Coverage under Aviation Insurance is as follows
Hull All Risks covers:
- All risks of loss of or damage to aircraft unless otherwise excluded.
- Cover applies when aircraft is on Ground, in Flight, Taxying or is Moored or In Hangar
- Includes ingestion / Foreign Object Damage (F.O.D.) caused by a single recorded incident
Hull War Risks covers:
- Is valid in conjunction with hull all risks policy.
- Is governed by all terms and conditions of hull all risks policy
- Is a specific peril policy
- Covers loss of or damage to aircraft by war and allied perils as excluded from all risks policy such as war /civil war etc. Act of terrorist, strike / riot, civil, commotion, confiscation etc., Hijacking
- Each aircraft covered for the same agreed value as under the hull all risks policy subject to a policy aggregate sum insured per annum
Spares All Risks covers:
- Covers all risks of loss or damage to spare aircraft engines, parts or equipment owned by the Assured or for which they are responsible
- Covers whilst in storage or in transit
- Covers Ground Equipments
- Covers Engines
Passenger Legal Liability
- Covers legal liability for bodily Injury / death accidentally caused whilst boarding / traveling in / Alighting from the aircraft
- It depends on the carrier which was domestic / international. Ticket is the evidence for this purpose.
- Claims are governed by Indian Carriage Act.
- The policy defines the amount payable in case of death / injury to passengers after an accident. The policy also defines the maximum single accident liability.
Baggage/Cargo/Mail Legal Liability
Covers legal liability for loss of or damage to goods, merchandise and mail belonging to third parties and baggage belonging to passengers for which the insured is responsible and for which they may be legally liable.
Other Insurance Covers:
Personal Accident Cover
- Policies designed for both crew and passengers
- For passengers cover continues whilst boarding or disembarking from an aircraft
- Cover for crew can be for flying risks only or for 24 hours and capital S.I. Will be limited to 3 times Annual salary
- The cover excludes Suicide attempts, deliberate exposure, death due to natural causes
Loss of License Cover
- Cover loss of license due to medical incapacitation
- Sum insured is normally linked to the income of the Insured
- Policy normally includes waiting period of between 120 to180 days
- Covers both temporary and permanent partial disablement
- Claim is valid only if all licenses have been lost
- Insurer remains liable for 12 months after expiry of the policy for any illness that may have occurred during the period of the policy
- Cover ceases when insured:
- Ceases to be gainfully employed