Aviation insurance is a sub-branch of insurance covering aircraft losses, which includes the following types:
- aviation enterprise (airline) risk insurance);
- product liability insurance in aviation.
Aviation insurance originated in the early 20th century and reached its peak in the second half due to the rapid development of civil aviation, the increase in the number of aircraft and the volume of cargo and passengers.
The peculiarity of aviation insurance is the catastrophic nature of losses and, accordingly, large amounts of insurance payments. For this reason, these insurance companies are engaged in large insurance companies, sometimes combined in insurance pools. Almost all aviation risks are reinsured to obtain a balanced insurance portfolio for this type of insurance.
Risk insurance to airlines
Comprehensive airline risk insurance, which may include:
- Aviation hull insurance, or aircraft insurance as a type of property;
- Civil liability insurance of the aircraft owner;
- Crew insurance;
- Insurance of goods transported by air;
- other risk.
The subject of aviation hull insurance is the loss or damage of an aircraft due to an accident on the ground, in the air, in the water or during transportation. Standard aviation hull insurance conditions exclude military risks, acts of terror, violence or sabotage, strikes, civil unrest, aircraft seizure and seizure by decision of the authorities. Some exceptions to standard insurance coverage, such as military risks, may be insured under a separate contract. The insurance of risks of the airline also includes insurance against interruptions in production and insurance of breakdowns of engine units.
Air carrier (airline) liability insurance)
In most countries, and therefore when flying abroad, airlines are required to insure their liability to third parties for damage. There is the Warsaw Convention on the liability of carriers, which establishes minimum liability in the event of death of passengers and loss of or damage to baggage.
Insurance of the crew
Insurance of the crew may osushestvlyaetsya in two types:
- insurance in case of loss of license;
- accident insurance of the aircraft crew