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LISI 2011 —
90
— financial report
Risk factors
.5
Insurance policy
amount of €15.2m per claim and per year for the first line. The Group
also has an Excess contract for which the amount is €7.6m in addition
to the first line. An aeronautical insurance policy covers the specific
risks for an amount of €305m per year (flight interruptions being
covered for an amount of $125m per claim and per year and space
products for $125m per claim and $250m per year).
5.3
Corporate officers’ liability insurance
The Group has taken out a liability insurance contract for its corporate
officers covering all its subsidiaries for an amount of €7.7m per year.
The LISI Group has several insurance policies, which cover the
following risks:
5.1
Property damage insurance
As of January 1, 2012, this policy covered own and others’ installations,
as well as operating losses in the event of a claim. The deductible
is stated by claim and amounts to €0.1m, and this for a maximum
coverage amount of €1,068m for the buildings and equipment, and
€222m for merchandise.
5.2
Third-party liability insurance
It covers personal injuries and equipment and intangible losses which
may occur during operations, as well as losses after delivery for an
4.6.7 Currency risks
The Group may have certain exposures to variations in currencies
such as the US dollar, the Canadian dollar, the pound sterling, the
Turkish pound or the Polish zloty. In order to reduce this level of risk,
the LISI Group hedges the risk of variations by using the necessary
instruments, such as forward sales at fixed rates for an estimated
amount corresponding to its final exposure (see note on hedging in
the Notes).
4.6.8 Interest rate risk
The Group has hedged a significant part of the interest rate risk on its
loans by swapping variable rates for fixed rates.