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- ALLIANCE INSURANCE BROKERS
INDIAN AVIATION SCENE
No. of Registered Aircrafts in India
Aircraft Helicopter Glider
India Aviation Insurers / Premium 2008-09
Prem ium INR cr Oriental ICICI
257 61 39
88 62 61 61 24 17 13 13 1
New India National Bajaj United Reliance
Ultralight Hang Glider Balloon Experim ental Motor Glider
23 16 5 1
Total Aircrafts: 1432
47 64 24 29 11 10
No. of Aircrafts NACIL Jet Kingfisher JetLite Airline Allied Services Air India Charters SpiceJet Inter Globe Blue Dart Go Air Paramount MDLR Airlines Jagson Airlines
New Delhi Mum bai
113 88 83 24 21 20 19 19 8 7 5 2 2
No. Of Operators No of aircraft
9 Chennai 8 Others 24 150 Total Operators: 115
Total Operators: 13 Total Aircrafts: 411
KEY FEATURES OF AVIATION INSURANCE
One of the most specialized fields in Insurance – Underwriting & Claims Handling Losses can be catastrophic in nature Losses have cost insurers worldwide hundreds of millions in dollars No single insurer has resources to retain a risk the size of a large airline, or even a substantial proportion of such a risk Thus a large portion of the risk is placed in the Reinsurance market… typically this involves Lloyds Syndicates, European Pools, ROW and US Pools, Bermuda Specialty Writers, etc. On account of Reinsurance as also due to its specialized nature….. Aviation Insurance is largely broker driven Specialized aviation insurance brokers play a key role in making available the best terms to clients
Aviation Hull All Risk (Loss or Damage to Aircraft) Aviation Spares All Risk Aviation Hull (War and Allied Perils) Aviation Hull Deductible Aviation Legal Liability to 3rd Parties (Other than Passengers) Aviation Legal Liability to Passengers Aviation Loss of License (Pilots)
Aviation Hull All Risk (Loss or Damage to Aircraft)
Covers Loss or Accidental Damage to Aircraft whilst flying or on ground Provides for replace or repair on account of loss or damage to Aircraft including disappearance if Aircraft is unreported for 30 days after commencement of Flight Provides for reasonable recovery and emergency expenses incurred for immediate safety of aircraft consequent upon damage
Aviation Spares All Risk
Covers loss or damage to spares, tools, equipments and supplies owned by the insured or the property for which the insured is responsible whilst on ground or in transit by land, sea, air including in own aircraft or whilst on the premises of others for storage only.
Aviation Hull (War and Allied Perils)
Provides cover for loss or damage to property (aircraft and spares) arising out of WAR AND ALLIED PERILS These risks are excluded from the Hull (All Risk) policies and broadly include the following:
War, Invasion, Hostilities, Civil War, Rebellion, Attempted Coups Strike, Riot, Civil Commotion or Labour Disturbances Sabotage Hijacking (Attempted or Otherwise) or Seizure of Control Acts for Political or Terrorist purposes Confiscation, Naturalization, Detention, etc., for the use of any Government or Public Authority
Aviation Hull Deductible
Airlines at times have to bear a proportion of loss due to application of a deductible under All Risk Policy, which may impose considerable financial difficulty on the insured. Therefore operators insure part of their deductibles under this kind of insurance.
Aviation Legal Liability to 3rd Parties (Other than Passengers)
Covers sums which an Airline becomes legally liable to pay as compensatory damages In respect of accidental bodily injury and or accidental property damage Must be caused by the Aircraft or by any person or object falling from therefrom
Aviation Legal Liability to Passengers
Covers sums which an Airline becomes legally liable to pay as compensatory damages in respect of :
Accidental Bodily Injury (fatal or otherwise) to passengers while entering, on board or alighting from the Aircraft Loss or Damage to baggage or personal articles of passengers arising out of accident to the aircraft
KEY AVIATION INSURANCE CLAUSES
Clause No. AVN 1C AVN 5A Name London Aircraft Insurance Policy Deferred Premiums Remarks Base Policy Wordings for General Aviation Insurance covering Loss or Damage to Aircraft and Legal Liability to Passengers and Third Parties. Provision for Payment of Premium in installments Covers Transporting Costs incurred in relation to an aircraft sustaining damage. Transporting Costs includes cost of removing the aircraft to a repair site, transporting labour/replacement parts/material/equipments, and returning the aircraft from the repair site to the airfield nearest to the place of accident Covers Landing and Taking Off of the Insured Aircraft on landing grounds other than licensed airfields Endorsement to settle Passenger Liability on Voluntary Basis regardless of Legal Liability of Insured Standard Exclusion for all Nuclear Risks under AVN 1C Standard Exclusion for Noise / Pollution/ Other Perils in AVN 1C Buyback of AVN 46B Exclusion for Noise / Pollution/ Other Perils Standard Exclusion for War / Hi-Jacking / Other Perils in AVN 1C Buyback of AVN 48B for SRCC or Labour Disturbances, Malicious Act or Act of Sabotage and Hijacking (Aircraft Hull only) Buyback of AVN 48B for Aviation Liabilities
Transportation Costs Clause
AVN 23A AVN 34A AVN 38B AVN 46B AVN 47 AVN 48B AVN 51 AVN 52E
Unlicensed Landing Ground Suitability Clause Passenger Voluntary Settlement Endorsement Nuclear Risk Exclusion Clause Noise / Pollution / Other Perils Clause Noise Coverage Policy War, Hi-Jacking and Other Perils Exclusion Clause Extended Coverage Endorsement (Aircraft Hull) Extended Coverage Endorsement (Aviation Liabilities)
KEY AVIATION INSURANCE CLAUSES ……contd
Clause No. Name Remarks Extension to cover Insured's legal liability for damages sustained by any person on account of false arrest, detention, restraint, imprisonment, malicious prosecution, wrongful entry, eviction, publication or utterance of libel or slander, incidental medical malpractice error by a medical professional performing medical services on behalf of the Insured while providing emergency medical relief. For all claims adjusted on the basis of Total Loss Insurers shall pay to the Insured the Agreed Value of the Aircraft as stated in the policy schedule less applicable deductible. This does not apply to claims arising in respect of partial loss or damage where Insurers retain the right to repair, replace. Provides Cover for any reasonable expenses incurred by Insured for Search and Rescue operations for an Aircraft determined to be missing and unreported. Provisions of Contracts (Rights of 3rd Parties) Act 1999 under which the rights of a 3rd party to enforce terms of this insurance or reinsurance and / or not to have this insurance or reinsurance rescinded, varied, or altered without his consent are excluded Extends Passenger Liability Coverage to Pilots and Operational Crew of the Aircraft Extends Passenger Liability Coverage to Pilots of the Aircraft Provides Cover for any reasonable expenses incurred by Insured for Search and Rescue operations, Runway Foaming, attempted or actual raising / removal / disposal or destruction of the wreck of an aircraft and in respect of any public enquiry or enquiry by the Civil Aviation Authority or any other relevant Authority. AVN 60 Personal Injury Extension
Agreed Value Clause
Search and Rescue Extension Clause
Contracts (Rights of 3rd Parties) Act 1999 Exclusion Clause
AVN 73 AVN 74
Liability to Pilots and Crew Clause Pilot Indemnity Clause
Supplementary Payments Clause
KEY AVIATION INSURANCE CLAUSES ……contd
Clause No. Name Remarks Does not reject any claim on the grounds that the Aircraft was used in a place or in a manner or by a person not permitted under the terms of the policy provided such use was not authorised by the Insured and that the Insured had taken reasonable precautions to prevent such unauthorised use. Provides cover for all reasonable costs, expenses or expenditure for the removal of the Aircraft to the nearest suitable take-off area in the event that the aircraft makes a forced landing in any place where subsequent take-off is impossible Extension to pay all reasonable expenses incurred within one year from the date of accident for necessary medical, surgical, ambulance, hospital, professional nursing, repatriation and funeral expenses to or for each person who sustains BI, sickness or disease caused by accident Offers reasonable settlement in respect of loss or damage to crops and / or other property caused by trespassers following a crash or forced landing of the Aircraft, regardless of legal liability of the Insured Coverage under the policy to continue regardless of any act or omission which results in a breach of any air navigation or airworthiness orders or requirements issued by any competent authority provided that the Insured has not caused, contributed or knowingly condoned the said act or omission. Hull War Buyback Wordings Excludes all Asbestos related claims AVN 77 Unauthorised Use Clause
Forced Landing Clause
Medical and Related Expenses Inclusion Clause
Trespassers Cost Clause
Breach of Air Navigation Regulation Clause
LSW 555D 2488 AGM 00003
Aviation Hull "War and Allied Perils" Policy Asbestos Exclusion Clause
Aviation Loss of License & Personal Accident Cover for Pilots
Provides coverage if a pilot loses his License to Fly on medical grounds Permanent Loss of License….. Lumpsum Payout Temporary Loss of License….. Smaller Periodic Payouts Personal Accident Cover ….designed to pay out a lumpsum on account of Death or Disablement
OUR ROLE IN AVIATION LOSS OF LICENCE INSURANCE
Insured approximately 200 pilots for their Loss of License (LOL) Insurance in 2008-09. Duly appointed broker for: The Society for Welfare of Indian Pilots (‘SWIP’ - Jet Airways Pilots) The Indian Commercial Pilots Association (‘ICPA’ - Indian Airlines Pilots) The Indian Pilots Guild (‘IPG’ - Air India Pilots). First in the country to offer an individual pilot a cover of upto Rs 1.00 crore under LOL. Key features of the LOL Insurance on offer through us: Provides compensation on account of PMU / TMU / Death / Disablement. Maximum Capital Sum Insured upto Rs 1 crore. Maximum Capital Sum Insured of Rs 1 crore offered upto 55 years. Lowest Premium Rates in the market. Lowest Cooling Period of 45 days. Minimum documentation for submitting proposal.
Alliance Insurance Brokers was featured in the Mumbai Edition of The Financial Express dated Jan 5, 2009. The article is reproduced below.
NON AVIATION INSURANCE REQUIREMENTS
An Organization also requires following additional insurance to protect its assets, employees, key management personnel as part of its risk mitigation measures:
Employee Benefits Insurance
Group Health (Mediclaim) Group Personal Accident
Property Insurance (Non Aviation) Directors and Officers Insurance Kidnap Ransom and Extortion Insurance
ABOUT ALLIANCE INSURANCE BROKERS
ALLIANCE INSURANCE BROKERS
Alliance Insurance Brokers is an Insurance Broking House set up in 2003 by Mr. S.V. Thakkar. Registered with the Insurance Regulatory and Development Authority of India (‘IRDA’) as a Direct Insurance Broker bearing License No. 217.
Presence in Mumbai, Pune and Chennai. Licensed to deal with all insurance companies in India, both in the Life and Non-Life insurance segments.
Most preferred Insurance Broker when it comes to Specialty Lines such as Media / Aviation / Liability risks. Significant expertise in arranging re-insurance support for our clients. First to offer Media Liability Insurance in India to our clients. We have insured more than 50 (Fifty) Risks on Media Liability in the past one year.
Our ability to deal with all Insurers in the country and with Re-Insurers worldwide, enable us to obtain the best deals for our clients, both in terms of coverage and pricing.
KEY MANAGEMENT PERSONNEL
Mr. S.V. Thakkar, C.E.O (B.E Mechanical, DBM, AIII) - Worked with United India Insurance Co. Ltd. for 23 years & with IFFCO-TOKIO General Insurance Co. Ltd. for 3 years.
Mr. Aatur Thakkar, Director (B. Com, C.A.) - Passed the Composite Insurance Brokers Examination & Trained in Reinsurance at The Chartered Insurance Institute, London
Mr. O.T. Ghurka, Technical Head (B.E. Mechanical) - Worked with Tariff Advisory Committee for 27 years.
Mr. Tapas Nandi, President B.E. (Electrical), MBA (Finance) & A III; Worked with United India Insurance Co. Ltd. for 17 years & Royal Sundaram Alliance Insurance Co. Ltd. For 8 years
Our Media & Sports Clients
Our Aviation and Other Clients
ALLIANCE INSURANCE BROKERS PVT. LTD. Add: 205, 2ND FLOOR, VIRESHWAR CHAMBERS, SHAAN CINEMA COMPOUND, M.G. ROAD, VILE PARLE(EAST), MUMBAI 400057. 91 22 6739 0900 6739 0910 91 22 6739 0919 6739 0918
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