after he made some naughty stay kids back after class.

Sponsored Article
Why you should attend an international job fair
Gallery
Germany's 17 Olympic gold medals in pictures
Sponsored Article
Why expats choose international health insurance
Culture
7 American habits that make Germans very, very uncomfortable
Rhineland
Story of a fugitive cow who outwitted police for weeks before capture
Sponsored Article
Why you should attend an international job fair
Culture
Eleven famous Germans with surnames that'll make your sides split
Sponsored Article
Life in Jordan: 'Undiscovered treasure'
Lifestyle
The best ways to get a visa as an American in Germany
14 facts you never knew about the Brandenburg Gate
Society
Ten times Germans proved they really, really love beer
Sponsored Article
Why Jordan is the ‘Different’ East
Lifestyle
What's on in Germany: events for August 2016
Sponsored Article
Five things Americans should know about voting abroad
National
Six things you need to know when moving to Germany
Travel
These 10 little-known German towns are a must see
Sponsored Article
Jordan Pass: your ticket to the experience of a lifetime
International
German scientists prove birds can sleep while flying
Sponsored Article
Jordan: where history meets adventure
Technology
London v. Berlin: Which is better for startups?
Lifestyle
13 mortifying mistakes German learners always make
Sponsored Article
6 reasons expats use TransferWise to send money
Travel
Enter if you dare: Berlin's best abandoned haunts
Sponsored Article
Why you should attend an international job fair
Lifestyle
10 rookie errors all Brits make when they arrive in Germany
Sponsored Article
Five things Americans should know about voting abroad
National
How to get German citizenship (or just stay forever)
Sponsored Article
Jordan: where history meets adventure
Technology
Brexit will turn Berlin into 'Europe’s startup capital'
Sponsored Article
6 reasons expats use TransferWise to send money
Travel
Six soothing day trips to escape the bustle of Berlin
International
'Germany needs to make UK come to its senses'
Features
Six odd things Germans do in the summer
Features
How two gay dads cut through German red tape to start a family
8,653
jobs available
Toytown Germany
Germany's English-speaking crowd