• AVIATION INSURANCE

    Why take Aviation Insurance?

     Aviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance provides coverage for physical damage or loss of the aircraft as well as liability for passenger injuries, environmental and third-party damage caused by aircraft accidents.

    What type of aviation covers are offered?

    Aircraft hull

     Aircraft hull insurance covers losses arising from the physical damage to aircraft hull as a result of various perils, including war and terrorism.

    Aviation liability

     This coverage, often referred to as third party liability covers aircraft owners for damage that their aircraft does to third party property, such as houses, cars, crops, airport facilities and other aircraft struck in a collision. It does not provide coverage for damage to the insured aircraft itself or coverage for passengers injured on the insured aircraft.

    Passenger liability

     Passenger liability protects passengers flying in the accident aircraft that are injured or killed. In many countries this coverage is mandatory only for commercial or large aircraft. Coverage is often sold on a “per-seat” basis, with a specified limit for each passenger seat.

    Combined single liability (CSL)

     CSL coverage combines public liability and passenger liability coverage into a single coverage with a single overall limit per accident. This type of coverage provides more flexibility in paying claims for liability, especially if passengers are injured, but little damage is done to third party property on the ground.

    Aviation products liability

     Aviation products liability insurance is taken out to provide coverage for components used in aircraft or other aviation products, e.g. avionic software.

    Aviation cargo

     Aviation cargo insurance covers losses arising from the physical damage to cargo while it is in transit by air and for up to 60 days whilst in storage. (After 60 days it will be seen as Property – Standalone storage.)

    Aircraft crew personal accident

     Aircraft crew accident insurance provides cover in the event of death or injury to a member of an aircraft’s crew. The insured is normally the aircraft owner or operator.

    Ground risk hull insurance not in motion

     This provides coverage for the insured aircraft against damage when it is on the ground and not in motion. This would provide protection for the aircraft for such events as fire, theft, vandalism, flood, mudslides, animal damage, wind or hailstorms, hangar collapse or for uninsured vehicles or aircraft striking the aircraft. The amount of coverage may be a book value or an agreed value that was set when the policy was purchased.

    Ground risks hull insurance in motion (Taxiing)

     This coverage is similar to ground risk hull insurance not in motion, but provides coverage while the aircraft is taxiing, but not while taking off or landing. Normally coverage ceases at the start of the take-off roll and is in force only once the aircraft has completed its subsequent landing. Due to disputes between aircraft owners and insurance companies about whether the accident aircraft was in fact taxiing or attempting to take-off this coverage has been discontinued by many insurance companies.

    Loss of License

     Loss of license cover relates to compensation to a pilot for loss of income if he fails a medical examination and losses his pilot’s license. For this form of cover the underwriter will insist on a completed proposal before offering terms. The questionnaire asks for details of the type of license, income and medical history of the pilot.