Aviation Hull All Risk Insurance
What is Aviation Hull All Risk Insurance ?
All-Risk Coverage: Encompasses all types of damage unless explicitly excluded in the policy, providing comprehensive protection. Agreed Value Coverage: Typically, the policy ensures coverage for a pre-agreed value of the vessel, established at the time of policy issuance.
What does aviation hull insurance cover?
Physical Damage (HULL) Coverage:
Pays physical damage losses to an aircraft on an all-risk basis, including disappearance of an aircraft. Hull limits are determined by the replacement cost of the aircraft. Hull deductibles currently start at $7,500.
How does all risk insurance work?
Insurance that allows for all risks means the policyholder can seek compensation for any events that the contract hasn’t directly ruled out as being covered. Policyholders can usually pay more to have a rider or floater added to the contract that would cover a specific event that was ruled out.
What is aviation hull insurance?
Hull Insurance
Aircraft hull insurance cover is designed to protect you (the Insured) against the physical loss of or damage to your aircraft, including engines and other fitted parts.
What is covered under hull insurance?
Hull Coverage—Designed to pay physical damage losses caused to the vessel. Such loss or damage may be caused by fire, lightning, windstorm, hail, tornado, collision, sinking, and other perils identified by the policy.
Inclusion
Navigational water hazards when transiting via sea, lake or river. Damages resulting from fire, burglary, or theft. Damage caused by natural disasters like volcanic eruptions, earthquakes, lightning, etc. Damage sustained during maintenance activities.
Exclusions
Damages sustained from acts of war or terrorism. Radioactive contamination and damage from nuclear activity. Overloading of goods/cargo. Damage or loss resulting from breaches of law or illegal activity.
