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| Aviation Insurance Policy |
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ITGI in cooperation with GIC Re and accredited leader in Aviation Reinsurance services and Aviation Insurance provide the covers to Aircraft Owners/ Operators in most efficient and cost effective manner.
We have professional expertise to assist you in underwriting process and placement of your insurance portfolio. We identify your insurance requirements to suit your needs. We ensure adequate and comprehensive support mechanism is available for your insurance programme.
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Our Aviation Insurance policy offers a wide variety of coverage to take care of almost every situation that may bear an adverse financial impact.
Although there seems to be no legislation or statute in India to make insurance for aircraft hull mandatory. As far as liabilities such as passenger, cargo and baggage are concerned, they are governed by the Carriage by Air Act, 1972 as amended from time to time.
Aircraft Hull "All Risks" Policy provides cover to owner and operators of aircraft for accidental physical loss or damage. All risks of physical loss or damage do not include loss of use, delay or Consequential loss. An aircraft may be insured on an "Agreed Value" basis. The premium is charged on this agreed value. In the event of the total loss of that aircraft the Agreed Value will be paid in full, subject to any applicable deductible.
Ingestion damage caused by sudden single recorded incident is covered.
Combined Single Limit Liability (CSLL) cover for a total amount covering carrier’s entire liability which includes:
- General Legal Liability
- Third Party Legal Liability
- Passenger Legal Liability
- Registered Baggage or
- Unregistered Baggage in the charge of the passenger
- Cargo Legal Liability
- Mail Legal Liability
These liabilities result from the operations the operator is set up to perform and are normally are the subject of a contract of carriage like a ticket or airway bill.
We at IFFCO Tokio provide just one insurance policy to cover all the various liability exposures arising out of aircraft operations and arranged along with the hull “all risks” policy and will pay out for any one accident or occurrence without any limitation as to the number of claims that might be paid in any one year.
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Wear, tear and gradual deterioration, ingestion damage caused by stones, grit, dust, ice etc. which result in progressive engine deterioration (Considered wear and tear), Mechanical Breakdown. War and Allied Perils are also excluded from the standard policy. These can be, and indeed are insured by way of a separate policy.
- Claims arising whilst the aircraft is being used for any illegal purpose.
- Claims arising whilst the aircraft is outside the agreed geographical limits (unless due to force majeure.)
- Claims which are payable under any other insurance.
All Risks policies are subject to a deductible (i.e. an uninsured amount borne by the Assured) applicable in the event of partial loss. The deductible applicable is determined by reference to a standard scale with reference to aircraft types and sizes.
Additional Aviation Policies available with us
- Personal Accident (Aviation): For Pilots/Other Crew Members/Ground staff/Management
- Air Crew Loss of Licence: For Pilots/Flight Engineers
- Airport Owners/Operators Liabilities: For Airport Owners/Operators
- Products Liability: As manufacturers or suppliers of repairing/servicing Arrangements
- Aircraft Refueling Liability: For aircraft Fuel suppliers covering accident during fuelling And/or defueling of aircraft.
Details from client of risk coverage desired as per specific proposal form specimen of which can be had on request (depending upon the coverage sought)
Varies from operator to operator depending upon use of aircraft and area of operatrion. Details on pricing can be had on written request. |
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