Aircraft insurance
In accordance with insurance agreement the following objects can be insured:
- aircrafts having license of the state aircraft registration, certificate of aircraft airworthiness or other substituting documents.
- eparate aggregates of aircrafts installed in the board of aircraft and having documents registered properly (passport, logbook, etc.).
- insurance object is Insured’s property interests related to possession, use, disposal of air transport, aero-engines, spare parts of aircraft, as well as the risk of its hi-jacking (theft) or damage or destruction.
Insurance event is a risk of loss (destruction) or damage of property due to the following circumstances:
1) Air crash or incident, or any event of other classification;
2) Stealage (not skyjacking) of property insured;
3) Indeliberate actions of third parties i.e. actions, that do not entail administrative or legal liability for persons who committed them during period of insurance coverage validity.
4) other events.
Insurance shall extend only on the insurance events which took place during air craft flight, taxiing or stand (at anchor); at aircraft insurance for a flight – on insurance events which took place beginning from starting engines operation for a flight on aerodrome of departure and till engines cutoff on standing of aerodrome of destination.
Sum insured – is a sum of money insurance object is insured for and that represents maximum liability limit of Insurer at insurance event occurrence.
Amount of sum insured shall be determined by mutual agreement of the parties and in the following amount of:
- actual value;
- book value;
- amount of Insured’s/Assured’s liability to credit/lease organization if property is an object of pledge under agreement of loan, or is purchased under lease contract.
Annual insurance rate varies from 0,3 % up to 4 % of sum insured.
Insurance premium payment can be paid by cash or bank transfer, lumpsum or by installments.
Amount of actual value is determined:
- in case of total loss or missing of aircraft Insurer, at own option, shall pay indemnity in amount of sum insured or shall provide Insured with another aircraft;
- in case of aircraft damage – in amount of costs of aircraft restoration.
