Professional Documents
Culture Documents
Aviation Insurance
Aviation Insurance
Aviation Insurance
ls ere f
rally establise a te
eet ca se l
sses
ay
f terati
al Ui
f §viati
srers
t
se first
licies. (U§ as b
r
is believe t at t e first aviati
lices ere
V
t er ritte by t e arie israce
er riti
c
ity
V he ondon insurance market is still the largest single centre for
aviation insurance. he market is made up of the traditional loyd's
of ondon syndicates and numerous other traditional insurance
markets.
V hroughout the rest of the world there are national markets
esta lished in various countries, this is dependent on the aviation
activity within each country, the U has a large percentage of the
world's general aviation fleet and has a large esta lished market.
V o single insurer has the resources to retain a risk the size of a major
airline, or even a su stantial proportion of such a risk. he
catastrophic nature of aviation insurance can e measured in the
num er of losses that have cost insurers hundreds of millions of
dollars (viation accidents and incidents
V Most airlines arrange "fleet policies" to cover all aircraft they own or
operate
w
m
V his coverage, often referred to as 9 9 9 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. t does not provide coverage for damage to the insured
aircraft itself or coverage for passengers injured on the insured
aircraft. fter an accident an insurance company will compensate
victims for their losses, ut if a settlement can not e reached then the
case is usually taken to court to decide lia ility and the amount of
damages. mu lic lia ility insurance is mandatory in most countries
and is usually purchased in specified total amounts per incident, such
as $1, , or $5, ,
TYPES OF INSURANCE
V m
V massenger lia ility protects passengers riding in the accident aircraft who
are injured or killed. n many countries this coverage is mandatory only
for commercial or large aircraft. overage is often sold on a "per-seat"
asis, with a specified limit for each passenger seat.
V p
p
V p coverage com ines pu lic lia ility and passenger lia ility coverage
into a single coverage with a single overall limit per accident. his type of
coverage provides more flexi ility in paying claims for lia ility, especially
if passengers are injured, ut little damage is done to third party property
on the ground
^
V his provides coverage for the insured aircraft against damage
when it is on the ground and not in motion. his 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. he amount of coverage may e a lue
ook value or an agreed value that was set when the policy was
purchased.[2]
V he use of the insurance term "hull" to refer to the insured
aircraft elies the origins of aviation insurance in marine
insurance. Most hull insurance includes a deducti le to
discourage small or nuisance claims.
^
V his coverage is similar to ground risk hull insurance not
in motion, ut provides coverage while the aircraft is
taxiing, ut not while taking off or landing. ormally
coverage ceases at the start of the take-off roll and is in
force only once the aircraft has completed its su sequent
landing. Due to disputes etween aircraft owners and
insurance companies a out whether the accident aircraft
was in fact taxiing or attempting to take-off this coverage
has een discontinued y many insurance companies