Page 51 - Marine Insurance IC67 EBOOK
P. 51
The Insurance Times
loss in view of the deductibles imposed in the Hull 3. Underwriting Guidelines
All risk Policy thus facing financial difficulty l Duly completed proposals forms are to be
by purchasing this policy the airline operators/
owners can get relief from bearing the deductibles referred to HO, Technical for approval of rates
which are substantially high and cause financial / terms.
constraints for the owner/operator l The proposal form should be duly completed
and should be checked for the following:
Customer u Make/Type of the Aircraft
Airline owners/airline operators u Engine Number and Type
u Year of Construction of Aircraft
2. The Insurance Cover u Maximum Take off weight
u Seating Capacity
Basic Coverage u Use of Aircraft
The Policy provides indemnity against the amount u Area of Operation
of deductible applied on the Hull/ and spares all u Details of Insurance required ( Viz Hull All
risk policy Risks, Hull War Risks, Third Party Legal
Liability, Passenger Legal Liability, PA to
Exclusions Pilot/Crew, Baggage Liability)
l Loss of damage to turbine engine or u Period of Insurance
u Details of Pilot( Whether Named Pilots or any
accessory unless such damage is crossed pilot with valid licence, Total Flying hours
by fire, explosion, ingestion, external forces. experience)
l Use of the aircraft for any illegal purpose or
any purpose other than stated All proposals are to be referred to HO for approval
l Aircraft is outside the Geographical limits of rates and terms along with relevant details.
stated
l Aircraft is being piloted by any person other Determination of sum insured/values to be
than stated insured
l Total number of passengers carried exceeds l Sum Insured is the difference between the
the declared number stated
l War, hijacking and allied perils HAR deductible and the insured amount
under the hull all risk policy
Conditions l Aggregate limit during the policy period
l It is a condition precedent to the liability of applicable.
the insurer that the insured should effect an Rating/Pricing
aircraft hull and space all risk insurance. l A flat amount charged in respect of a specific
l Policy is subject to same warranties, terms
and conditions provided the Aircraft Hull and Aircraft
Spares all risks insurance prior to happening l Profit Commission - After expiry of the policy
of the loss.
and subject to renewal with the insurer,
Extension/Add ons insurer may agree to return to the insured a
None profit commission
Variants Excess/Deductibles
None Nil
4. Documents for Claims Settlement
Documents in respect of aircraft details, flight
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