• Germany edition
 
Insurance will save late airport's managers
Photo: DPA

Insurance will save late airport's managers

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

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
North braces for storms and floods
Cars waiting to be loaded onto the ferry at Bremerhaven, Lower Saxony, were caught in flooding on Wendnesday. Photo: DPA

North braces for storms and floods

UPDATE: The remnants of hurricane Gonzalo have drifted across the Atlantic and are now threatening North German cities with flooding, forecasters warned on Wednesday. The news followed a night of accidents caused by heavy winds in southern Germany. READ  

Kerry's challenge to Russia at Berlin Wall
US Secretary of State John Kerry at the Berlin Wall. Photo: DPA

Kerry's challenge to Russia at Berlin Wall

US Secretary of State John Kerry visited remnants of the Berlin Wall on Wednesday and warned that East-West tensions again threaten freedom in Europe, 25 years after its collapse. READ  

Satirist lives the dream on EU gravy train
Sonneborn in the EU Parliament. Photo: DPA

Satirist lives the dream on EU gravy train

Martin Sonneborn can’t believe his luck. The German comedian, leader of the political party “Die Partei”, managed to get elected to the European Parliament in May, and has found himself overwhelmed with fresh material. READ  

The Local List
Which high school cliche is your city?
Photo: DPA/Shutterstock

Which high school cliche is your city?

This week's Local List takes a leap of imagination and finds German cities fit perfectly into high school cliche categories. Who's the class clown? Who's the nerd? READ  

Indian schools drop German teaching
Indian pupils enrolled in German classes prepare for Foreign Minister Frank-Walter Steinmeier's visit to their school. Photo: DPA

Indian schools drop German teaching

Thousands of children in India will no longer be taught German after the country's education ministry allowed a contract to lapse. READ  

Syria-bound US teens stopped in Frankfurt
A passenger plane landing at Frankfurt airport. Photo: DPA

Syria-bound US teens stopped in Frankfurt

Three teenage girls from Colorado were arrested by German police at Frankfurt airport after running away from home, reportedly on their way to join Isis in Syria. READ  

Tourists stranded on cable car over Rhine
Tuesday night's rescue operation Photo: DPA

Tourists stranded on cable car over Rhine

Six people, including a family and two American tourists, were left dangling 40 metres in the air over the Rhine for hours late on Tuesday after Cologne's cable car came to a halt. READ  

7:1! Bayern celebrate record in Rome
Arjen Robben celebrates the first goal against AS Roma. Photo: DPA

7:1! Bayern celebrate record in Rome

Bayern Munich were elated on Tuesday night after securing a 7-1 victory against Roma in their group stage Champions League clash. READ  

Nazi U-boat wreck found off US coast
A preserved World War II U-Boat on the beach near Kiel, Germany. Photo: DPA

Nazi U-boat wreck found off US coast

A World War II German U-boat and an American merchant vessel it sank in battle have been found deep in the ocean off the coast of North Carolina, officials said on Tuesday. READ  

Fourth time lucky for free Berlin WiFi?
Coming soon? Photo: DPA

Fourth time lucky for free Berlin WiFi?

Berlin's bid to set up a free city-wide wireless network has so far come to nothing. But city bosses are now trying for a fourth time - and hope to have the project running next year. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Sponsored Article
An international school unlike any other : School on the Rhine
Photo: Fitzpatrick family
Society
'We still don't know what happened to Matthew'
Photo: Mariana Schroeder
Munich
Special Report: Hope and chaos at Munich's refugee shelters
Photo: DPA
Berlin
Robbers blow up Berlin bank
Photo: DPA
Culture
Can you top our history quiz leaderboard?
Photo: Facebook
Society
German motorcycle gang joins Isis fight
Photo: DPA
Politics
UKIP ‘seeks EU pact’ with German satirical party
Photo: DPA
Gallery
PHOTOS: World's biggest erotic fair opens in Berlin
Photo: DPA/Shutterstock
Gallery
11 things Germans are afraid of...
Photo: DPA
Gallery
The ten richest people in Germany
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Sponsored Article
Bilingual education from nursery to graduation at Phorms
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,491
jobs available
Toytown Germany
Germany's English-speaking crowd