What is aviation insurance?
Aviation insurance is designed to cover the following areas;
- Aircraft hull and aircraft liability
- Aviation liability
- Aviation products liability
- Aviation cargo
- Aircraft crew personal accident cover
Do I need aviation insurance?
Yes, an aircraft must be insured before it can fly
Under the law operators of aircraft are required to have a minimum level of insurance. Under EC Regulation EC 785/2004 and amendment EU 285/2010. The precise level depends on the Maximum Take-Off Mass.
Insurance must cover;
- third party cover
- risks of war and terrorism
History of aviation underwriting
Aviation insurance was first introduced in the early years of the twentieth century. The first aviation insurance policy was written by Lloyd’s of London in 1911. The first insurance policies were underwritten by the marine underwriting community. The first specialist insurers emerged in 1924. In 1929 the Warsaw convention was signed. The convention was an agreement to establish terms conditions and limitations of liability for carriage by air. This was the first recognition of the airline industry as we know it.