Aviation hull all risks insurance:
1. It covers ‘All Risks’ of physical loss or damage to an aircraft (except exclusions provided in the policy). Covers also include pilot error, theft, all natural causes, and damage during maintenance, ground fires/ taxiing accidents etc. Coverage does not include groundings due to FAA or manufacturer defectives or consequential loss of revenues, radioactive contamination / nuclear war and allied perils and mechanical breakdown.
2) Aviation hull war and allied perils insurance: This policy covers loss of or damage to an aircraft resulting from war and associated perils including confiscation, terrorist acts, strikes, riots, sabotage and hijacking.
Exclusions are: losses arising from nuclear war, War between the five major powers and UN geographical exclusions are some time imposed.
3) Spares all risk insurance : : It covers ‘All Risks’ of physical loss or damage to spares including spares engines when not fitted to an aircraft.
4) Aviation legal liability insurance: This insurance covers operator’s liabilities to passenger, passenger’s baggage, cargo and mail and legal liabilities to the third parties. Deductibles are normally applied only in respect of baggage claim.
5) Deductible insurance: This insurance designed to reduce the standard level of deductible imposed under the main Hull All Risk Insurance. It is normally a separate policy and subject to aggregate limit for all claims.
6) Aviation war, hijacking and other perils excess liability insurance: This insurance policy covers damages for bodily injury or property damage, caused by an occurrence in excess of the limitation of liability contained. This policy attached in the Aviation policies after the terrorist activities of 09.11.2001 World Trade Centre (USA).
7) Total loss only insurance (TLO) : This insurance provides the protection in the event of total loss of the aircraft.