Everything About Aviation Insurance

As airports reopen and flights become available again, aircrafts face risks now more than ever. The COVID-19 restrictions on travel caused a detrimental decline on flying, which left majority of planes placed in prolonged storage.


This extended storage resulted into causing crucial errors and dangerous malfunctions in plane engines and systems. Aside from manmade errors by out-of-practice pilots, both technical and mechanical problems can cause big issues for airline companies.


Hence, today is the perfect time to glance and take a comprehensive look at aviation insurance. Aviation insurance provides coverage geared towards risks concerning commercial aircrafts and general aviation. But why the need of it?


With an aviation insurance coverage, the aircraft, together with the passengers and the pilots, are ensured of a comprehensive cover should an unforeseen circumstance or hazard occur. These covers may include third party liability, property damage, cargo, and ground risks. Depending on the situation (or should you be a commercial owner, renter, or private owner and/or operator), insurance companies in the Philippines provide a wide range of products for your consideration. Specific and tailor-fit coverages are also offered, conditional to the airline’s circumstance, needs, or structure.


Sources:


https://www.bbc.com/news/business-55313504


https://www.oecd.org/daf/fin/insurance/4.DavidGasson-background.pdf


https://www.bloomberg.com/news/features/2021-10-14/plane-crash-risks-rise-as-covid-19-leaves-airline-pilots-out-of-practice