An A-rated insurance company is one that the credit agencies judge to be on strong financial footing. An A-rated insurance company is more likely to honour the terms of your policy than a company with a lower grade.
A program offered by an insurance carrier, which when specific training requirements are met, deductibles are waived with no increase in renewal premium, due to an accident, incident or claim.
A person or entity with an interest to be protected but who is not a named insured.
This will come into play if a cover is changed during the term of the policy and incurs an extra cost.
Aggregate Policy Limit:
The maximum amount an insurance company will pay under the terms of a policy during the term covered by that policy.
Aircraft Hull and Liability Insurance:
Aircraft Insurance can come in two parts (for example in the US) as Hull and Liability Insurance (as defined below) and issued in the same policy. In other parts of the world, policies may be issued as two separate policies for the same aircraft.
Aircraft Liability Insurance:
This form of coverage protects the insured from claims for bodily injury or death by members of the public and passengers if included under the terms of the insurance. This kind of insurance is normally written with limits per injured person, and another limit per occurrence. Other policies may be issued with a combined single limit, or total aggregate amount with no limit per person, or for each passenger. Protection against loss from claims filed by any third party for damage to property, including the use of that property, is a part of this coverage.
Aircraft Non-Ownership Liability Coverage:
This protects the named insured from liability arising out of the use of aircraft not owned by or regularly provided to the named insured.
Airport Premises Liability:
Designed to protect the owner or operator of an airport against losses arising out of use of the airport.
Air Taxi and Charter Operators:
Non-scheduled air carriers operating on-demand commercial service for passengers and cargo shippers.
Aircraft Physical Damage Insurance:
Reimburses the insured for physical damage to the aircraft due to an accident or incident. Typically, does not cover loss of use, diminished value, or wear and tear. Also known as Hull Insurance.
All Risk Insurance:
All risk insurance is far more comprehensive cover including all risk and often covers commonly excluded commodities and automatically covers any risk that the contract does not explicitly omit.
All Risk Cargo insurance is door-to-door cover.
To adjust, modify, or change coverage.