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Risk and Miscellaneous Insurance Business

AVIATION INSURANCE POLICY

Aviation insurance policy is the insurance of the aircrafts. The policy is divided into three sections.

SECTION ONE: - LOSS OR DAMAGE TO AIRCRAFT

This section cover loss or damage to the aircraft whilst the aircraft is in flight, taxing on the ground or moored. The liability covered under this section is subject to certain exclusions.

SECTION TWO: - THIRD PARTY LIABILITY

This section covers the insured in respect of all sums, which the insured shall become legally liable to pay as compensation to third parties subject to certain exceptions.

SECTION THREE: - LIABILITY TO PASSENGERS

This section covers liabilities, which the aircraft owner shall become legally liable to pay to the passenger in respect of loss of its cargo/personal effect or any other losses that the passenger may suffer as a result of using the aircraft subject to certain exclusions.

The aviation policy can be extended to cover crew personal accident insurance.

RATING FACTORS:

• The value of aircraft
• Type of aircraft
• Limit of liability required
• Use of the aircraft
• Geographical limit
• Details of the pilot
• Air worthiness of the aircraft
• All other requirement as to the licensing of the aircraft by the regulatory body.
• Maintenance arrangement and training of pilots. etc

The rate charged will depend on the quality of the risk and the rates in the international market.

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