Hull Aviation Risk Insurance

This sort of insurance covers aircraft operators from physical loss or damage to aircraft under their control at the time of the loss. The aircraft will be covered by the insurance coverage for the agreed-upon amount.

There will be a self-insured deductible payable to any subsequent hull claims until the damage is adjusted as a “Total Loss.”

Aviation Spares All Risk Insurance

For spare parts carried on the aircraft or kept separately for use with the insured aircraft, this coverage is identical to that of Hull All Risks Insurance. Before agreeing to the spares’ “Average Value at Risk,” defined as the pre-set value that the Insurer agrees to pay in the event of a loss of a spare item, the Insurer wants an inventory of spares.

The insurer will pay special attention to any prospective buildup of spares in one spot, as this might constitute a substantial risk of fire or flooding.

Aircraft Unavailability Insurance

This insurance will pay the cost of leasing a new aircraft if the insured aircraft is damaged or unable to fly due to technical issues. Before the daily indemnity may be applied to the claim, the policy will have a “waiting time” of 7 days, for example.

Legal Liability Insurance For Aviators

In the event of an aircraft accident that results in bodily injury to passengers on board, the aircraft owners and/or operators are legally responsible for any temporary or permanent bodily injury sustained by the passengers. Compensation awards to relatives of deceased passengers and third parties resulting from the accident are also the responsibility of aircraft owners and/or operators.

In most cases, the amount of compensation is determined by a court of law in the passenger’s home country.

Aviation Hull War Insurance

There is a specific exclusion clause for certain risks often referred to as war perils in the Hull All Risks insurance discussed previously. Acts of foreign invasion, hijacking, civil unrest, and the detonation of atomic bombs are among them.

Aircraft owners and operators can acquire Hull War Insurance to cover some of the risks not covered by the Hull All Risks policy for a price.

Hull Deductible Insurance

The term “self-insured” hull deductible was used earlier in the Hull All Risks section. This risk can be mitigated by acquiring Hull Deductible Insurance, which reduces the amount of self-retention required by the insured to a bare minimum.