Tue, Apr 19, 2005
Excess Aviation War Liability Coverage Supplements Regular
Coverage
AIG Monday launched what it calls
"Excess Aviation War Liability coverage." The new coverage is
designed to help corporate flight departments and owners of private
aircraft meet the new minimum liability requirements mandated by
insurance regulators in the European Union, according to an AIG
statement.
Excess Aviation War Liability coverage is structured to apply in
excess of a $50 million primary aviation liability policy and
complement a corporate umbrella placement to eliminate potential
gaps in an insured's available war liability coverage. The new
program, which features limits up to $300 million and will respond
to covered losses on an occurrence basis, can be used to support
either an AIG Aviation primary liability policy or existing primary
coverages purchased through carriers outside of the member
companies of AIG. Covered risks include war and terrorism acts such
as aircraft confiscation, sabotage, hijacking, unlawful seizure and
civil commotion.
"As insurance requirements change
around the world, AIG Aviation will continue to offer the coverages
that help corporate flight departments and owners of private
aircraft secure the insurance protection they need," said Steve
Blakey, President, AIG Aviation, Inc. "To this end, the launch of
the Excess Aviation War Liability coverage is designed to help
corporate Risk Managers and owners of private aircraft proactively
address the new European Union requirements, before the regulation
takes effect at the end of April. With limits of up to $300 million
for Excess Aviation War Liability, AIG Aviation is well positioned
to address a broad range of risks, encompassed by the new liability
requirements that vary according to an aircraft's maximum take-off
weight."
More News
Takeoff Roll The process whereby an aircraft is aligned with the runway centerline and the aircraft is moving with the intent to take off. For helicopters, this pertains to the act>[...]
“We’re proud of the hard work that went into receiving this validation, and it will be a welcome relief to our customers in the European Union. We couldn’t be mor>[...]
Also: 1800th E-Jet, Uncle Sam Sues For Landing Gear, Embraer Ag Plane, Textron Parts A friend of the family reported that Lt. Col. (Ret.) Richard Glenn Rutan flew west on Friday, M>[...]
Also: Virgin Galactic, B-29 Doc to Allentown, Erickson Fire-Fighters Bought, FAA Reauthorization After dealing with a big letdown after the unexpected decision by Skyreach to disco>[...]
"Aircraft Spruce is pleased to announce the acquisition of the parts distribution operations of Wag-Aero. Wag-Aero was founded in the 1960’s by Dick and Bobbie Wagner in the >[...]