Aviation insurance is insurance coverage that is specific to the operation of aircraft and the risks involved in aviation. The aviation insurance policy is clearly different from the others for the field of transportation and tends to include flight terminology, as well as terminology, limits and specific clauses for aviation insurance.
Video Aviation insurance
History
Aviation Insurance was first introduced in the early years of the 20th century. The aviation insurance policy was first written by Lloyd's of London in 1911. The company ceased writing airline policies in 1912 after bad weather at an aerial meeting caused the accident, and ultimately a loss, on its first policies.
The first aviation policy is borne by the marine insurance community. The first specialist aviation insurance emerged in 1924.
In 1929, the Warsaw Convention was signed. The Convention is an agreement to establish the terms, conditions and limits of liability for air transport; this is the first recognition of the aviation industry as we know it today.
Recognizing that there must be a specialist industrial sector, the International Union of Marine Insurers (IUMI) first established an aviation committee and then in 1933 created the International Union of Aviation Insurers (IUAI), which consists of eight insurance companies and a European aviation pool.
London insurance market is still the largest single center for aviation insurance. The market consists of the traditional syndicates of Lloyd's of London and a number of other traditional insurance markets. Around the world there are national markets established in various countries, each dependent on aviation activity in each country. The United States has a large percentage of the world's common aviation fleet and has a large established market. According to a 2014 report from the GAMA (General Aviation Manufacturers Association), there are 362,000 common aircraft worldwide, and 199,000 (or about 55%) are based in the United States.
No single insurance company has the resources to maintain the size of a major airline risk, or even a large proportion of that risk. The aversive nature of aviation insurance can be measured in the amount of losses that have insurance costs of hundreds of millions of dollars (Accidents and flight incidents).
Most airlines set the "fleet policy" to cover all aircraft they own or operate.
Insurance cheating is a motive for suicide passengers to crash into Pacific Air Lines Flight 773, Continental Airlines Flight 11 and National Airlines Flight 2511.
Maps Aviation insurance
Type of insurance
Aviation insurance is divided into several types of insurance available.
Public liability insurance
This coverage, commonly referred to as third party liability includes aircraft owners for damage their plane makes to third party properties, such as houses, cars, plants, airport facilities and other crash-stricken aircraft. It does not provide coverage for damage to the insured plane itself or coverage for injured passengers on an insured plane. After the accident, the insurance company will indemnify the victim for their loss, but if the settlement can not be reached then the case is usually taken to court to terminate the liability and the amount of damage. Public liability insurance is mandatory in most countries and is usually purchased in the total amount determined per incident, such as $ 1,000,000 or $ 5,000,000.
Passenger liability insurance
Passenger responsibilities protect passengers who boarded plane crashes that were 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.
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CSL coverage combines public responsibility and passenger liability coverage into one coverage with an overall limit per accident. This type of coverage provides more flexibility in paying claims for liability, especially if the passenger is injured, but minor damage is done to third-party properties in the field.
Insurance hull land insurance does not move
It provides coverage for aircraft insured against damage while on the ground and does not move. This will provide protection for aircraft for such incidents as fire, theft, vandalism, floods, mudslides, animal damage, wind or snowstorm, collapsed hangars or for uninsured vehicles or aircraft crashing into the aircraft. The sum insured may be a blue book value or an agreed value set when the policy is purchased.
The use of the term "stomach" insurance to refer to an insured plane betrays the origin of aviation insurance in marine insurance. Most gastric insurance includes deductible to prevent minor claims or disruptions.
Insurance hull of moving land insurance (taxi)
This coverage is similar to that of a stationary hull ground insurance, but provides coverage when the plane is sliding, but not on takeoff or landing. Usually, the coverage stops at the beginning of the take-off roll and is valid only after the plane has completed the next landing. Due to a dispute between the plane owner and the insurance company about whether the plane crash was sliding or trying to take off, this type of coverage has been terminated by many insurance companies.
In-flight insurance
Flight coverage protects the aircraft insured against damage during all flight phases and ground operations, including when parked or stored. Naturally, this is more expensive than immovable coverage, since most planes are damaged while in motion.
References
Source of the article : Wikipedia
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