Aviation insurance
Posted on the site 02.07.2019 15:00.
NIC has provided asset insurance to air transport since 1996, and liability insurance to aircraft owners since 1998.
Aviation insurance includes a set of insurance coverages used in aircraft insurance and cargo carried on such aircraft, airfield equipment and maintenance, air carrier civil liability towards passengers, ground support units, liability to third parties, and liability to aircraft manufacturers. Aircraft insurance during construction, maintenance and repair, and during flight test and demonstration flight, liability of hangar and premise owners, and liability for product and ban of flight operation.
Aviation insurance includes a set of insurance coverages used in aircraft insurance and cargo carried on such aircraft, airfield equipment and maintenance, air carrier civil liability towards passengers, ground support units, liability to third parties, and liability to aircraft manufacturers. Aircraft insurance during construction, maintenance and repair, and during flight test and demonstration flight, liability of hangar and premise owners, and liability for product and ban of flight operation.
NIC Insurance Company aviation insurance covers the following insurance risks:
- Hull insurance: aircraft damage or loss.
- Hull war risk insurance: aircraft damage or loss due to war risk or terrorism etc.
- Air carrier civil liability (including risks from terrorism, war, strike etc.): air carrier liability to third parties, passengers, or freight owners.
Geographically, insurance is provided with worldwide coverage.
In terms of air carrier civil liability, insurance limit amounts reach USD 1 bln (depending on aircraft type).
Insurance rates
Aircraft and carrier civil liability insurance rates
AIRCRAFT LOSS, FATALITY AND/OR DAMAGE rate from 0.23713%
LOSS, FATALITY AND/OR DAMAGE TO AIRCRAFT SPARES rate from 0.0619%
AIR CARRIER THIRD PARTY LIABILITY rate from 0,062870%
The above insurance rates are basic.
Individual rate under an insurance agreement depends on properties of the insurance subject and insurance conditions, and is subject to increase or decrease.
Aircraft manufacturer risk insurance rates
Risk: Aircraft spares insurance
Rate: from 0.1 %
Risk: Aircraft insurance during construction / maintenance / repair phase
Rate: from 0.2 %
Risk: Aircraft insurance during test flight or demonstration flight
Rate: from 0.38 %
Risk: Third party liability insurance to aircraft manufacturers
Rate: from 0.44 %
The above insurance rates are basic in nature.
Specific rate under an insurance agreement depends on the nature of the insurance subject and policy terms, and can be adjusted either upward or downward.
During long-term operations, our personnel have acquired significant operating experiences in insuring aviation risks. Major insured events that took place to the covered aircraft assets became challenges to NIC.
In 2000, NIC Insurance Company became a Member to Association of Russian Aviation and Space Insurers (RAAKS).
Aircraft manufacturer combination insurance rules
Posted on the site 02.07.2019 15:00
Air carrier liability and aircraft insurancePosted on the site 02.07.2019 15:00