Aviation Assets Insurance

In aviation insurance, as well as in land and sea transport insurance a complex from three types of poles of insurance is applied. This is insurance of aircraft, life and health insurance of people onboard and liability insurance of aircraft and its team.

Thus liability insurance includes a big complex of insurance on responsibility for life and health of passengers during plane operation and has obligations on protection of financial interests directly of a large number of persons of financial or physical victims in case of insured events.

In aviation insurance we may face with compulsory and voluntary insurance.

Due to huge cost of insurance property in the form of air transport none of insurance companies is able to cope with such insurance alone. Therefore, there is a reinsurance of risks in one or several additional companies.

Compulsory aviation insurance is caused by order of international conventions on civil flights. Voluntary includes the insurance of property of aircraft, and also the list of number of responsible persons which were taking part in the development of the plane or other air transport and persons involved into its operation.

In general, it is rather specific and difficult complex of insurance, because:

- losses of insurance companies can constitute catastrophic nature;

- such type of insurance obligatory has international backgrounds;

- it is regulated not only by laws of the country of owner, but also by the international code;

- advanced specific structure of insurance company work and many other things are necessary.

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