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Aircraft insurance is a highly specialised industry
If your business is highly specialised – a good example being businesses that are affiliated to the aviation industry, then it is advisable to find an insurer who can offer the specialist services of an underwriter.
If you are in the aviation industry, then it is advisable that you:
- Find an insurance service provider that will offer general aviation insurance solutions that will include corporate aircraft, private owners as well as sports classes; charter operators and those that own their own planes.
- Your aircraft insurance needs to cover operator’s liability as well as experimental aircraft and deductible insurance.
About Aviation Insurance:
It is important to bear in mind that aircraft insurance is a highly specialised industry where the main focus is on the distribution of brokers and assessors who have a familiar, in-depth knowledge of aviation which ranges from and incorporates numerous components of aircraft as well as having an intimate understanding of all parts, weather conditions, safety aspects as well as aerodynamics.
Underwriters are trained to evaluate and accept risks, control them and determine rates for policies based on those risks
Compared to other classes of transport insurance the aviation insurance market right across the globe is quite limited.
Because aviation is a very complicated field of insurance it is of utmost importance to only choose those insurers and brokers that are involved and familiar with the aviation industry.
In South Africa the market for aviation insurance is quite limited and in order to comply with local legislation in countries such as Botswana, Tanzania and Zambia, the main players are about re-insurance of one or another of the local insurance companies which will keep business and money in the country.
Some of the issues affecting aviation insurance cover include:
- The type and age of the craft being insured.
- The price of reinsurance protection.
- Obviously the country or area that the aircraft is being flown in.
- Maintenance of the aircraft.
- Competition within the insurance industry.
- Claims history.
- Size of the exposure of the risk.
- Crew training.
- Use of the craft.
- The size of the risk exposure.
Accurate information given to the underwriter could not be expressed enough to ensure that claims are settled efficiently and quickly as far as aviation insurance is concerned.