What Everyone Should Know About Aviation Insurance
There are unique characteristics of aviation insurance. Aircraft liability limits are placed on an occurrence basis and very large liability limits are readily available. There isn’t an aggregate limit applied with the exception of product liability and personal injury liability. Hull coverage is placed on an “Agreed Value” basis. The amount stated as the agreed value at the time of policy issuance is the amount paid in the event of a total loss. The loss payment is not reduced by depreciation.
Aviation policies are extremely broad. They can cover war perils, and there aren’t any exclusions for flood or earthquake. The policies are considered “All Risk”, and it truly provides coverage on an all risk basis. There are four major sectors of aviation insurance; airline, aircraft product liability, general aviation and space. Even given the complexities of the industry, there are many more choices today for the buyer of aviation insurance.
What drove this growth? Various factors drove the growth in aviation insurance. View the full article below to read more.