It is a type of insurance product that provides coverage for loss or damage to the insured’s aircraft, engines and/or various other equipment, for which the insured is responsible. Insurers can also provide costs for saving the aircraft due to a collision when landing or costs for removing parts of the aircraft that have experienced an accident along with transportation costs, and guarantees for legal liability against third parties.
Types of aviation insurance include:
- Loss insurance for the aircraft frame, whether in the form of loss of the aircraft, damage or claims from third parties.
- Airframe loss insurance in the form of war risks and the like for loss or damage to the aircraft which is not covered by the airframe policy.
- Insurance that covers third party legal liability claims for war risks.
- Insurance that covers risks arising from claims from third parties for losses incurred by the insured as a result of the insured’s aircraft refueling operations.
- Insurance that covers bodily injury and death of crew and ground engineers caused by accidents and compensates for losses arising from the cockpit crew being unable to carry out their duties properly.