Aviation Insurance Flashcards
1
Q
Who needs aviation insurance?
A
- Airlines
- Business and Pleasure
- Industrial Aid
- Commercial use
- Special Use
2
Q
Business and Pleasure
A
Individually owned aircraft - no direct profit from airplanes use
3
Q
Individual Aid
A
Corporate owned aircraft used for employees and flown by full time employees
4
Q
Commercial Use
A
Carter Operate aircraft
5
Q
Special Use
A
Crop dusting, banner, towing, law enforcement
6
Q
Aviation Insurance Pool Market Share
A
Largest share of market owned by these 2
1) US Aircraft Insurance Group
2) Associated Aviation Underwriters
7
Q
Aviation Insurance Pools
A
- Members are usually commercial insurers that do not want to commit time and resources to write this complicated line
- Also catastrophic loss potential is tremendous
8
Q
Aircraft Hull Coverage
A
- All Risks: ground or flight
- All Risks: Not in motion, sitting on runway, being towed or in storage
9
Q
Aircraft Hull Coverage: Exclusions
A
- Wear and tear
- Tire damage
- War
10
Q
Aircraft Liability Coverage
A
- 3rd Party Claims for bodily injury and property damage (separate categories)
- Separate bodily injury limits for passengers as well as property
- Can purchase one, two or all three
