Aviation Insurance

This insurance policy is designed to cater for the insurance needs of Airport owners, air craft owners and any related liabilities that may be sustained in the operations and or ownership thereof.

Accordingly, under this class of cover, it is further divided into subclasses:

1.      Aviation – Airport Owners and Operators Liability cover
2.      Aviation – Hull and Liability cover.

Basically, in brief, the above are summarized below for matter of interest:

1.      Aviation – Airport Owners & Operators Liability Insurance

This cover particularly refers to the Airport field itself with all claims related matters in its usage. 
Particularly, this insurance policy covers for legal liabilities sustained out of the use of the airfield for:

  • Bodily injury         
  • Property damage to third parties.

It also includes liabilities out of the use of Control Towers, depending on the terms of the Policy.

2.      Aviation – Hull and Liability cover

This cover, on the other hand, relates more specially to the aircraft itself and liabilities sustained in the use of the mentioned aircrafts.  It is aimed to cover the Insured’s fleet of owned or operated aircrafts whilst flying, grounded or in transit. This latter is particularly for covering the Insured against liability.  Refer below for Liability cover capacity.

Hull -   This is cover against risks of physical loss or damages including “Total Loss Only” in respect property (aircraft) owned by insured or person/body insured under this policy.  Spare parts in keeping could also be included in the cover.

Ownership of aircraft is defined in many ways:

  • Wholly owned by the insured and operated
  • Owned through lease agreement and operated.
  • Chartered

The above ownership thus makes the Insured responsible for the aircraft.

 Liability  this mainly include “Legal Liability” arising out of the use of all operations incidental to the Insured’s business and further:

  • Third Party
  • Legal Liability
  • Third party property damage
  • Third party bodily injury
  • Passenger legal liability – this may include, to a certain extent of any accident, funeral and or repatriation expenses as may arise but of course the limit is subjected to the terms and conditions of this Policy.
  • Other Liabilities: - Crew/cargo/mail/premises/hangerkeepers/products and non aircraft liabilities/medical & Personal injury legal liability to third parties.

Overall Policy will be secured on certain material requirements needed to be furnished in order to allow assessment of the risk and proper, applicable ratings to be applied.

  • Conditions and Limitations of the Policy for the risks covered will depend on the nature of the risk exposure to the interest insured.
  • Rates will also depend on the assessment of the furnished material information to the risk in the ownership and operation of the interest insured.
  • Scope of cover to Liability will be arranged between the Insured and the Reinsurer.

KIC can only provide service by placing this risk with its Broker which in turn seeks possible Reinsurers willing to accept the risk and undertake part or whole of the premiums for the same proportion of the risk covered for.