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BRUSSELS, Belgium-A major fire in a hangar at Brussels' Zaventem airport used by Sabena airlines could cost insurers more than $50 million.

The Oct. 3 fire gutted the Sabena hangar, which stored spare parts for Boeing 737 and 747 aircraft as well as documents and archives. Although the hangar is insured for $5 million, the equipment loss could total between $40 million and $50 million, according to one underwriter on the risk.

Sabena's coverage is placed by J&H Marsh & McLennan Inc. in London.

Sabena is part of the KSSAF group of about 20 mainly European airlines that purchase their insurance coverage together.

The hangar loss will fall under KSSAF's "all-risks movables" insurance policy, which is led in Lloyd's of London by syndicate 625 managed by Hiscox Syndicates Ltd. It also is placed with KSSAF's captive insurer, Polygon Insurance Co. Ltd. in Guernsey. KSSAF renews its coverages Nov. 1.