Aviation insurance is a cover that is geared specifically towards the operation of an aircraft This policy is distinctly different from policies applied to the other areas of transportation and Aviation insurance is divided into several types of covers:
- Public liability insurance
- Passenger liability insurance
- Combined Single Limit (CSL)
- Ground risk hull insurance – not in motion.
- Ground risk hull insurance – in motion (taxiing)
- In-flight insurance
Often referred to as ‘third party liability’, this insurance policy covers the owner of the aircraft for damage done to third party property like cars, farms, buildings. However, it does not cover the damage done to the insured aircraft or for passengers on the aircraft mentioned above.
This policy, always sold on a ‘per-seat’ basis, covers the passengers in the insured aircraft in the case of an accident or incident that would harm the passengers.
This policy is simply a combination of the public liability cover and the passenger liability cover with a single overall limit per accident. This cover provides more flexibility in paying claims for liability, especially if the passengers in the insured aircraft are injured, but there is some damage done to third party property on the ground
This policy covers the insured aircraft against damage when it is on the ground and not in motion. In
instances like vandalism, floods, theft.
This policy is almost similar to the ground risk hull insurance not in motion, only that this policy only covers the aircraft while it’s taxiing but not while landing or taking off.
The in-flight policy covers the insured aircraft against damage during all phases of the ground and flight operations, this is inclusive of when the insured aircraft is in storage or parking. Naturally, this policy is more expensive than ‘not-in-motion’ policy since most damages happen to the aircrafts while in motion.