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Welcome to Aircraftonline, Arranging Your Aviation Insurance
Arranging Your Aviation Insurance Did you know Aircraft Online is a part of Civil Aviation Insurance, Australia’s & New Zealand’s leading aviation insurance broker. Having the right aviation insurance cover is essential for any aircraft owner’s peace of mind however, there are many variables to be navigated because it’s not lice an ordinary insurance cover…it’s specialised.
So, what is Aviation Insurance – why is it different to ordinary insurance? Aviation Insurance is basically a modified version of ordinary comprehensive property and liability insurance but; designed to address the risks associated with aviation related activities specific to the type of aviation operations to be insured - such as for; a private aircraft owner &/or operator; or commercial aircraft operations including small scale charter operators through to airlines; or non-aircraft owner users; for instance, contract pilots, renter pilots & cross hire operators etc’; or aircraft engineers and/or maintenance services; or flying schools and flying instructors; or aviation related enterprise &/or business, including retail shops, pilot supplies & online services; or flying club activities & aircraft syndication groups; or hiring & rental of aircraft; or aircraft ferrying and delivery services; or airport operations including refuellers and air-side enterprise, business & activities; or contract pilots and aircrew; or liability cover for private airfield owners [on private property &/or public use by permission]; or hangar liability for owners and tenants; or sellers of aircraft parts & accessories; or aircraft designers & manufactures; or Aircraft brokers, dealers, agents and/or importers of aircraft; and
Getting the cover appropriate to your aviation operations is essential. For instance, imagine getting aviation cover that is restrictive to ‘mainland Australia only’ then find out later that a landing gone a bit wrong on Phillip Island isn’t covered – even worse if you had hired the aircraft out and found out the hard way that ‘hiring and rental’ wasn’t covered - Indeed, every aviation Underwriter’s insurance policy is different to some degree with each containing their own interpretations of their policy’s terms, conditions, limitations and exclusions - that’s why it’s doubly important to get expert and impartial advice when considering taking out aviation insurance. Civil Aviation Insurance ‘CAI’ is the leading aviation insurance brokerage throughout the Australasian region; find out more about CAI by clicking here Typically, there are two main parts to an aircraft’s insurance – Hull & Liability; Hull Insurance – meaning the aircraft’s fuselage, engine(s), propelleor9s), avionics, fixtures and fittings of the aircraft – generally insured for an agreed sum based on the aircraft’s value at the time of taking out the insurance; taking into consideration such things as Make & Model Total Time in service Year of manufacture Engine remaining hours AD’ & Maintenance compliance Interior & exterior condition Modifications if any Accident/Incident history Historical uses of the aircraft
Liability Insurance – usually this cover insures both ‘Passengers’ & ‘Third Parties’ under one single policy and is usually referred to as ‘Combined Single Limit’ :- Passenger Liability - This part of the liability cover really speaks for itself in it specifically relates to the passengers on the aircraft. If for instance you have a 4-seat aircraft, the pilot will usually occupy one seat, and the passengers will occupy the passenger seats; in this case up to three passengers. This cover does not insure the pilot because the pilot is not considered a passenger. There is no legislative requirement for non-commercial aircraft to have passenger liability insurance in place however; it would be foolish for any aircraft owner/operator not to. Note: - For commercial aircraft operators ‘Passenger Liability’ is compulsory. In Australia & New Zealand the level and scope of cover is prescribed by each country’s version of the Carriers Liability Act (or similar named Act), in combination with each country’s aviation governing authority’s legislative and regulatory requirements. Carriers liability is an international aviation requirement created under by the Warsaw Convention: to read a discussion paper please click here Third Party & Property Liability - This part of the cover relates to third Parties (non-passengers) injured by the aircraft; perhaps something falling from the aircraft or the aircraft crashing into a house and injuring people inside the house. Sometimes, there are benign things such as an engine problem causing an emergency landing to be necessary on a public roadway – take for instance an example where a wing of an aircraft strikes a telegraph pole and knocks the power out causing consequential loss to many people in the suburbs, not to mentioned to rectification of the electricity and power supplies etc. – the costs could be into the hundreds of thousands of dollars but, would be covered under the third party liability side of the cover. Aviation Insurance Premium Funding Aviation insurance premium finance [also called premium funding] smoothes the cost of your insurance by enabling you to pay your aviation insurance premiums in regular monthly installments throughout the policy period [usually 12 months]; and usually at a very competitive rate of interest. The benefits of funding your aviation insurance premium are many for instance here are just a few of the reasons why insurance premium finance continues to grow in popularity: Most importantly you don’t have to pay your aviation insurance premium as an upfront lump sum; Premium funding is readily available for most aviation insurance requirements, from private aircraft to commercial aircraft, and repowering etc, no matter how big or small; Your cash flow is improved leaving your unused capital free to be reinvested elsewhere; Insurance premium finance is set at a fixed rate for the period of the insurance contract; [ie, fixed rate/fixed term] Usually, there’s no need for a deposit, as security is generally afforded by the unexpired portion of the policy; The interest on the premium finance contract may be tax deductible; [check with your accountant] Premiums are paid in full to insurers by the funder and your monthly installments are conveniently deducted via direct debit; Best of all, it’s easy with no unnecessary credit checks, just single page documentation in an easy to understand format and; you won’t usually have to pay anything upfront, because a signed debit authority will usually do. Civil Aviation Insurance ‘CAI’ is the leading aviation insurance brokerage throughout the Australasian region; find out more about CAI by clicking here
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