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AVIATION (RE)INSURANCE
-Hitesh Joshi
GIC Re
Civil
Military
GIC Re
General Aviation
Commercial Corporate Business Personal / Private Sports / Recreational Instructional Experimental Aerobatics
Transport-based Non-transport-based
GIC Re
Rotor-wings
GIC Re
Turbo-props
Jets (Turbofans)
GIC Re
Business Aviation
GIC Re
Aircraft in India
August 2010
Scheduled Non-Scheduled Corporate jets Training Private Government Amateur Helicopters 87 249 239 125 150
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GIC Re
Features
Catastrophe
class of business Specialized branch of insurance International / Regional in Character Data unavailable for GA Drivers-Regulators and Lessors
Not
Marine Insurance
Combination
Features
GIC Re
Stakeholders
Additional Insured Manufacturer / Repairer
Operator
Pilots / Crew
Passengers
Financier / Lessor
Aircraft
Cargo Owner
Third Party
Reinsurer
GIC Re
Aviation Covers
Hull All Risk / LiabilityAVN 1C Spares All Risk LPO344C Hull War Risk LSW555C-D Spares War Risk CL258/CL260 Hull Deductible War Liability WRITEBACK AVN52E/G Airport Owners & Operators Liability-Ariel Refuelling Liability -Ariel Aviation Products Liability-AVN66 Loss of Licence Cover-Creechurch Personal Accident Cover-NMA2712
Hull Total Loss Insurance Personal Accident Insurance Crew and/or Passengers Cargo All Risk Insurance Engine Mechanical Breakdown Aircraft Unavailability Insurance Contingency Insurances Profit Commission Insurance
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Terminology
Combined Single Limit Maximum Agreed Value GRO Cover / FFR Cover FOD / Ingestion Damage Bodily Injury / Personal Injury Named / Open Pilot Warranty Legal Liability / Admitted Liability LeasesCharter / Dry / Wet / Damp / Financial / Operating Load Liability Documents of Carriage
Terminology
Bank / Pitch / Yaw FOD Bird Ingestion / Hit Angle of Attack / Stall Turbulence Pressurized aircraft MTOM / MTOW Cycles Type rated
Auto-rotation Go around TBO First officer Flight /cockpit/cabin crew VFR/IFR Autopilot
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3. Conditions no dismantling / repairs without the consent of the Insurers; repairs and transport of labour and materials by the most economical method; On indemnification, abandonment at the option of the insurer Betterment deduction No claim shall be payable if other insurance which is payable without the knowledge or consent of the Insurers.
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(a) accidental bodily injury (fatal or otherwise) whilst entering, on board, or alighting from the Aircraft and (b) loss of or damage to baggage and personal articles
Provided always that Insured to take measures to limit liability to the extent permitted by law; In the event of failure to comply, the liability of the Insurers shall not exceed the amount of the legal liability, otherwise would have existed. 2. Exclusions (a) director / employee / partner in the Insured's business whilst acting in the course of his employment with or duties for the Insured; (b) member of the flight, cabin or other crew whilst engaged in the operation of the Aircraft. 3. Limits of Indemnity applicable to this Section In addition any legal costs / expenses incurred with their written consent in defending any action in respect of any claim for compensatory damages If award higher than indemnity, pro-rata allocation of expenses.
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GENERAL CONDITIONS
1. The Insurers entitled to take absolute control of all negotiations and proceedings and in the name of the Insured to settle, defend or pursue any claim. 2. Subrogation upon indemnity given / payment made by the Insurers-the Insured shall cooperate with and assist the Insurers to exercise such rights and remedies. 3. Cancellation by giving 10 days notice in writing. cancelled by the Insured, a return of premium shall be at the discretion of the Insurers. There will be no return of premium in respect of any Aircraft on which a loss is paid or is payable under this Policy. 4. No Assignment with out insurers consent. Assignment by endorsement only.
Definitions
1. "ACCIDENT" means any one accident or series of accidents arising out of one event. 2. "UNIT" means a part or an assembly of parts (including any sub-assemblies) of the Aircraft which has been assigned an Overhaul Life as a part or an assembly. Nevertheless, an engine complete with all parts normally attached when removed for the purpose of overhaul or replacement shall together constitute a single Unit. 3. "OVERHAUL LIFE" means the amount of use, or operational and/or calendar time which, according to the Airworthiness Authority, determines when overhaul or replacement of a Unit is required. 4. "OVERHAUL COST" means the costs of labour and materials which are or would be incurred in overhaul or replacement (whichever is necessary) at the end of the Overhaul Life of the damaged or a similar Unit.
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GIC Re
Definitions
5. "PRIVATE PLEASURE" means use for private and pleasure purposes but NOT use for any business or profession nor for hire or reward. 6. "BUSINESS" means the uses stated in Private Pleasure and use for business or professional purposes but NOT use for hire or reward. 7. "COMMERCIAL" means the uses stated in Private Pleasure and Business and use for the carriage by the Insured of passengers, baggage accompanying passengers and cargo for hire or reward. 8. "RENTAL" means rental, lease, charter or hire by the Insured to any person, company or organisation for Private Pleasure and Business uses only, where the operation of the Aircraft is not under the control of the Insured. Rental for any other purpose is NOT insured under this Policy unless specifically declared to Insurers and the detail of such use(s) stated in Part 3 of the Schedule under SPECIAL RENTAL USES.
Definitions
Definitions 5, 6, 7 and 8 constitute Standard Uses and do not include instruction, aerobatics, hunting, patrol, fire-fighting, the intentional dropping, spraying or release of anything, any form of experimental or competitive flying, and any other use involving abnormal hazard, but when cover is provided details of such use(s) are stated in Part 3 of the Schedule under SPECIAL USES. 9. "FLIGHT" means from the time the Aircraft moves forward in taking off or attempting to take off, whilst in the air, and until the Aircraft completes its landing run. A rotary-wing aircraft shall be deemed to be in Flight when the rotors are in motion as a result of engine power, the momentum generated therefrom, or autorotation.
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Definitions
10. "TAXIING" means movement of the Aircraft under its own power other than in Flight as defined above. Taxiing shall not be deemed to cease merely by reason of a temporary halting of the Aircraft. 11. "MOORED" means, in the case of aircraft designed to land on water, whilst the Aircraft is afloat and is not in Flight or Taxiing as defined above, and includes the risks of launching and hauling up. 12. "GROUND" means whilst the Aircraft is not in Flight or Taxiing or Moored as defined above.
Purposes of Use
Private
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Special usages
Movie making Aerial photography Emergency Medical Services High Altitude Mountain Rescue Traffic Patrol Ship / Oil Platform Re- supply Harbour Support Fire Fighting
Freight Carriage Police Assistance Pipeline & powerline Patrol Tourism Sight Seeing Flights Construction Crop spraying Game capture Surf rescue
Exclusions
AVN 38B Nuclear Risks Exclusion Clause AVN 46B Noise and Pollution and Other Perils Exclusion Clause AVN 48B War, Hi-Jacking and Other Perils Exclusion Clause (Aviation)
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Hull Coverage
Main policy giving Hull All Risk (HAR) cover (AVN 1C) excludes (AVN 48B) all war perils Non-War Perils
War Perils
Premium Calculation
Flat amount for third party Dollar amount per seat Dollar amount per departure Dollar amount per RPKMs / RPMs
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GIC Re
UNDERWRITING CONSIDERATIONS
Rating factors-RISK
Aircraft type
Generation Age Pilot/Co-pilot- Open/Named Fleet value-Operator Size Geographical Area Purpose of Usage Avionics GPWS / EGPWS / TCAS / FMS / TAWS Size / Capacity / Take-off Weight
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Rating factors
Agreed
Passenger Awards
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Heinrich Pyramid
Accidents and Onboard Fatalities by Phase of Flight Hull Loss and/or Fatal Accidents Worldwide Commercial Jet Fleet 1995 through 2004
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Accidents by Primary Cause* Hull Loss Accidents - Worldwide Commercial Jet Fleet 1995 thru 2004
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Types of Accidents
Hard Landing Forced Landing Crash Landing Ditching Runway incursion Runway Excursion Runway overshoot Runway undershoot
CFIT Runway Contact-tail strike Gear up landing Decompression Icing Fuel Starvation
Generation of Aircraft
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Helicopter Operation
ATR-72 Cockpit
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A320 Cockpit
26
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General Aviation
-Causes of Fatal & Non-fatal Accidents
Pilots
Total Flying Hours Hours on Type Hours on Make & Model Type of Licence Student/ Private/ Commercial / ATP Flying Record
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