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Aviation insurance is a niche insurance area and is specifically for aircraft operations and aviation-related risks. Due to aviation terminology and Civil Aviation Regulations, aviation insurance policies are among the most specific of all policies and are significantly different from policies for other transportation areas.
Aviation insurance can be generally detailed as follows:
1. Aircraft Body Insurance: It covers physical damage to the aircraft due to accidents, fire, theft, vandalism and other hazards.
2. Aviation Liability Insurance: Aviation liability insurance covers bodily and material Losses to third parties as a result of aviation accidents. This may include passengers, pedestrians, other aircraft or property on the ground.
3. Passenger Liability Insurance: This type of insurance covers bodily injuries or loss of life of passengers on the aircraft.
4. Third Party Liability Insurance: Provides coverage for physical injuries and material Losses to third parties, excluding passengers.
5. Ground Risk Body Insurance: Provides coverage for physical Losses to the aircraft while it is on the ground and not in motion.
6. Hangar Liability Insurance: Provides coverage for Losses that may occur during the storage of aircraft in the hangar.
7. Cargo Insurance: Provides coverage for loss or damage to cargo carried by aircraft.
8. Aviation War Risk Insurance: Provides coverage for Losses resulting from war, terrorism or hijacking.
9. Aviation Product Liability Insurance: Covers liability arising from the production, sale or use of aircraft parts and equipment.
10. Loss of License Insurance: Provides financial support to pilots who lose their license due to injury or illness.
11. Personal Accident Insurance: Provides coverage for bodily injuries or death of the pilot or crew.
Aviation insurance is a highly specialized insurance due to the unique risks involved in aviation operations. Premiums are calculated based on various factors such as aircraft type, purpose of use (commercial or private), pilot experience, operational area and required coverage limits. The risk assessment process requires comprehensive assessments and compliance with safety regulations to reduce potential losses.
Rönesans Reinsurance and Insurance Brokerage offers comprehensive and alternative solutions in parallel with the activities and operations of its customers. Without compromising the precision of the aviation sector, we offer the most efficient solutions in terms of scope and premium with our field-specific experience and wide network.
