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Aviation

Aviation

Business Insurance Specialists Pty Ltd has experience in, and can assist in the following areas of aviation insurance.

 

 

Recently Business Insurance Specialists has agreement with an insurer to provide automatic coverage for Liability arising from the usage of unmanned aerial vehicles (UAVs) or Drones subject to criteria(1) being met.

 

As your broker we will act on your behalf in dealing with insurers both in Australia and Overseas.

 

(1) Usage of UAV not primary purpose of client’s business. Businesses must have a valid CASA Operators and Controllers Certificate if required. Drones must be operated in accordance with Civil Aviation Safety Regulations, must not cause a breach of privacy and remain within the controller’s line of sight. They must also weigh less than 10 kilograms, not be jet propelled or carry a payload other than fixed camera, surveillance, monitoring, or measurement equipment.

 

 

Aircraft – Own Damage and Liability

The use of aircraft has grown massively since the start of the 20th century, when the first controlled powered flight was made on December 17th 1903.
Even on that day, the first ever aircraft on it’s 4th flight of that same day, was so badly damaged, that it was never flown again. As one would expect, the owners (Orville and Wilbur Wright) had no Aircraft insurance at that time.

 

Though the first aircraft policies were sold in 1911, the first specialist aviation insurers came in 1924. Due to the specialist nature of aviation insurance, and the potential high dollar value from loss or damage, this separation has continued to this day.

 

Aircraft insurance is provided for damage to aircraft and liability to Third Parties including passengers.

 

 

Asset Residual Value

This coverage is a form of financial risk insurance that provides lenders, owners or investors with protection against major or minor abnormal diminution in the Market Value of an asset by having a predetermined value of that asset guaranteed by a third party at a specific point, or points in the future.

 

This insurance is commonly sought from the Aviation market.

 

 

Hangarkeeper’s Liability

Business Insurance Specialists Pty Ltd can assist you in insurance for what is commonly termed as Hangarkeepers Liability.
This insurance has three (3) basic sections, these being :

 

  • Public Liability
  • Aircraft in care, custody, control
  • Products Liability

 

If you are providing products and/or services that are aviation related, then Hangerkeeper’s Liability insurance is a form of coverage for you to strongly consider, and are a necessity if you are doing work on or near an Airfield.

 

Standard Public and Products Liability insurance policies have exclusions in their policy, which exclude damage or injury arising from anything Aircraft related. An example of a standard policy exclusion [from Allianz] reads as follows:

 

This Public and Products Liability section does not cover any actual or alleged liability:

  • Aircraft arising directly or indirectly out of or in any way connected with:
    • the ownership, possession, maintenance, repair, operation or use by You or on Your behalf; or
    • any of Your Products which are incorporated into the structure, machinery or controls;

of any Aircraft.

 

 

Non-owned Aviation

This type of insurance provides protection for private pilots, charter operators and other non-owners.

 

It covers damage to aircraft, plus third party and passenger injury and property damage claims.

 

 

Political Risk

This type of insurance is an unusual type of insurance, but is one we have started to see more frequently. Political risk insurance provides coverage against losses that can result from various political perils including:

 

  • Confiscation, expropriation and nationalisation
  • Currency inconvertibility and non-transfer
  • Political violence, and
  • Contract frustration

 

Business Insurance Specialists Pty Ltd has had experience in offering this coverage. To assist, if you can initially provide the following information at the initial time of contacting us, we can commence obtaining terms for your insurance.

 

  • Name of Financier
  • Confirmation the MOF guarantee is available
  • Confirmation of tenor
  • Confirmation of the security position of the Financier
  • Details of physical asset

 

 

Chemical overspraying

The nature of work undertaken by aircraft can include chemical spraying. This delves into more complex areas such as Environmental Liability.

 

 

If you would like a professional review of your Aviation insurances and risk exposures, please contact Business Insurance Specialists Pty Ltd.