Aerospace & Aviation Insurance Questions & Answers

 

JLT Specialty’s Aerospace team provides insurance broking services to all areas of the aviation industry, including Airlines, Aerospace Infrastructure, General Aviation and Space.

The team has put together answers to a series of questions frequently asked by our clients. Please contact us if you would like to discuss any of the answers in more detail. 

WHAT HAPPENS IF...

You can ask your insurance broker to negotiate the inclusion of a security default clause within the terms of your insurance programme. This clause will allow you (the insured) to cancel an insurer who is participating in the insurance contract should it become insolvent or its rating falls beneath an acceptable pre-agreed level.

No. While a public holiday may be a challenging time for a major claim to occur, your insurance broker will have established protocols in place. Moreover, your nominated claims team members will be available to assist you in an emergency and notify all necessary parties to start the settlement process.

When your insurance broker acts as agent for you and another company involved in the same or a related loss situation, they will advise you and the other client of conflicting interests. They will also take immediate steps to segregate the claim servicing functions provided to both of you.

Yes, there is. We have developed a specific flight cancellation insurance product to cover the net loss that directly results from the complete stoppage of commercial flying.

Please contact us for product details.

Your insurance broker may be able to incorporate cancellation and extension options into your policy. This will give you the choice to cancel your policy early or extend your renewal date by up to 6 months.

To obtain a global insurance programme, your insurance broker should have a strong network in place with offices in the regions/countries that you operate in. They should also be fully aware of local legislation and requirements and be able to fulfil your global insurance needs.

We have operations in 40 countries and the JLT International Network offers our multinational clients risk management and employee benefit solutions in over 135 countries. Our Network is comprised of majority-owned and associate operations in all of the world's key economies, supplemented by non-owned partner operations. All brokers in the Network are carefully selected for their specialist knowledge, local market reputation and quality of service.

If you would like to find out how we can help you with your requirement, please contact us.

You should speak about your plans to your insurance broker who will be able to design, negotiate and place a programme that is flexible and appropriate for your future plans.

The merger of participating insurers affects all clients differently. Your insurance broker will be able to make you aware of the possible implications for you. They will also make and execute a plan that will be appropriate for your buying strategy.

You should speak to your insurance broker who will have access to specialist insurers and products that cater for a wide range of alternative risks that you might face.

You should inform your insurance broker as soon as you can. They can help you to analyse the situation, review your policy wordings and then clarify the cover that you have.

Acting in a timely manner will ensure that if a notice of loss needs to be made to the insurer(s), then there will be time to review the relevant facts and draft all of the documentation that needs to be sent within the required deadline.

Satellite insurance is complex and you should engage with your insurance broker at the earliest possible opportunity. This will ensure that risks are managed throughout the lifecycle of the project, which will support financial backing and contract negotiations.

Many airlines have been affected by major system outages in recent years. Airlines have also been hit with cancellations and delays due to outages at third-party service providers.

We have combined our in-depth experience of the aviation industry and cyber insurance expertise to help insurers develop a bespoke product – DART (short for Data and Reliance on Technology) that fills cyber gaps in existing airline insurance portfolios and enables airlines to recover more quickly from a cyber attack or an unplanned systems outage.

Our product addresses the risks of data breach, non-damage business interruption and related expenses. Please contact us to discuss your unique requirements or find out about our cyber product.

We have developed a cyber insurance solution that can cover non-damage business interruption should your business suffer a loss due to this and other cyber incidents.

Please contact us to find out about our cyber product.

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