The Rantings of the barely human.
Specified in paragraph 5 of Part I of Schedule 1 to the Regulated Activities Order (Contracts of general insurance) as the insurance upon aircraft or upon the machinery, tackle, furniture or equipment of aircraft.
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Coverage for the insured in the event that the insured’s negligent acts and/or omissions result in losses in connection with the use, ownership, or maintenance of aircraft.
Claims or suits that arise out of the ownership, maintenance, or use of aircraft are generally excluded under the standard commercial general liability (CGL) forms. Businesses that elect to use private aircraft in their operations must purchase specialty insurance to cover their aircraft liability loss exposure aircraft liability coverage or stand-alone nonowned aircraft liability and perhaps excess aircraft liability coverage as well. Coverage for third-party aircraft liability is often provided, which also includes hull (physical damage) and medical payments coverages. Aircraft policies are not standardized and vary widely. Some insurers offer policies that combine aircraft liability and hull with other aviation coverages, such as aircraft products liability, airport liability, land-based general liability, and hangarkeepers liability coverage.
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US: Claims or suits that arise out of the ownership, maintenance, or use of aircraft are generally excluded under the standard commercial general liability (CGL) forms. Businesses that elect to use private aircraft in their operations must purchase specialty insurance to cover their aircraft liability loss exposure
Specified in paragraph 5 of Part I of Schedule 1 to the Regulated Activities Order (Contracts of general insurance) as insurance against damage arising out of or in connection with the use of aircraft, including third party risks and carrier’s liability.
Covers airlines for a pre-agreed daily amount in the event of the aircraft being out of use due to an ‘intervening peril’ (peril covered under hull all risks and war risks covers), but can extend to mechanical breakdown, groundings, air traffic control strikes, etc. Cover does not apply to total loss situations. Financiers may insist that cover is arranged to fund lease payments during periods of repair. Claims payments may be sufficient to help the insured meet other fixed costs. See TOTAL LOSS ONLY INSURANCE.
Protects aircraft lessor against confiscatory acts (typically by the country of domicile of owner and/or country of registration) and inability to enforce possessory rights following a default under the lease. The insurance may be extended through a contingent war policy to cover damage to the aircraft whilst awaiting repossession.
Different wordings used by different insurers. Version I stipulates that in the event of loss or damage to the goods insurers to pay the cost of airfreighting the damaged parts to manufacturers for repair and return ort the airfreighting of replacement parts from manufacturers or suppliers to destination. Notwithstanding that the goods lost or damaged were not originally dispatched by airfreight. Provided that in no case shall the liability of insurers exceed the insured value of the complete item. Version II covers reasonable cost of airfreighting subject to amount payable shall be limited to a stipulated sum any one claim mentioned in the policy.
Main policies are aviation hull all risks and aviation liability. Other special forms of aviation insurance effected by airlines are: war risks; deductible insurance; unearned premium; mechanical breakdown; loss of use. Airlines also need a full range of non-marine policies covering ground property, vehicles, risks and liabilities related to ground operations. There are standard aviation wordings (see AVNIC) but most airlines have individual ‘manuscript’ wordings devised with brokers to reflect their particular circumstances. Premiums are based on ‘own experience’, regional and global airline experience, type of aircraft, route structure, passenger make-up and individual legal situations.
See: WARSAW CONVENTION.
A large passenger aircraft plying in an airline on scheduled services over regular routes. Travel as a passenger on such aircraft is not normally excluded under personal accident insurance policies.
Insurance that is purchased by commercial airlines and consists of property insurance on airplanes and liability insurance for passengers and persons not passengers. It is for negligent acts or omissions by the airline that may result in bodily injuries or property damages.