Business Insurance Specialists Pty Ltd has experience in, and can assist in the following areas of aviation insurance - Aircraft Own Damage and Liability, Asset Residual Value, Hangarkeeper’s Liability, Non-owned Aviation, Political Risk & Chemical overspraying.
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 criteria¹ 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.
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.
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.
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.
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 :
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:
The nature of work undertaken by aircraft can include chemical spraying. This delves into more complex areas such as Environmental Liability.