Aviation Last Updated: August 2010

The Indian aviation industry is one of the fastest growing aviation industries in the world with private airlines accounting for more than 75 per cent of the sector of the domestic aviation market (as of 2006). The industry is growing at a compound annual growth rate (CAGR) of 18 per cent. The country has 454 airports and airstrips, of which 16 are designated as international airports.

Mr Praful Patel, Union Civil Aviation Minister has stated that the Indian aviation sector will become one of the top five civil aviation markets in the world over the next five years. Currently, India ranks ninth in the global civil aviation market.

Passengers carried by domestic airlines from January-June 2010 stood at 25.71 million as against 21.1 million in the corresponding period of 2009—a growth of 22 per cent—according to data released by the Directorate General of Civil Aviation (DGCA). In terms of market share, private carrier Jet Airways was the market leader with 26.5 per cent share, followed by Kingfisher Airlines with 21 per cent, Air India with 16.9 per cent, Indigo with 16.4 per cent, SpiceJet with 13.3 per cent and GoAir with 5.8 per cent during the month of June 2010.

Leading aircraft manufacturers Airbus and Boeing have expressed optimism over the growth of the civil aviation industry in India. As per Airbus, the country would need 1,032 new aircrafts worth around US$ 138 billion by 2028. On a similar note, Boeing has also predicted that the sector would require 1,150 commercial jets worth US$ 135 billion in the next 20 years.

The Hyderabad International Airport has been ranked amongst the world's top five in the annual Airport Service Quality (ASQ) passenger survey along with airports at Seoul, Singapore, Hong Kong and Beijing. The Hyderabad International Airport is being managed by a public-private joint venture of the GMR Group, Malaysia Airports Holdings Berhad and the State Government of Andhra Pradesh along with the Airports Authority of India (AAI).

Timothy J Roemer, the US Ambassador to India has said that the US will work with the Indian government and the domestic private sector to make the country an aviation hub. Speaking at India Aviation 2010, Roemer said that the public-private initiative, US-India Aviation Programme, would work together with the DGCA on helicopter aviation security.

The AAI is set to spend over US$ 1.02 billion in 2010, towards modernisation of non-metro airports. AAI is planning the city-side development of 24 airports, including those at Ahmedabad and Amritsar. Additionally, 11 new greenfield airports have been identified to reduce passenger load on existing airports, according to Praveen Seth, member-operations, AAI.

AAI also plans to spend around US$ 3.07 billion in the next five years for developing, upgrading and modernising metro and non-metro airports.

With the growth in the industry, airport retailing has also gained pace in the recent times. Development of new terminals and airports such as the recently inaugurated T3 in New Delhi has provided added impetus to this segment. The highest margin earners in this segment are food

and beverages, beauty product, electronic items, apparel etc. It has been predicted that airports would provide around 300,000-400,000 square feet retail space by 2015. Many companies are also planning to leverage on this growing segment by launching specific products for air travellers. For instance, French premium skincare brand L'Occitane is planning to develop a special range to cater to the airport retailing segment.

Aviation Industry in IndiaOverview of Airlines industry in India

The aviation industry in India is one of those sectors that saw a constant pace of growth among the other industries in the world over the past many years. The open sky policy of the government has helped a lot of overseas players entering the aviation market in India. From then, it has only been growing in terms of players and the number of aircrafts. At present, private airlines account for around 75% portion of the domestic aviation market.

The 9th largest aviation market in the world is India. Taking the help of the statistics from the Ministry of Civil Aviation, approximately 29.8 million passengers traveled to/from India in 2008, showing a surge of 30% from 2007. The prediction stated that international passengers will touch 50 million by 2015. More opportunities in the aviation industry in India are likely to make way for about 69 foreign airlines from 49 countries.

Growth of Indian Aviation industry

The Indian Civil Aviation market grew at a CAGR of 18%, being valued round US$ 5.6 billion in 2008. Further statistics revealed that the air traffic in August 2009 was a double digit figure. The domestic airliners flew 3.67 million passengers in August 2009, as against 2.92 million in the corresponding period of 2007, up by 26%. The Centre for Asia Pacific Aviation (CAPA) has estimated that the domestic traffic will go up by 25% to 30% till 2010 along with a surge in the international traffic by 15%. There would be more than 100 million passengers by 2010. Then again by 2020, Indian airports will in all probability handle over 100 million passengers every year. The investment plans to the tune of US$ 9 billion has been made by the Aviation Ministry for modernizing the existing airports by 2010.

In terms of domestic passengers' volume, US have always been the leader with followers in the league like China, Japan and India. The number of domestic flights went up by 69% from 2005 to 2008, with the domestic aviation sector growing at 9-10%. Market share of key players in the Indian aviation sector

Name of the players Market Share

Kingfisher Airlines and Kingfisher Red (previously Air Deccan) 28%

Jet Airways and Jet Lite (previously Air Sahara) 25%

Air India and Indian (previously Indian Airlines) 16%

IndiGo 14%

SpiceJet 12%

GoAir 3%

Paramount Airways 2%

MDLR Airlines 0.004%

Future of Airlines industry in IndiaThe challenges of the Indian aviation industry are cited below:

Passenger traffic is estimated to grow at a CAGR of over 15% in the coming few years. The Ministry of Civil Aviation would handle around 280 million passengers by 2020. US$ 110 billion investment is envisaged till 2020 with US$ 80 billion solely for new

aircraft and US$ 30 billion for developing the airport infrastructure.

Top aviation companies in IndiaIndia is one of the flourishing global aviation markets. As per Airport Authority of India (AAI) statistics, there are 127 airports in India which incorporates 13 international, 80 domestic, 28 civil and 7 custom airports. Moreover India has around 1091 registered aircrafts.

Over the years there has been steady growth in the number of private players establishing their business in India due to increasing liberalization and deregulation. Hence, at present aviation industry consist of three types of players namely, Full cost carriers, Low cost carriers (LCC) and other start-up airlines.

An overview of Aviation sector in India

The aviation sector in India has registered an estimated increase in domestic passenger sector by 50% per annum in the recent years, while the growth in international passenger section is estimated as 25%. Experts foresee future growth in international cargo by 12%.

As per the prediction of the Ministry of Civil Aviation, India in the coming decade will require 1,500 to 2,000 passenger aircrafts out of which 135 planes have already been added. It is also predicted that India's aircraft capacity will stand at 500-550.

In the year 2010, as estimated by the ministry, the domestic market will exceed 60 million and the international traffic will achieve 20 million. And in 2020, Indian airports will be effective enough to support 100 million passengers, which would include 60 million domestic passengers. The quantity of cargo managed by the airport is estimated to decline in the range of 3.4 million tonnes per year.

Top aviation companies in India

Air Charter Services Pvt Ltd: Air Charter Services Pvt. Ltd. performs its business operations with private business aircrafts, executive and corporate air charters, helicopter tours, VIP charter flights, and photo and video flights. Its client list incorporates VIPs, corporate firms, tour co-ordinators, travel agents and air medical evacuation professionals. It provides services such as relief, VIP, air ambulance and privacy services.

Air Charters India: Air Charter India is owned by the STIC Travel Group and has around 100 airplanes in India. It covers several international destinations with an unmatchable logistics support. The aviation company has 40 offices with a highly skilled manpower of above 1000 people. It offers services like heli-skiing, charter flights for pilgrimage in India, heli-sightseeing, corporate jets, executive jets, etc. Air Charter India provides airplanes such as helicopters, business aircrafts, aircrafts for corporates, individuals and group travelers.

Air India: National Aviation Company of India Limited (NACIL) was the first Indian aviation company which led the way for other companies in the aviation sector. It was initiated before the India gained its independence. Later it collaborated with Indian Airlines and gained the reputation of being the largest airline in South Asian airline. Air India Cargo, Air India Express and Air India Regional are its subordinates in aviation market. It offers First class, Executive class and Economy class services and has codesharing pacts with companies like Air France, Austrian Airlines, Aeroflot, Air Astana, Emirates Airline, Air Mauritius, Kuwait Airways, etc.

Aviation India: Aviation India provides services like cargo services, flight operation, air charter services, passenger services, freight control, advisory and consultancy, aircraft preservation and renovation, international flight operation, air supervision and helipad engineering, etc. The airlines has skilled workforce and offers total control and functional back-up to several international schedule / non-schedule operations.

Indian Airlines: Indian Airlines was inaugurated on 1st August, 1953 and in collaboration with its fully governed subordinate in aviation market Alliance Air, it takes pride in being recognized as one of the biggest regional airline systems in Asia. It has a fleet of 70 airplanes and covers 76 destinations, 58 Indian destinations and 18 foreign destinations. Globally it covers Oman, UAE, Kuwait, Qatar, Singapore, Yangon, Pakistan, Maldives, Bangladesh, Sri Lanka, etc.

Deccan Aviation Ltd.: The aviation company has its presence in 8 places namely, Mumbai, Ranchi, Surat, Hyderabad, Bangalore, Katra, Colombo (Sri Lanka) and Delhi. It has 350 daily departures and covers 65 destinations in India. It offers the benefit of no-cost travel to infants, ticketing counters, lavish aircraft interiors and ticketing flexibility.

Indigo: Indigo is a utilitarian low-price domestic airline which offers feasible flying alternatives for millions. The airline was facilitated by the Air Passengers Association of India (APAI) as the “Best Low-Fare Carrier in India for the year 2007”. Indigo has 120 daily departures and a fleet of 19 Airbus A320. The airline covers 17 destinations namely, Agartala, Bangalore, Bhubaneshwar, Ahmedabad, Delhi, Chennai, Guwahati, Hyderabad, Goa, Imphal, Kolkata, Mumbai, Vadodara, etc.

Paramount airways: Paramount Airways is a business class airline which has its base in India and headquarters at Chennai. Endorsed by Madurai-based Paramount Group and Paramount

Railways was inaugurated in 19th October 2005. Its fleet comprises 5 aircrafts and it operates in 8 destinations.

Go Air Airlines: Like SpiceJet, a Go Air airline is also a low price airline endorsed by the Wadia group. It was inaugurated in Mumbai in June 2004. It operates in 11 cities with 61 daily departures. It has started its functions in Ahmedabad, Chennai, Bangalore, Coimbatore, Goa, Cochin, Jaipur, Mumbai, Pune, Delhi, Srinagar, etc.

Kingfisher Airlines: It is the one and only 5-star airline in India which offers excellent first class service on domestic itineraries also. A part of UB group, Kingfisher Airlines has received 30 awards for its novelty and customer satisfaction. After its tie-up with Deccan, the airline covers 64 cities and has 484 daily departures.

Spice Jet: Spice Jet is basically a low cost airline which incorporates many Boeing 737-800 airplanes in its fleet. It covers 14 destinations in India.

Air Sahara: Air Sahara was inaugurated on December 3, 1993 with a fleet of only two Boeing 737-200s. Now it comprise of 27 aircrafts, 135 daily departures and availability of 16500 seats on regular basis. It reaches various Indian destinations like Bangalore, Kolkata, Delhi, Lucknow, Mumbai, Chennai, etc.

Jet Airways: Jet Airways was established on May 5, 1993. It earns yearly revenue of Rs 2502.89 and total income of approx Rs. 117868.8 Million. At present it id India's biggest private domestic airline with 62 aircrafts and a market share of 25%. It covers 50 destinations with 340 regular departures. Jet Airways has pacts with foreign airlines, such as Lufthansa, Swiss, Gulf Air, Austrian Airlines, Qantas and Thai.

Role of Aviation Industry in India GDP

The Role of Aviation Industry in India GDP in the past few years has been phenomenal in all respects. The Aviation Industry in India is the most rapidly growing aviation sector of the world. With the rise in the economy of the country and followed by the liberalization in the aviation sector, the Aviation Industry in India went through a complete transformation in the recent period.

Role of Aviation Industry in India GDP-Facts

With the entry of the private operators in this sector and the huge cut in air prices, air travel in India were popularized

On February 18, 1911, the first commercial flight was made from Allahabad to Naini by a French pilot named Monseigneur Piguet

Role of Aviation Industry in India GDP-Growth Factors

The growth in the Indian economy has increased the Gross Domestic Product above 8% and this high growth rate will be sustained for a good number of years

Air traffic has grown enormously and expected to have a growth which would be above 25% in the travel segment

In the present scenario around 12 domestic airlines and above 60 international airlines are operating in India

With the growth in the economy and stability of the country India has become one of the preferred locations for the trade and commerce activities

The growth of airlines traffic in Aviation Industry in India is almost four times above international average

Aviation Industry in India have placed the biggest order for aircrafts globally Aviation Industry in India holds around 69% of the total share of the airlines traffic in the region

of South Asia

Role of Aviation Industry in India GDP-Future Challenges

Initializing privatization in the airport activities Modernization of the airlines fleet to handle the pressure of competition in the aviation industry Rapid expansion plans for the major airports for the increased flow of air traffic Immense development for the growing Regional Airports

Role of Aviation Industry in India GDP-FDI Policy

The Reserve Bank of India (RBI) announced that foreign institutional investors might have shareholdings more than the limited 49% in the domestic sector.

Airports Foreign equity up to 100% is allowed by the means of automatic approvals pertaining to

establishment of Greenfield airports Foreign equity up to 74% is allowed by the means of automatic approvals pertaining to

the existing airports Foreign equity up to 100% is allowed by the means of special permission from Foreign

Investment Promotion Board, Ministry of Finance, pertaining to the existing airports Air Transport Services

Up to 49% of foreign equity is allowed by the means of automatic approvals pertaining to the domestic air transport services

Up to 100% of NRI investment is allowed by the means of automatic approvals pertaining to the domestic air transport services

Aviation InsuranceLast Updated on 05-03-2010

The Aviation insurance Sector was first launched in the early years of 20th century and its policies were laid down in the year 1911 by Lloyd's of London. The main target of this sector are the people victim to accidents or loss of life due to air crash or similar to any such calamity. In the year 1929, the Warsaw convention was signed keeping in mind the plights of the people flying by air. The convention had some particular terms and conditions along with some restrictions to stand by and was the first acknowledgement for the airline sector identified till date.

Considering the fact that there should be a specialist sector, an aviation committee was formed by the International Union of Marine Insurance (IUMI) in the year 1933. By the following year International Union of Aviation Insurers was established with eight European aviation insurance organizations resolving to figure out the concept of Aviation insurance. Throughout the world, there are a number of insurance markets depending on the aviation activity, providing aviation

insurance to the people of which the largest market is in London. The US also has a major share in the world's general aviation fleet and is a established market in this sector.

Associated Risks of Aviation Insurance

Hull "ALL Risks"

The hull "All Risks" policy usually pertains to chances of physical loss or damage to the aircraft. These policies are subjected to a standard level of deductible (uninsured amount borne by the Insured) applicable in case of partial loss. This deductible presently ranges from US $ 50,000 (in case of Twin Otter) to US $ 1,000,000 (in case of Boeing 747). The term "all risks" can be misguiding and it should be cleared that the term is not subjected to any kind of consequential loss, or loss of use and delay. The term addresses to the restoration of the aircraft to its previous condition before the loss. Presently the bulk of airline hull "all risks" policies are formed on the basis of agreement between the insurers and the insured covering the policy period, the value of the aircraft and in any case of total loss the agreed value should be payable in full. There is no option for replacement under such an agreement.

Exceptions to such risks are

Wear and tear of the aviation craft are not to be included in the aviation insurance. Mechanical breakdown are usually compensated by this type of insurance. Ingestion damage - caused by stones, grit, dust, sand, ice, is also excluded. The hull "All Risks" policy will pertain to the exclusion of war damages. War here means

any kind if civil war, strikes, riots, disturbances, confiscations, hi- jacking or any kind of political or terrorist attacks.

Liability Insurance

Liability is basically categorized in two aspects

In regard of passengers, baggage and cargoes carried on the aircraft. Aircraft Third Party Liability - the liability for any sort of property damage or to the

people outside the aircraft

The exceptions of Liability insurance are:

Any kind of loss incurred by the own property of the insured. War and allied risks associated with it. Noise and pollution unless resulted from crash, fire or any kind of explosions registered

inside the air plane,

Hull Total Loss Only Cover

Hull total loss only cover is subjected solely to total loss of the aircraft and is particularly formed for the old aircrafts as the condition of such are very poor and are insured for low amount the premium of which would also be very low. The proportion of partial losses to total losses in case of such aircraft is very inadequate.

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What is Aviation Insurance? Aviation insurance is insurance which is designed specifically to meet the needs of aviators. There are a number of different types of available for a variety of aircrafts and pilots. Laws about aviation insurance tend to be less clearly defined than those regarding car insurance, which can make it difficult to choose the right policy and carrier. Pilots who are not familiar with the specifics of the industry may want to consider asking for advice from an insurance broker or an experienced pilot.

Just as with insurance for other types of vehicles, there are a number of levels of coverage in aviation insurance policies, including liability coverage for accidents when the policyholder is at fault, theft and loss coverage, life insurance riders, and insurance for other types of situations, such as loss of cargo. The more services requested on a policy, the more expensive it will be. Coverage also varies depending on the type of craft: helicopters, sport planes, commercial airliners, and so forth are all covered differently.

People who own and operate their own aircraft generally purchase aviation insurance so that they are covered in a wide variety of situations, and so that their aircraft will be replaced if they are damaged, lost, or stolen. Owners may also cover insurance on aircraft they rent out, lease, or hire pilots to fly, in which case the individual pilot may need to carry additional insurance to be fully covered in the event of an incident.

People who lease or rent aircraft usually get aviation insurance which will cover them in the event that something happens to the aircraft while it is under their control. This insurance replaces the aircraft or pays for repairs and covers liability issues, such as injuries to people who were riding in the aircraft at the time of an accident. Many rental and leasing agencies ask for proof of insurance before they will release aircraft to pilots, or request that pilots purchase additional temporary coverage for special aircraft.

Aviation Insurance

Commercial Aviation Insurance

Aviation Insurance Agency

Aircraft Insurance

Airplane Insurance

When shopping for aviation insurance, people should think about the overall cost of the policy, and the cost of the deductible. They should also make sure that they understand what is covered, and in which circumstances. For example, many policies exclude damages which occur in the hangar, requiring an additional hangar insurance rider for people who are concerned about theft of the aircraft or its equipment while it is in storage. Likewise, a pilot may be covered by insurance, but his or her family may not be part of the insurance policy unless this is specified.

Aviation Insurance Many rental and leasing agencies ask for proof of insurance before they will release

aircraft to pilots, or request that pilots purchase additional temporary coverage for special aircraft. When shopping for aviation insurance, people should think about the overall cost of the policy, and the cost of the deductible.

Often, an aviation expert is needed to give an opinion about how a plane crash occurred and what factors led to the accident. If an insurance company is refusing to pay out insurance because they believe a crash was due to owner negligence, for instance, an aviation witness might be called on to examine maintenance records and analyze the crash evidence.

Commercial Aviation Insurance Many rental and leasing agencies ask for proof of insurance before they will release aircraft to

pilots, or request that pilots purchase additional temporary coverage for special aircraft. When shopping for aviation insurance, people should think about the overall cost of the policy, and the cost of the deductible.

A degree, in combination with professional flight training, makes the student more competitive when entering commercial markets. Once a student decides which type of flight school training will work best for them, the choice is then based on many of the same principals used for choosing any type of school.

Aviation Insurance Agency Many rental and leasing agencies ask for proof of insurance before they will release aircraft to

pilots, or request that pilots purchase additional temporary coverage for special aircraft. When shopping for aviation insurance, people should think about the overall cost of the policy, and the cost of the deductible.

Meeting the instructor is particularly important, as flight training is done primarily one on one, and students and instructors will spend a lot of time together. Schools should have proper insurance coverage and meticulous record keeping. Just as with any school, flight school is the student's investment in him or herself, and decisions should be made carefully.

Aircraft Insurance People who own and operate their own aircraft generally purchase aviation insurance so that

they are covered in a wide variety of situations, and so that their aircraft will be replaced if they are damaged, lost, or stolen. Owners may also cover insurance on aircraft they rent out, lease, or hire pilots to fly, in which case the individual pilot may need to carry additional insurance to be fully covered in the event of an incident.

The primary customers for war risk insurance are airlines and shipping companies. Insurance for ships or aircraft themselves is called war risk hull insurance, while insurance for the crews, passengers, and cargo is called war risk liability insurance.

Airplane Insurance General damage whiplash settlements are not as straightforward. Some courts and insurance

companies use set guidelines to evaluate what dollar amount to award for pain and suffering. Depending on the size and scope of a corporation, a field auditor may be required to log several

hundred miles a week in travel by car or airplane. In most cases, trip expenses such as food and hotel room fees are compensated by the auditor's employer.

What Is a Hangar? A hangar is a building used for storing aircraft while they are not in service. Hangars are large

buildings with plenty of open space so that, if necessary, several aircraft can be maneuvered and stored inside. In addition to storage, hangars are also used as locations for aircraft maintenance and repair. While hangars are most commonly used for airplanes, specialized hangars store other forms of aircraft such as dirigibles and even spacecraft.

Early aviators used barns and cattle pens to store their aircraft because such structures were usually wide, enclosed spaces accessible through large doors. In fact, the word “hangar” comes from the French word for a barn or cattle pen. As aviation became more widespread and

important in the early 20th century, manufacturers of such buildings began designing them specifically for aircraft. Early airplane hangars were wide, tall buildings with gigantic doors, located adjacent to an airport or landing field. The same essential design has been used for hangars ever since.

A modern airplane hangar is essentially an enormous garage or maintenance shed. Repair equipment and maintenance supplies are stored within the hangar or nearby. Depending on the size of the building, it may also contain small offices and other facilities for maintenance personnel. Most hangars are built of sturdy materials such as steel and concrete to protect aircraft from harsh weather. Some temporary hangars are built of lightweight materials and can be erected in remote locations when necessary.

In the early part of the 20th century, special hangars were built to contain airships, also known as dirigibles or blimps. These were constructed with materials that would not generate accidental sparks, as these might ignite the flammable gases that kept the airships aloft. An example of such a hangar can be seen in the 2004 French film A Very Long Engagement, along with the consequences of an air attack on such a building. When airship use declined after the 1930s, these hangars were used to store airplanes.

The hangars built to store and maintain spacecraft are among the largest hangars in existence. A California facility built for private spacecraft in 2010 contained 62,000 square feet (about 5,760 square meters) of space. Other large hangars are used for modern wide-body aircraft that are larger than standard jetliners. One such hangar, at Spain’s Barcelona airport, has a width of 510 feet (about 155 meters). The hangar constructed for the “Spruce Goose,” the largest airplane ever built, was 315,000 square feet (about 29,000 square meters).

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major reference (in insurance: Aviation insurance)

Aviation insurance normally covers physical damage to the aircraft and legal liability arising out of its ownership and operation. Specific policies are also available to cover the legal liability of airport owners arising out of the operation of hangars or from the sale of various aviation products. These latter policies are similar to other types of liability contracts.

casualty insurance (in casualty insurance)

Theft-insurance contracts cover losses from burglary, robbery, and other theft. Aviation insurance usually covers physical damage to the aircraft and legal liability arising out of its ownership and operation. Workers’ compensation insurance, financed by employers’ contributions, compensates workers for losses suffered as a result of work-related injuries; compensation may include ...

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THE NEW INDIA ASSUARNACE CO. LTD.

Aviation Insurance

New India participated in the Aviation Insurance of Air India way back in 1946. New India Assurance Company provides professional aviation insurance advice and solutions to the needs of small aircraft operators as well as scheduled airlines.

The aviation portfolio encompasses following type of covers.

Hull All Risk Insurance Policy: This policy is suitable for small aircraft operators belonging to flying clubs, companies engaged in agricultural spraying operations, aircrafts especially designed for VVIPs, business executives and for those engaged in industrial aids. The policy scope includes all physical loss or damage sustained by the insured aircraft including total loss, disappearance. All losses are paid subject to deductibles.

Spares All Risk Insurance Policy: Covers loss or damage to spares, tools, equipments and supplies owned by the insured or the property for which the insured is responsible whilst on ground or in transit by land, sea, air including in own aircraft or whilst on the premises of others for storage only.

Hull/Spares War Risk Insurance: Indemnity is provided to the aircraft as well as spares caused by war, invasion, acts of foreign enemies, hostilities, civil war, rebellion, revolution, resurrection, martial law, strikes, riots, civil commotion, malicious acts, sabotage.

Hull Deductible Insurance: Airlines at times have to bear a proportion of loss due to application of a deductible under All Risk Policy, which may impose considerable financial difficulty on the insured. Therefore the operators insure part of their deductibles under this kind of insurance.

Aviation Personal Accident (crew member) Insurance: This cover is designed to cover insured person against injury, disablement or death arising as result of an accident that is generally granted on annual basis. The cover operates while mounting or dismounting from and whilst traveling an aircraft while the aircraft is being used within the geographical scope as per its permitted usage. This cover can also be on 24 hours basis. The capital sum insured varies according to the status of the insured or earning capacity and fixed by the insurers.

Loss of License Insurance: Operating crews of the aircraft are required to have valid license. License is liable to be suspended either temporarily or permanently on medical grounds. Consequential financial loss is covered by the loss of license policy. Cover provided is in respect of incapacity causing permanent total disablement or temporary total disablement due to bodily injury or illness.

Besides the aforesaid general aviation policies New India Assurance Company also provides various other tailor-made insurance as per specific requirements of the insured.

Claims: In case of claims following are illustrative documents that are generally called for from the insured.

Documents in connection with aircraft details Documents in connection with flight details

Documents in connection with the accident Certificate of airworthiness/registration Crew details Maintenance & engineering information Operational manual passenger documentation in case of claims

Downloadable Forms:

Proposal Form for Aviation Personal Accident Insurance Proposal Form for Aircraft/Aviation Liabilities Insurance Proposal Form for Loss of Flying License Insurance

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CS & A INSURANCE

CS&A Aviation Insurance combines of one of the knowledgeable teams of aircraft insurance professionals with the aviation insurance industry's most respected underwriting companies.

At CS&A, we can handle all your aviation insurance needs, including aircraft insurance, airplane insurance, airport liability coverage, FBO insurance, pilot life insurance, helicopter insurance, airline insurance, general aviation insurance and more. Our aviation insurance agents and support staff will provide you with superior customer service and the best available aircraft insurance quotes.

We also specialize in superior insurance coverage for: Corporate Aircraft, Private Aircraft, Regional Airlines, Repair Facilities, FBO's, Aircraft Dealers and Brokers, Charter Companies, Rotorcraft, Pilot Life Insurance and Airports.

ServicesCS&A can provide many insurance needs. We insure small aircraft, large aircraft, helicopters, aircraft maintenance facilities, flight schools, fixed base operators, regional airlines, and more!

Aviation Helicopters Pilots Life Insurance Special Risk & International Coverage Niche Aircraft

AviationCS&A's Aviation Division has grown to be one of the nation's largest and most respected aviation insurance specialty agencies. Due to it's industry-wide respect and its large premium volume, CS&A maintains direct underwriting contracts with all the aviation

underwriting facilities in the United States. In addition, CS&A enjoys close ties with the London and Western European underwriters. This broad market capacity coupled with its highly experienced staff of insurance professionals gives CS&A Insurance's Aviation Division the ability to provide insurance coverage for any aviation insurance risk.

Experience, market command, and a "Client First" approach has placed CS&A's Aviation Division at the top of the aviation insurance industry.

Helicopter DivisionWhether your helicopter is piston or turbine powered, CS&A Aviation Insurance can help by creating the proper insurance program for you.  How?  Through experience.  Terry McDowell leads our helicopter division.  He possesses more than 40 years of experience as a helicopter pilot, instructor, examiner, aviation manager, and insurance account executive.  His extensive expertise offers sensitivity to the actual needs of any situation with regard to helicopter insurance.

CS&A insures commercial helicopter fleets as well as individually owned and operated pleasure craft.  Whether it is a Robinson helicopter (R22 and R44), , a Bell helicopter, an Erickson Air-Crane, an MD Helicopter, a Eurocopter, an FH1100 helicopter, an Enstrom Helicopter, or a Sikorsky helicopter, CS&A understands the wide variety of missions and uses from charter to traffic and law enforcement, cargo hauling, emergency medical services (EMS), oil platform operations, fire fighting, cattle herding, and more.  Whatever your purpose, CS&A can place your coverage at the most competitive prices available.

Pilot's Life Insurance"Now you can protect your family with a life insurance program that provides coverage 24 hours a day, even while you're flying."Term Insurance 10 - 15 - 20 - 30 Year LevelPermanent Plans Also Available

No Aviation Exclusions Lowest Smoker Rates No Association Dues Required Level Premiums

Issue through Age 75 Competitive rates for both pilots and spouses Flexible benefit amounts from $50,000-$30 million Hassle-free, simple processing

Why CS&A Aviation Insurance (Chappell, Smith & Associates)?

We have specialized software that allows us to give you the best quotes at the most current rates. By keeping track of the most current rates out there, we can provide you with the most complete coverage at the best prices.

We represent the best insurance companies in the business. We have a highly trained staff in both aviation insurance and in life insurance. Our easy to use quote form allows for quick turn around.

Aviation Special Risk & International CoverageCS&A is proud to employ agents who have worked in aviation insurance underwriting for over 50 years. Along with the keen understanding of international insurance issues that experience provides, we maintain an innovative attitude to find and create policies specifically tailored to our customers? needs. In addition to brokering for the worldwide airline industry, we also place airports, manufacturers, municipalities, and special use risks.

CS&A?s Special Risk & International Coverage Division is headed by David Tyler, one of the most prestigious aviation insurance brokers in the world. We broker accounts with underwriters throughout Eastern and Western Europe, the U.S., and the Pacific Rim. Wherever you are, CS&A can provide coverage for you.

A Niche within a NicheOwners of high-performance aircraft demand specialized training to operate safely. Likewise, insurance brokers must have superior knowledge of the aviation industry and aviation insurance to properly arrange coverage that will satisfy the underwriters and promote their acceptance of the training and ability to operate high performance aircraft.

A complete "risk" portrait consists of the aircraft, its intended use, the qualifications of its pilots, and any special circumstances that may affect the safe operation of the aircraft. Understanding the actual level of risk involved enables CS&A to build a plan that allows owners and operators to fly safely while being insured at the best price.

Securing the proper insurance coverage for an aircraft depends on much more than simply faxing a quote request to every possible underwriter. Aviation insurance underwriters can receive hundreds of quote requests each week. It is impossible to review each submission, so in many cases, it?s easiest to just say ?No.? CS&A works with its clients to create a pilot transition and aircraft operation plan that will work for both the client and the insurance underwriter.

The service staff at CS&A uses their in-depth knowledge of aircraft and their relationships within the aviation community to help the owner and operator transition into the kind of aircraft he wants to fly, whether for business or for pleasure.

http://www.aviationinsurance.com/

Aviation Insurance

BackgroundCommercial Aviation has taken rapid strides in recent years across the globe. Indian Commercial Aviation Industry is currently growing at a tremendous pace, offering substantial opportunity to domestic insurers. The need to technically equip a core team to handle aviation insurance is a must for General Insurance Companies. Aviation Insurance is highly specialized in nature and is global in character. The programme is designed to cater to this need.

Objectives This Programme aims :

To introduce the participants to the basics of Aviation insurance To help the participants develop a perspective on assessment and underwriting of aviation

risks To highlight the role of reinsurance in aviation insurance

Contents Global Aviation Insurance Market Aircraft Design, Construction and anatomy Risk assessment in Aviation Field Underwriting of aviation risks, clauses, policies & Rating Reinsurance for aviation risks Settlement of claims and related issues Aviation Liabilities

http://www.niapune.com/index.aspx?idp=43&idc=177

Aviation Insurance Policy  

ITGI in cooperation with GIC Re and accredited leader in Aviation Reinsurance services and Aviation Insurance provide the covers to Aircraft Owners/ Operators in most efficient and cost effective manner.

We have professional expertise to assist you in underwriting process and placement of your insurance portfolio. We identify your insurance requirements to suit your needs. We ensure adequate and comprehensive support mechanism is available for your insurance programme.

Coverage

Our Aviation Insurance policy offers a wide variety of coverage to take care of almost every situation that may bear an adverse financial impact.

Although there seems to be no legislation or statute in India to make insurance for aircraft hull mandatory. As far as liabilities such as passenger, cargo and baggage are concerned, they are governed by the Carriage by Air Act, 1972 as amended from time to time.

Aircraft Hull "All Risks" Policy provides cover to owner and operators of aircraft for accidental physical loss or damage. All risks of physical loss or damage do not include loss of use, delay or Consequential loss. An aircraft may be insured on an "Agreed Value" basis. The premium is charged on this agreed value. In the event of the total loss of that aircraft the Agreed Value will be paid in full, subject to any applicable deductible.

Ingestion damage caused by sudden single recorded incident is covered.

Aircraft Liabilities

Combined Single Limit Liability (CSLL) cover for a total amount covering carrier’s entire liability which includes:

General Legal Liability Third Party Legal Liability Passenger Legal Liability Registered Baggage or Unregistered Baggage in the charge of the passenger Cargo Legal Liability Mail Legal Liability

These liabilities result from the operations the operator is set up to perform and are normally are

the subject of a contract of carriage like a ticket or airway bill.

We at IFFCO Tokio provide just one insurance policy to cover all the various liability exposures arising out of aircraft operations and arranged along with the hull “all risks” policy and will pay out for any one accident or occurrence without any limitation as to the number of claims that might be paid in any one year.

Exclusions

Wear, tear and gradual deterioration, ingestion damage caused by stones, grit, dust, ice etc. which result in progressive engine deterioration (Considered wear and tear), Mechanical Breakdown.  War and Allied Perils are also excluded from the standard policy.  These can be, and indeed are insured by way of a separate policy.

Claims arising whilst the aircraft is being used for any illegal purpose. Claims arising whilst the aircraft is outside the agreed geographical limits (unless due to

force majeure.) Claims which are payable under any other insurance.

Deductibles

All Risks policies are subject to a deductible (i.e. an uninsured amount borne by the Assured) applicable in the event of partial loss.  The deductible applicable is determined by reference to a standard scale with reference to aircraft types and sizes.

Additional Aviation Policies available with us

Personal Accident (Aviation):  For Pilots/Other Crew Members/Ground staff/Management

Air Crew Loss of Licence: For Pilots/Flight Engineers Airport Owners/Operators Liabilities:   For Airport Owners/Operators Products Liability: As manufacturers or suppliers of repairing/servicing Arrangements Aircraft Refueling Liability: For aircraft Fuel suppliers covering accident during fuelling

And/or defueling of aircraft.

Procedure for Insurance

Details from client of risk coverage desired as per specific proposal form specimen of which can be had on request (depending upon the coverage sought)

Premium

Varies from operator to operator depending upon use of aircraft and area of operatrion.  Details on pricing can be had on written request.

http://www.iffcotokio.co.in/Aviation_Insurance_Policy.html

Boom in aviation sector now triggers growth for insurance cos

ZEESHAN SHAIKH Tags : Posted: Sat May 27 2006, 00:00 hrs MUMBAI, MAY 26:

The unbridled growth in the aviation sector has come as a bonanza for the insurance sector. Thanks to capacity addition and the entry of new aviation players, a host of insurance companies are eyeing this growing market to offer insurance cover to new planes that are being brought to India.

‘‘The aviation insurance market is looking up and is currently at Rs 350 crore. But with new aircraft being bought by new players entering the business and the existing one on an expansion mode, the aviation market is set to take off,’’ said Bajaj Allianz General Insurance’s Head-Underwriting K. Krishnamoorthy.

Industry trackers believe that with several airlines including IndiGo, East West Airlines and Magic Air set to enter the market in the coming weeks, the airline premium income could be up 50 per cent in the next two years.

Though India’s contribution to the total global insurance premium paid by airlines which stands at US $ 5.86 billion is miniscule, the growth in aviation premium payout is highest in China followed by India, experts say.

Airline insurance whch is typically offered to passengers, cargo airlines or company or individually-owned aircraft generally consists of coverage to the aircraft and liability to passengers.

Before the boom in the Indian aviation sector, the airline insurance market was dominated by the four state-owned general insurance companies: New India Assurance Company, Oriental Insurance Company, National Insurance Company and United India. However, with the growth in the Indian aviation story, private players like ICICI Lombard, Bajaj Allianz, Iffco Tokyo General Insurance and Reliance General Insurance Company are also trying to muscle their way into this lucrative sector.

The unprecedented growth in this sector is also seeing private players join hands with each other to bid for accounts. The latest such case is the ICICI Lombard-Bajaj Allianz tie-up where they are jointly bidding for Air India’s insurance account which includes providing cover for 50 planes valued over $3 billion.

Currently, a consortium of public sector insurance companies including New India Assurance, Oriental Fire and General Insurance and United Fire and General Insurance handle Air India’s account for which the airline is paying an annual premium of close to US $ 14 million.

‘‘Aviation insurance business is a high severity loss business and in the future you could see a lot of Indian insurance companies joining hands to manage airline accounts,’’ an official from a PSU insurance company said.

Experts say that the role of an reinsurer — generally foreign insurance companies — is also bound to increase in the future. Indian insurance companies do not have the financial muscle to address claims of airlines and generally go in for reinsurance which means sharing the risk of loss with another insurance company.

‘‘The role of an reinsurer is important in the Indian context as most of the companies do not have the requisite experience of handling a market of this size. The reinsurer helps in providing the technical expertise, capacity to underwrite the business and their ability to handle such large risks,” the official said.

Meanwhile, players also feel that airlines can also benefit from this growth in the market as growing competition could mean lower premiums. ‘‘The Indian aviation industry has had a few good years with no major losses reported and hence the players can have the benefit of reduction in premiums for good records. This would encourage clients to go for higher covers or optimize it,’’ Krishnamoorthy says.

http://www.indianexpress.com/news/boom-in-aviation-sector-now-triggers-growth/5224/

Aviation insurance to hit airlines in the pockets

Venkatachari Jagannathan | 07 Sep, 2009A flurry of plane crashes across the world this year will find its echo in the domestic aviation insurance premium rates in the form of a 25-40 percent hike.

The year 2009 will go down as a bad year for airlines with three major accidents - Air France, Yemenia and Caspian Airlines - killing around 550 people. There were several other minor incidents too.

"The Air France and Yemenia losses in June this year are likely to set the agenda for the airline insurance market for the rest of the year and potentially well into 2010. Estimates for Air France and Yemen Air loss have been put in the range of $700-800 million and $250-300 million respectively," Bhargav Dasgupta, managing director and CEO, ICICI Lombard General Insurance Company, told IANS.

According to him, the losses incurred by the global aviation insurance market this year excluding minor losses are estimated at $1.32 billion till June 2009, as against a premium income of $416 million.

"Nearly half of the airline placements so far globally have seen their hull and liability premium costs rise by more than 25 percent compared to the previous year. This pattern is likely to continue for the rest of the year. As airlines insurance in India follows global trends, we expect a price rise for Indian carriers as well," he added.

According to Dasgupta, the aviation premium rate is primarily driven by the global trends owing to the large values for the aircraft and liability covers for which international reinsurance capacity is required.

The global aviation premium and claims for 2007-08 are estimated at $1.6 billion and $1.4 billion respectively. Considering the acquisition and operating costs, the insurers have been incurring losses resulting in hardening of premium rates from the last quarter of 2008, he added.

"Typically the premium rate would vary from 0.5 percent to 2.5 percent of the aircraft value. The law of large numbers does not apply to this segment as each aircraft is of high value. An Airbus or Boeing would cost anything from Rs.200 crore to Rs.1,000 crore. Even minor damage - technically called attrition loss - would amount to Rs.100 crore," T.A. Ramalingam, head of underwriting at Bajaj Allianz General Insurance Company, told IANS.

According to Dasgupta, during 2008-09 Indian non-life insurers booked a premium of Rs.343 crore under the aviation portfolio, up from Rs.304 crore booked the previous year.

"About Rs.200 crore (previous year about Rs 175 crore) pertains to aircraft while the balance pertains to general aviation. Our market share last fiscal was 16 percent with a premium income of Rs.55 crore as against 14 percent and Rs.41 crore in 2007-08."

Market leader New India earned a premium of around Rs.110 crore under this portfolio in FY08. If one takes into account the inward reinsurance premium, the company's market share will be more than 50 percent, a company official said.

Meanwhile, the aviation insurance segment in India is set to boom with around 450 aircraft valued around Rs.49,200 crore to be added to existing fleet over the next five years, he added.

"With various airlines going for major expansion and new airlines starting operations, the aviation sector is growing at 15 percent per year and the growth is faster than any other country," the official said, speaking on condition of anonymity.

It is this potential that is attracting United India to focus in a major way on this segment. Another official said that the company has set up a core group to get a firm foothold in this segment. 

Understanding Aircraft Insurance Policies

Many states require that owners and/or operators of aircraft have insurance covering their aircraft and operations. At a minimum, states usually require third-partyliability coverage. This applies to injuries to third-persons that result from operation of your aircraft. Additionally, if your aircraft is pledged as collateral forfinancing, the lender will require that you have hull coverage and/or replacement value insurance to insure the value of the aircraft collateral.

Obtaining the Policy

So, how do you obtain aircraft insurance? Typically, you apply for aircraft insurance through an insurance agent or broker who represents an insurance company orcompanies that provide aircraft insurance policies. The insurance company then reviews the application and does any additional investigation necessary for it toassess its risk in providing you with insurance for your aircraft or operations. Its risk is the likelihood that it may have to pay out on a claim against yourpolicy.

In exchange for its acceptance of risk, the insurance company charges you a premium. The amount of that premium is a direct product of the amount of risk that theinsurance company is assuming by extending coverage to your aircraft or operation. The greater the risk, the more expensive the insurance coverage will be. Insome cases, the insurance company may not be willing to accept a particular risk for any price.

Factors that affect the underwriting decision include type of aircraft, pilot qualifications (e.g. total time, time in type, pilot certificates/ratings), nature of the operation(e.g. pleasure, business, Part 91 or Part 135) and base of operations. General aviation policies can include non-commercial pleasure and business use under FARPart 91 or commercial use under FAR Part 135.

Reading the Policy

When an aviation insurance policy is issued, it represents a contract between you and your insurance company. As long as you comply with all of the terms andrequirements of the policy, your insurance company will provide you with coverage. If you fail to comply and a claim arises, you may find yourself withoutcoverage.

But, what does the aircraft insurance policy actually say? Well, as a practical matter, it is quite common that pilots and operators do not read their policies. Sure,they may review the declaration page to confirm that the correct parties are named and that the appropriate coverage limits are in place, but often times that is as faras it goes. Sometimes an owner or operator may even ask his or her agent to explain some of the

policy’s terms.

Unfortunately, the policy contains quite a bit more information of which the pilot or operator needs to be aware of to ensure that he or she complies with the terms ofthe policy. A thorough review of the policy is both prudent and recommended.

This review should begin with the Data Page or Declaration Page. First, confirm that the aircraft is correctly identified and that the appropriate owner and anyadditional insured parties are included. Also read the coverage limits to make sure that you have the limits for which you are paying.

Aircraft Damage Coverage

The typical aircraft insurance policy will include both aircraft damage coverage, as well as aircraft liability coverage. The aircraft damage coverage applies whenyour aircraft sustains damage (e.g. bent metal, broken windows etc.). This coverage comes in two flavors: In-flight/In-motion andNot-in-flight/Not-in-motion.

As you may have guessed, in the first instance your aircraft will be insured for damages it sustains while it is in use: moving under the power of its own engine,whether taxiing or flying. In the latter instance, you aircraft will only be insured while it is parked on the ramp or in the hangar. This coverage is less expensivebecause it presents far less exposure to the insurance company. It will only have to pay a claim if something happens to your aircraft while it is standing still and notin use. An aircraft owner may want this limited coverage when the aircraft is going to be stored and unused for a period of time.

It is also possible to purchase “all risk ground and flight" coverage. This coverage protects you whether the aircraft is moving or not. However, a policy with thiscoverage will likely be more expensive than a policy that is either In-flight/In-motion or Not-in-flight/Not-in-motion.

The aircraft damage coverage provides for transportation of the aircraft to and from the location at which the repairs are made, any related storage charges and theactual repair of the aircraft. However, most policies will also exclude coverage for damage sustained by your aircraft as a result of governmental seizure, resultingfrom repossession or enforcement of a lien against your aircraft or damage that is due to ordinary wear and tear, deterioration or age.

Assuming the damage to your aircraft is covered, you should read your policy language to determine whether it contains any specific restrictions or requirementsrelating to processing of your claim, who performs the repairs, where they are performed and even how they are to be performed. Simply because you haveinsurance coverage, this does not mean that you have carte blanche for having your aircraft

repaired.

Aircraft Liability Coverage

Aircraft liability coverage protects you from liability or responsibility to third-persons for damages they may suffer resulting from the operation of your aircraft. Thecoverage requires that the insurance company both indemnify and defend you against such claims. Indemnification means that if you are responsible for the damageto a third-person, the insurance company will pay the third-person directly, up to the policy limits, the amount for which you are responsible.

The duty to defend means that the insurance company will pay for your defense costs if you are sued by a third-person alleging that your operation of your aircraftcaused damage. The insurance company will hire an attorney, usually experience in aviation law, to represent you and defend against the claims. Given thecomplexity and cost of aviation litigation, this benefit alone can be worth a substantial amount of money and may even exceed the amount of money actually paid bythe insurance company to indemnify you.

Your policy will always have a maximum limit for liability coverage that can be either “sub-limit" or “smooth" coverage. An example of sub-limit coverage is a policythat provides for $1,000,000 per occurrence and $200,000 per passenger. This does not mean that you have $1,000,000 to pay all claims.

Rather, the insurance company will pay a maximum of $1,000,000 per occurrence, but will only pay each passenger up to a maximum of $200,000. Thus, for anaccident in which only one passenger is injured, the insurance company’s maximum exposure is $200,000, exclusive of any amounts it spends on yourdefense.

On the other hand, smooth limit coverage of $1,000,000 per occurrence will provide up to $1,000,000 of coverage regardless of the number of passengers. Thiscoverage presents a greater risk to the insurance company since it could have to pay the full policy limits even if only one person is injured. As a result, greater riskmeans that the premium for this coverage is going to be more expensive than the premium for a policy containing sub-limits.

Policy Definitions

When you read an aircraft insurance policy, you need to pay special attention to the definitions section. Many of the terms used in the policy have specific definitionsthat are different from a dictionary definition or common usage for that word.

Examples include the definition of “accident" which is often defined as a “sudden and unexpected event resulting in bodily injury, death or property damage". This isdifferent than the definition of accident contained in NTSB Rule 830 and is also more specific

than a dictionary or common usage definition of the word.

Another example is the definition of “commercial operations" or “commercial purpose." An insurance policy’s definition of this term is usually different from, and insome cases may be broader than, the FAA’s or IRS’s definition or a dictionary definition.

These are just two examples. However, remember that the aircraft insurance policy is a contract between you and the insurance company. Both you and theinsurance company agreed to the policy definitions when you paid the premium and the insurance company issued the policy. As a result, both you and the insurancecompany will be bound by those definitions.

Coverage Exclusions

Your aircraft policy will also contain exclusions. Exclusions define circumstances in which the insurance company will not provide you with coverage for operation ofyour aircraft. An aircraft insurance policy usually includes both specific and general exclusions.

Specific exclusions arise when you assume additional liability (e.g. you sign a contract that indemnifies or holds someone else harmless for damage they cause),damage occurs to your own property or injury occurs to members of your family. The policy may also specifically exclude coverage for your own medical expensesor for your operation of an aircraft that you do not own.

Depending upon the state in which the aircraft is based, general exclusions can result in denial of coverage regardless of whether they directly caused a particularclaim. These exclusions will preclude coverage for operation of your aircraft in commercial operations (as defined by the policy, not necessarily the FAA or IRS),using your aircraft to commit unlawful acts, damage caused by war or terrorism or if your aircraft is operated by a pilot that is not named as an insured on the policyand does not meet the open pilot qualifications.

Who Is Covered

Assuming no exclusions are applicable, the policy will provide coverage to each person named as an insured under the policy and to pilots who meet the “open pilot"requirements. As a threshold matter, each pilot operating the aircraft, whether named insured or qualifying under the open pilot provision, will need to possess theappropriate pilot and medical certificates and meet all currency requirements for operation of your aircraft.

The open pilot provision extends the coverage of your aircraft insurance policy to a pilot operating your aircraft who is not a named insured on your policy. Theprovision sets out total time, time in type and training requirements that the unnamed pilot must meet in order for the pilot to be covered under the policy. Generally,if those requirements are met and the pilot is operating your aircraft with your consent, your

insurance coverage should extend to that pilot.

What You Can DoThe complexities of aircraft insurance can seem daunting. But, what can you do to protect yourself? The first, and one of the most important things you can do, is toread your insurance policy. If you have questions regarding terms or coverage talk to your insurance agent or contact an aviation attorney who is familiar withaviation insurance matters.

Once you understand the policy, make sure you abide by the policy and comply with its terms and requirements. It makes little sense to spend substantial amountsof money on insurance premiums and then place your coverage in jeopardy by doing or allowing something your policy prohibits.

Next, document your operations. What do I mean by that? Simple: Keep good records. Make sure your pilot logbook is up-to-date and current. If you takeyour pilot logbook with you when you fly, make copies of the pages containing your satisfaction of the FAR currency requirements and keep the copies in a safeplace.

This way, if something happens to your pilot logbook and your insurance company or the FAA later question your currency, you will have back-up proof that youwere current for your flight. Although not as critical, you may also want to keep a photocopy of your pilot certificate(s) along with your logbook records.

Finally, you should use this same procedure for your aircraft and engine logbooks. If you must take them with you in the airplane, make copies and keep them in asafe place. In this instance, you may want to make a full set of copies of the logbook entries, rather than just the pages showing the aircraft’s current airworthiness. An aircraft that contains logbook entries for all of the work ever performed on the aircraft is worth more to a potential purchaser than if those records are incompleteor missing.

These simple steps can prevent potentially costly disputes down the road. It’s been said that the best insurance is the insurance you never have to use. That may be,but if you take these steps , you should have greater peace of mind that your insurance will be there if you need it.

http://www.streetdirectory.com/travel_guide/163776/insurance/understanding_aircraft_insurance_policies.html

Aviation Policy Of Bajaj Allianz General Insurance

Bajaj Allianz General Insurance Company is one of the most renowned insurance companies across the globe. It is well known for providing insurance policies which are tailor made for each and every customers need.

At Bajaj Allianz, they have policies for the customer’s aviation insurance according to the customers needs as every customer is unique. The policies are customized so that it covers all the needs under one policy. The company has the capability, commitment, and resources to handle all the various types of aviation insurance requirements a customer needs right from single engine aircraft to major airports - and everything in-between.

The policies which are created are backed by one of the largest Aviation insurers in the world. They have Global expertise in helping each and every customer of theirs in all their unique requirements. The company is flexible and even has a flexible approach to meet all their customer’s requirements. The claims which are made by customers holding a policy are also processed very quickly.

Bajaj Allianz General Insurance Company provides insurances for Loss of License for Pilots, Crew insurance, Airport Liability, Airlines, General Aviation, Fixed Wing, Helicopters etc. The combination of the most knowledgeable teams of aviation insurance professionals and the industry's most respected aviation insurance companies makes its policies one of the most flexible and sought after in the industry. The service which is provided by the company is world class and is even backed by the customers which have policies of Bajaj Allianz General Insurance Company.

http://ekikrat.in/Aviation-Policy-Bajaj-Allianz-General-Insurance

An overview of Aviation InsurancePosted on January 5, 2011 by cbil360 :: Category: Insurance

Aviation insurance provides coverage for hull losses as well as liability for passenger injuries, environmental and third-party damage caused by aircraft accidents.

Aviation insurance provides coverage for hull losses as well as liability for passenger injuries, environmental and third-party damage caused by aircraft accidents. Aviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance policies are distinctly different from those for other areas of transportation and tend to incorporate aviation terminology, as well as terminology, limits and clauses specific to aviation insurance. Aviation Insurance was first introduced in the early years of the 20th Century. The first aviation insurance policy was written by Lloyds of London in 1911. The company stopped writing aviation policies in 1912 after bad weather and the resulting crashes at an air meet caused losses on many of those first policies. The first aviation polices were underwritten by the marine insurance underwriting community. The first specialist aviation insurers emerged in 1924. In 1929 the Warsaw convention was signed. The convention was an agreement to establish terms, conditions and limitations of liability for carriage by air, this was the first recognition of the airline industry as we know it today. In

1931, Captain Lamplugh, the British Aviation Insurance Companys chief underwriter and principal surveyor, said of the new industry: "Aviation in itself is not inherently dangerous. But to an even greater degree than the sea, it is terribly unforgiving of any carelessness, incapacity or neglect." Realising that there should be a specialist industry sector, the International Union of Marine Insurance (IUMI) first set up an aviation committee and later in 1933 created the International Union of Aviation Insurers (IUAI), made up of eight European aviation insurance companies and pools. US Airways Flight 1549 was written off after ditching into the Hudson River The London insurance market is still the largest single centre for aviation insurance. The market is made up of the traditional Lloyds of London syndicates and numerous other traditional insurance markets. Throughout the rest of the world there are national markets established in various countries, this is dependent on the aviation activity within each country, the US has a large percentage of the worlds general aviation fleet and has a large established market. Click on the following link to contact us for affordable and comprehensive aviation insurance policy.

http://www.articleshub.org/article/35353/An-overview-of-Aviation-Insurance.html

Aviation insurance to hit the skynews

Venkatachari Jagannathan14 September 2001

Chennai: The use of passenger planes as suicide bombers to blow up the World Trade Center in Manhattan has made insurance of airlines, prime industrial, commercial and real estate property an expensive proposition.

The first to suffer on this count are domestic airlines like Indian Airlines, Air-India, Sahara and Jet Airways because insurance of aircrafts is based on reinsurance premium rates.

Says Mr.K.N.Bhandari, chairman and managing director, New India Assurance Company Ltd, Mumbai, The premium rates will go up by 25 to 30 per cent. The probability of a mid term increase is also there.

According Mr. Bhandari, the Indian aviation insurance business is worth around $20 million. However hardly 2 per cent of the same is retained by the insurer, as the risk is huge and will have to be reinsured.

In the case of aircrafts, the insurance is divided into three parts namely, hull-damage to the craft,damage to passengers and others and war risks. Of late the aviation insurance portfolio is a loss making one, what with the increasing accident and terrorist attacks.

The bombing of the Colombo airport by the LTTE, for instance, had resulted in immediate increase in the insurance premium of aircraft.

Even as the underwriters and re-insurers within and outside US are getting anxious in

anticipation of huge damage claims, the four Indian government insurers have nothing to worry about mainly because they had virtually no exposure to the US-based risks.

The American insurance market is so huge and with our size we couldnt participate in their reinsurance programme actively, explains Mr. V. Jagannathan, chairman and managing director, United India Insurance Company Ltd, Chennai.

He pointed out that the US insurance industry would be particularly hard hit because only last year around 100 insurers had shut down, thereby reducing the number of players and the spreading of risks -the very basis on which the insurance industry operates.

http://www.domain-b.com/finance/insurance/20010914_aviation_insurance.html

An overview of Aviation InsurancePosted: Jan 06, 2011

Aviation insurance provides coverage for hull losses as well as liability for passenger injuries, environmental and third-party damage caused by aircraft accidents.

Aviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance policies are distinctly different from those for other areas of transportation and tend to incorporate aviation terminology, as well as terminology, limits and clauses specific to aviation insurance.

Aviation Insurance was first introduced in the early years of the 20th Century. The first aviation insurance policy was written by Lloyd's of London in 1911. The company stopped writing aviation policies in 1912 after bad weather and the resulting crashes at an air meet caused losses on many of those first policies.

The first aviation polices were underwritten by the marine insurance underwriting community. The first specialist aviation insurers emerged in 1924.

In 1929 the Warsaw convention was signed. The convention was an agreement to establish terms, conditions and limitations of liability for carriage by air, this was the first recognition of the airline industry as we know it today.

In 1931, Captain Lamplugh, the British Aviation Insurance Company's chief underwriter and principal surveyor, said of the new industry: "Aviation in itself is not inherently dangerous. But to an even greater degree than the sea, it is terribly unforgiving of any carelessness, incapacity or neglect."

Realising that there should be a specialist industry sector, the International Union of Marine Insurance (IUMI) first set up an aviation committee and later in 1933 created the International

Union of Aviation Insurers (IUAI), made up of eight European aviation insurance companies and pools.

 

US Airways Flight 1549 was written off after ditching into the Hudson River

The London insurance market is still the largest single centre for aviation insurance. The market is made up of the traditional Lloyd's of London syndicates and numerous other traditional insurance markets. Throughout the rest of the world there are national markets established in various countries, this is dependent on the aviation activity within each country, the US has a large percentage of the world's general aviation fleet and has a large established market

http://www.articlesbase.com/insurance-articles/an-overview-of-aviation-insurance-3982651.html#ixzz1Bxbn5xuf

Mangalore crash: Insurers may have to shell out Rs 400 croreTNN, May 24, 2010, 01.07am IST

Read more: Mangalore crash: Insurers may have to shell out Rs 400 crore - The Times of India http://timesofindia.indiatimes.com/business/india-business/Mangalore-crash-Insurers-may-have-to-shell-out-Rs-400-crore/articleshow/5966428.cms#ixzz1BxdLZ1jg

MUMBAI: Insurance firms are already feeling the heat with the national carrier, Air India, and relatives of the passengers who died in the ill-fated Mangalore air disaster set to claim compensation worth hundreds of crores of rupees in the coming days.

It is estimated that insurers may have to collectively shell out compensation claims to the tune of Rs 350-400 crore for loss of 158 human lives and the total destruction of the Boeing 737-800 aircraft that crashed.

The Air India (AI) Express aircraft was provided a comprehensive insurance coverage by four private sector general insurance companies led by Reliance General Insurance Co Ltd and co-insured by HDFC Ergo, Bajaj Allianz and Iffco Tokio. The entire AI fleet of 136 aircraft was insured for a total of $8.59 billion at an annual premium of around $24.3 million.

Industry experts say that AI will make insurance claims of at least Rs 300 crore as damages and another

Rs 100 crore for passenger and cargo compensation claims.

According to the international Montreal convention for accident compensation treaty, which has 95 signatories including India, victims of an air disaster can claim Rs 75 lakh per passenger from the airline, Raju Desai, director of Raju Krishna insurance brokers, said.

AI on Sunday evening announced Rs 10 lakh as interim compensation for the victims. This compensation amount is a pittance compared to the conditions stated under the Montreal convention. The victims can sue the airlines for gross negligence and human error. There is bound to be a long bitter legal battle ahead both for the airline and the private insurance company, admits an insurance official.

Meanwhile, private insurance companies who are part of the consortium said that the insurers had transferred the majority of the risk to re-insurers based in London and to the general insurance corporation( GIC) of Mumbai which has around 14% of the reinsurance portfolio.

''We will suffer only a loss of around Rs 5-7 crore as we have re-insured this aviation portfolio,'' an insurance official who was part of the consortium said. A senior GIC official said that they may incur a loss of around Rs 15 crore.

Industry experts say that it will be interesting to see how the consortium of private sector insurance firms will settle the damage.

Read more: Mangalore crash: Insurers may have to shell out Rs 400 crore - The Times of India http://timesofindia.indiatimes.com/business/india-business/Mangalore-crash-Insurers-may-have-to-shell-out-Rs-400-crore/articleshow/5966428.cms#ixzz1BxdW8BwW

AI, insurance companies feel compensation heatViju B, TNN, May 24, 2010, 01.23am IST

Read more: AI, insurance companies feel compensation heat - The Times of India http://timesofindia.indiatimes.com/city/mumbai/AI-insurance-companies-feel-compensation-heat/articleshow/5966456.cms#ixzz1BxdjPfRj

MUMBAI: Insurance firms are already feeling the heat as the national carrier, Air India, and relatives of victims of the Mangalore air crash will now claim compensation of hundreds of crores of rupees.

It is estimated that insurers may have to collectively shell out claims to the tune of Rs 350 crore-Rs 400 crore for the loss of 158 lives and the complete destruction of the Boeing 737-800 aircraft that crashed into the valley. According to an industry expert, Air India will seek at least Rs 300 crore as damages and another Rs 100 crore for passenger and cargo compensation claims.

The Air India Express plane was covered by Reliance General Insurance Co Ltd and co-insured by HDFC Ergo, Bajaj Allianz and Iffco Tokio. The entire Air India fleet of 136 aircraft is insured by these companies for $8.59 billion at an annual premium of around $24.3 million.

According to the international Montreal convention for accident compensation treaty, which had 95 signatories including India, air disaster victims could claim Rs 75 lakh per passenger from the airline, said Raju Desai, director of Raju Krishna Insurance. Compared to that amount, what Air India offered on Sunday evening as an interim compensation for victims was a pittance—they announced the figure as Rs 10 lakh only.

"The victims can sue the airline for gross negligence and human error. This is going to be a long, bitter legal battle both for the airline and the private insurance company," said an insurance official.

However, the private sector insurance companies, which are part of the consortium that covers the aircraft, said they would not suffer much loss as they had transferred the majority of the risk cover to a London-based firm and the General Insurance Corporation (GIC) of Mumbai for re-insurance, with the GIC holding 14% of the reinsurance portfolio. "We will suffer a loss of only Rs 5 crore to Rs 7 crore as we have re-insured this aviation portfolio and our losses will be minimum," said an official who was part of the consortium. A senior GIC official pegged the loss at around Rs 15 crore.

After years of getting their fleet insured by public sector companies, AI had opted for private sector firms, hoping that unlike the loss-making government agencies, the latter would be able to come to the rescue more efficiently in case of a major air disaster. "It remains to be seen if these private insurance firms would be able to pay the damages fast and efficiently," Desai said.

CMD of AI Arvind Jadhav said a team from the London and the local re-insurance firms will visit the site and assess the damage. "AI officials are also collecting important documents such as post-mortem reports, identity proof and immigration papers to help in the process," he said

Read more: AI, insurance companies feel compensation heat - The Times of India http://timesofindia.indiatimes.com/city/mumbai/AI-insurance-companies-feel-compensation-heat/articleshow/5966456.cms#ixzz1Bxdnk2N7

22 Apr, 2010, 03.36AM IST,ET Bureau

Fleet insurance plans may not cover losses from cancellationsMUMBAI: Airlines are discovering that their fleet insurance packages are insufficient to cover them from losses arising out of flight cancellations. But even as they discover this new risk that has the potential to severely hit their balance sheets, insurance companies are saying that covers may not be available.

Although flights to-and-from major airports in Europe resumed on Thursday, the airline industry is facing losses running into millions of dollars with over 95,000 flights being cancelled.

There is also a potential dispute brewing between perishable cargo owners and insurance companies, with insurers saying that damage to goods would not be covered, if airlines have refused to accept the cargo.

“We do not expect any major claims because of flight cancellations due to the volcanic ash,” said Yogesh Lohia, chairman, General Insurance Corporation — the national reinsurance company, which underwrites the business of all non-life insurers in India. Mr Lohia added that there would be travel insurance related claims, however, the amounts involved would be very small.

Losses due to flight cancellations are not new to airlines. In India such cancellations have been a frequent feature in flights leaving Delhi during winter because of fog . Flag carrier had so often been a victim of such cancellations that it took out a policy last year to cover the Delhi fog. This was a separate domestic policy and had nothing to do with its fleet cover.

“Typically business losses can be covered only under a ‘loss of profits’ cover. However, even this cover comes into force when the losses follow some damage arising out of an insured event,” said the chief executive of a general insurance company. In the case of recent flight cancellations from Europe, the loss is a result of the flights being cancelled due to volcanic ash in the air.

“If the flight was cancelled because of damage to the plane, following the volcano, the losses would be covered,” he added.

According to Prabodh Thakkar, chairman, Aon Global — an insurance broking firm that deals with aviation insurance — even if an airline had bought cover for flight cancellations arising out of bad weather, it was unlikely that the current disruption would be covered. “The proximate cause of the loss is the volcano and this cannot be treated as bad weather,” he said.

Insurers also do not rule out disputes arising out of marine cargo claims. “There have been instances of perishable goods that have got damaged because of flight cancellations. It is not clear whether the cargo insurance will make good claims.

Some insurers said they would be willing to provide limited cover to airlines for cancellations arising out of volcanoes, but it would be a limited amount, as it is uncertain that reinsurance support will be available for such a policy,” said the CEO of a non-life company.

http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/Fleet-insurance-plans-may-not-cover-losses-from-cancellations/articleshow/5842240.cms