These 10 types of policies would give you an overview of the aviation insurance policies offered by the Indian insurance companies.
In the current scene, there are a number of aviation policies that are making their presence felt with interesting features, feasible cover plans, and a lot more. Take a look at the various kinds of aviation policies that are in the reckoning in India.
1. Aircraft Policy related to Flight and Ground Risk
This policy cover is taken to replace or repair accidental loss or damage caused to an aircraft; along with other things, it covers the standard parts that were temporarily detached during the flight of the aircraft. This policy also covers third parties and the legal liability of passengers.
2. Aircraft Hull Policy Comprehensive
This policy is aimed at covering the loss or damage caused to an aircraft while its in-flight or taxing on the ground. It also covers the liability to third parties and passengers.
3. Aircraft Hull War Risks Policy
This policy covers indemnity for loss or damage to the aircraft caused due to war or any other act of foreign enemies and strikes, riots, or worker disturbances. The policy also provides cover for the accidental or deliberate losses incurred due to political or terrorist acts; as well as any acts of sabotage.
4. Aviation Personal Accident Policy (Crew)
This is basically a group personal accident insurance policy that is provided to operators in the airline industry for offering benefits to crew members in case of any injury caused due to accident.
5. Breach of Warranty Insurance
Due to the breach of any policy’s warranty, or in case the claim is not granted to the insured, the outstanding loan amount at that time will be reimbursed to the financer. This is somewhat similar to the Agreed Bank Clause of property insurance.
6. Confiscation Endorsement
This aviation insurance policy is aimed at covering the loss or damage caused to an aircraft as a result of confiscation, seizure, nationalization, and so on. These events have to be as per the order of the government, public authorities, or local authorities.
7. Hijacking Endorsement
This insurance is aimed at covering up any loss or damage caused to the aircraft as a result of hijacking, illegal seizure, or unfair exercise of the crew or any individual on board the aircraft during flight
8. Loss of License Insurance
The crew members operating in the aircraft are required to possess a valid professional license issued by the government that allows their work. The license can be suspended both permanently as well as temporarily on the basis of laid-down medical grounds. The resulting financial loss is covered up by this policy.
9. Product Legal liability Insurance Policy
This policy is affected by a manufacturer of aircraft parts, or a repairer that takes care of the risk resulting due to faulty design or imperfect repairing. The maker or the repairer is indemnified with all the sums that he might have to pay because of defective manufacturing.
10. Random Indemnity Cover
This insurance includes indemnity to the insured up to 60% of compensation that he might have to pay as a result of threats to the insured aircraft. The remaining 40% stays uninsured at the insurer’s risk.
Go ahead; insure your aircraft with any or all of these above mentioned aviation insurance policies to protect yourself from any danger of loss or damage.