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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.
In marine insurance, conventional marine insurers such as Lloyds will issue policies covering hull & machinery, or cargo, whereas P&I clubs cover third-party risks (such as a carrier's damage to cargo), pollution risks, and war risks. The term "total loss" can refer to any of these risks, but commonly involves a loss of the hull or cargo.
Constructive hull loss takes into account other incidental expenses beyond repair, such as salvage, logistical costs of repairing non-airworthy aircraft within the confines of the incident site, and recertifying the aircraft. Airlines typically have insurance to cover hull loss. Their policies—like many covering assets that are subject to ...
Source: McLarens Aviation. McLaren’s presentation emphasized that hull claims cost increases are real, with inflation having significantly impacted the costs associated with both materials and labor. Supply chain issues are also prevalent, leading to delays and higher parts costs that drive up the total expense for claim-related aircraft repairs.
Marine insurance traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'. It is common for marine insurance agencies to compete with the offerings provided by local insurers.
War risk insurance is a type of insurance which covers damage due to acts of war, including invasion, insurrection, rebellion and hijacking. Some policies also cover damage due to weapons of mass destruction. It is most commonly used in the shipping and aviation industries.
A standard HO-3 home insurance policy typically includes replacement cost value (RCV) for your dwelling and other structures coverage. This means that the insurance company pays for the structures ...
Homeowners insurance policies generally provide coverage for your roof under the dwelling coverage portion of your policy. Dwelling insurance pays to repair or replace the structure of your home ...
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