Aviation Insurance
Aviation insurance is a special type of insurance that covers damages that may occur to aircraft, passengers and third parties. With the rapid development of air transportation, aviation insurance has also become an important sector.
Scope of Aviation Insurance
Aviation insurance typically covers the following areas:
Aircraft Insurance: Covers the aircraft itself. Includes aircraft damage, theft or loss.
Passenger Insurance: It covers damages that passengers may suffer due to accidents, illnesses or other situations.
Third Party Insurance: It covers damages that may be caused to third parties as a result of aircraft accidents. This includes financial liabilities arising in the event of aircraft crashing into the ground or other accidents.
Cargo Insurance: Provides compensation in case of damage or loss of cargo carried by air.
Types of Aviation Insurance
Aviation insurance is broadly divided into two main categories:
Commercial Aviation Insurance: It is valid for aircraft used for commercial purposes. It covers services such as passenger transportation and cargo transportation.
Private Aviation Insurance: Applies to aircraft for personal use. Usually issued for hobby flights.
The Importance of Aviation Insurance
Aviation insurance plays a critical role in many aspects:
Financial Protection: Airplane crashes can cause major financial losses. Insurance helps cover these losses.
Legal Protection: It provides protection against lawsuits that may be filed as a result of accidents. Insurance companies undertake the legal processes of the insured.
Security and Trust: Insured aviation companies create a sense of trust by increasing the safety of both passengers and employees.
Industrial Stability: The aviation sector gains a more stable structure thanks to insurance. Insurance contributes to the sustainability of the industry.
Aviation insurance is an essential part of the air transportation industry. It provides both financial protection and increases safety. As flight safety increases today, the importance of aviation insurance has become even more evident. For aviation companies and passengers, this type of insurance creates a shield against accidents and makes the industry more reliable.
The operator, owner or lessee of the aircraft
with the policy he will make, the aircraft will be on the ground
while in motion (taxi state) or in flight
Coverage for accidental damage and losses
is the policy type.
Generally; Lloyd's Aircraft Policy AVN1C Based on the Policy Terms, with various clauses and special conditions.
the coverage is expanded/reduced and the policy is finalized.
(AVN1C) policy text consists of four parts as seen in the table below;
[For the AVN1C Policy text and the list of all clauses used in aviation insurance, click on the “AVN1C Wording/List of Aviation Clauses” button below]
“Aircraft Under-Exempt Insurance” is a complementary insurance type that minimizes the financial risk pressure that the “Aircraft Body Insurance” exemption amount (expected to be 1,000,000 USD and above) usually issued for wide-bodied aircraft will create on the insured, and will allow the collection of an indemnity amount close to full insurance protection together with the “Aircraft Body Insurance” in case of possible partial damages.
In aviation insurance, hull war coverage is requested for exceptional cases. Hull war coverage is complementary to your aviation hull insurance. It covers the war risks that the insured aircraft will be exposed to, up to the agreed insurance amount. For example, civil war, strike, rebellion, sabotage actions, hijacking and seizure actions are covered by this coverage. It provides significant protection especially during flights to politically risky regions.
Engines and/or other parts installed as part of the aircraft may be kept as spares. With Aircraft Spare Parts insurance; engines, spare parts and other equipment that are your own property or under your care, supervision or control and that will be installed on your aircraft or form a part of your aircraft are covered. Engineer or repair tools that will be used in connection with the service, maintenance or repair of the aircraft may also be added to the coverage.
Protection is provided for all amounts that the insured will be legally obliged to pay and will pay as a result of injuries/disability (fatal or otherwise) suffered by passengers while boarding, on board or disembarking from the aircraft (including expenses that the Insured is determined to have to pay), up to the coverage limit specified in the policy.
Protection is provided for all amounts that the insured will be legally obliged to pay and will pay as a result of loss or damage to passengers' luggage and personal belongings as a result of an aircraft accident (including expenses that the insured is determined to have to pay), up to the coverage limit specified in the policy.
In the event of death or permanent disability as a result of an accident that the insured may experience while boarding or disembarking the aircraft or simply during the flight, payment is made to the insured or his/her heirs up to the limits shown in the policy schedule.
