Air Travel Protection Act

Air Travel Protection Act - Includes as a condition for a certificate for interstate or overseas air transportation that air carriers maintain financial protection of such type and in such amounts as the Secretary of Transportation shall require to indemnify victims of aircraft incidents. Directs the Secretary to extend such requirement to persons engaged in intrastate air transportation.

Stipulates that the amount of financial protection required shall be the amount of liability insurance available from private sources, unless the Secretary establishes a lesser amount based on specified criteria.

Directs the Secretary to indemnify victims of extraordinary air incidents if the liability incurred is in excess of the financial protection provided by the air carrier. Defines "extraordinary air incidents" for purposes of this Act. Authorizes the Secretary to create a revolving fund in the Treasury for such indemnification purposes by directing air carriers to collect as part of a charge for domestic air transportation an amount specified by the Secretary. Authorizes the Secretary to allow air carriers to include an additional charge to be applied against the financial protection required under this Act.

Authorizes the Secretary to enter into indemnity agreements and make advance payments thereon whenever such action would facilitate the purposes of this Act.

Directs the Secretary to use private facilities and services to the maximum extent possible to carry out the provisions of this Act.

Requires that any such indemnity agreements include the provision that the Secretary shall have final authority regarding the payment of any claims under such agreement.

Authorizes the Secretary to enter into agreements with other indemnitors to establish coordinated procedures for prompt handlings, investigation, and settlement of claims for liability. Authorizes payments to provide immediate assistance following an aircraft incident.

Authorizes the Secretary to prescribe such rules, regulations, and policies as are deemed proper to carry out the functions of this Act.

Requires the Secretary to maintain an integral set of accounts created under this Act which shall be audited annually. Directs the Secretary to include in the annual report to Congress an account of all activities, expenditures, and receipts under this Act.

Requires provisions in indemnity agreements and insurance policies with respect to extraordinary aircraft occurrences which waive: (1) any issue or defense based on the conduct or fault of the claimant; (2) any issue or defense of charitable or governmental immunity; and (3) any defense based on the statute of limitations if suit is instituted within two years of the incident.

Grants exclusive jurisdiction to the Federal courts with respect to any public liability arising out of extraordinary aircraft occurrences.

Limits recovery from such an extraordinary occurrence to allowable expenses, loss of income, replacement service loss, and survivor's loss.

Disallows, in the event of death, recovery for pain and suffering of the deceased or other noneconomic injury. Disallows recovery of other persons for pain and suffering or noneconomic detriment unless such a person has sustained serious and permanent disfigurement or other serious and permanent injury or has a total disability for more than 90 days.

Prohibits recovery for exemplary or punitive damages. Allows any person who recovers in an action based on an extraordinary aircraft occurrence to recover as part of such judgment costs and expenses reasonably incurred in the prosecution of such action.

Makes the remedies provided under this Act exclusive.