Cargo Insurance (annual and one-off)
Cargo insurance is sometimes referred to as marine insurance. Throughout the global aviation supply chain. stock and equipment (expensive aircraft components) have to be stored or transported domestically and internationally. Typically this insurance covers risks of physical damage to goods during transit, importation, export or domestic carriage and this can be either on an annual basis or for a single trip one-off payment.
Making sure goods are protected during transportation by road, rail, sea or air.
- Instant Cargo Cover: Any aircraft part(s) to anywhere in the world. Insure it with a one-off policy, with lightning fast, all-risk, per-load smart insurance solution.
- Multiple Shipments: Also known as Shipper’s Interest covers multiple shipments with one policy. Multiple parts, multiple shipments but one instant insurance policy.
- Annual Shipment Cover: Cost-effective policy resulting in all-rsik insurance for all your part(s) in transit throughout the year.
- Stock Cover with Cargo: Avoid a patchwork of policies with one annual insurance cover that protects all part(s) in transit or at named storage facilities throughout the year.
Hangar Keepers Liability
Hangar Keepers Liability covers those that are responsible for aviation premises and housing third-party aircraft, maintaining third-party aircrafts or manufacturing aircraft parts. Hangar keeper’s liability – covers your liability for other people’s aircraft while in your care, custody and control, whether for hangarage or maintenance.
Often specialists will inform your that you need to consider Premises and Products cover in the same conversation. This is normal and is known as PPH.
Making sure goods are protected during transportation by road, rail, sea or air.
Making sure goods are protected during transportation by road, rail, sea or air.
Premises Liability
Premises Liability covers your liability to other people and their property whilst they are visiting your premises.
It is important to read and ask a specialist if this cover includes aircrafts, aircraft parts or general aviation work. General liability policies often don’t cover aviation related exposures, and certainly don’t include grounding coverage.
Often included in PPH alongside Products and Hangar Keepers.
Product Liability
Product Liability covers your liability for goods and services that you have provided after they have left your care, custody and control.
A small fault in a part supplied can cause catastrophic results and/or extremely high costs. Manufacturers and repairs have a high duty of care and certainly to comply with your contractual requirements it is paramount to have products liability cover.
Stock Throughput Policy
Another product known as a marine policy that insures a company’s inventory and flow of goods.
- Coverage for own or third party storage premises.
- Insurance coverage for inbound transits to the storage premises, whilst there, and subsequent delivery to the final customer
- Cover for multiple transits between premises and to or from customers can be included.
This is another policy not restricted to aviation and in particular, coverage of aircraft parts and components. Therefore, any policy must be checked to ensure it covers the required areas.
Aviation Insurance Acronyms
Aviation Insurance Acronyms
If you are reviewing your existing policy or trying to understand what certain things mean – then these acronyms may help you.
AP: Additional premium
ARFG: All risk flight and ground.
BOW: Breach of warranty
COI: Certificate of Insurance
GRO: Ground risk only.
IM: In motion
LR: Loss Ratio
NIM: Not in Motion.
PR: Pro Rata
RIM: Rotors in motion.
RP: Return Premium
SR: Short rate
TRIA: Terrorism Risk
WOS: Waiver of subrogation.
Please check glossary for full terminology.