The airplane insurance is necessary for the plane already at a stage stage from the plant or base of the producer in the basic airport of the Owner. In spite of the fact that the annual cost of an insurance on the new plane makes an insignificant part of the general annual charges (0,4–0,6% of aircraft cost), airplane insurance should pay attention. The insurance policy not only protects the Owner from let and improbable, but multimillion losses. An insurance — obligatory attribute of any aircraft, and certain restrictions in operation of your plane can depend on its conditions.
Services in insurance of the aircraft in the market are provided by both directly airplane insurance companies, and the international insurance brokers.
According to the international requirements and standards the airplane insurance covering of the aircraft includes the following risks:
- Insurance directly the aircraft and all its parts from damage or death in the course of storage and operation, both on the earth, and in air, except territories of the countries excluded from an insurance covering.
- Insurance of civil liability of the owner and operator of the plane before the third to persons and passengers for harming their property, life and health.
Insurance of military and other risks connected, including, with the allowed flight within the international air routes over the territories excluded from an airplane insurance covering, and also insurance of the risks connected with terrorism.
Life insurance and health of crew members
It is in addition possible to engage in an insurance covering:
Insurance of the franchize. That is insurance compensation within the minimum size of the loss which isn’t paid by insurance company within the main insurance policy — in case the owner or the operator want to exempt completely themselves from any payments even at insignificant damage;
Additional life insurance and health of passengers of the aircraft.
When calculating tariffs underwriters consider the mass of information — statistics of incidents on this type of the aircraft, the general raid of a glider and engines of the concrete plane, existence of the modern onboard equipment, the main region of operation and the predicted annual raid, parking conditions, the city of basing, statistics and respectability of the operator, age and flight experience of pilots. The more it is provided to reliable information by the client, the it is more than chances to receive optimum tariffs from insurers.
At the choice of insurance company or the broker it is necessary to consider such factors as:
- financial reliability of the insurer with whom the contract or to whom the broker gives risk is signed;
experience of the contractor in insurance of aviation risks and settlement of insurance events;
ability to provide expeditious issue of insurance documentation at the conclusion of the contract and during action of the policy;
- compliance of conditions of airplane insurance and insurance covering to needs of the Operator and requirements of the aviation authorities.
Stages of insurance of the plane:
Filling of the Insurance application and granting the most detailed data, as about the plane, and geography of flights, conditions of parking / storage and flight experience of crew.
The choice of the most favorable offer on airplane insurance in the market. Critical parameters: the price, the minimum size of the franchize, liberal conditions on experience of pilots, efficiency of carrying out coordination of changes in the policy, etc.
Separately it is necessary to pay attention to such parameters of insurance as: the full number of places on the plane, including stewardesses and pilots; restriction of the minimum raid of pilots or the closed list of pilots; conditions of geographical exceptions (the country where the insurance covering doesn’t work); conditions of coordination of payment of airplane insurance compensation in case of the leasing or credit scheme of purchase of aircraft.
Timely granting by the insurer or broker of a package of documents on insurance: a cover of a note, the certificate on airplane insurance (including in a state language of the country of registration of the plane), the insurance policy, etc.
Timely payment of an insurance premium (payment for airplane insurance) according to the schedule of payments.
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