Aviation and Space
Aviation and space is one of the most complex and developed sectors that is continuously growing and changing due to the demands in air transportation and increased numbers of satellite launchings. During these times of advanced and new technology, the world is moving very quickly into utilising more global satellites to connect and improve aviation navigation, communication, surveillance, safety and air traffic controls.
Despite statistics showing that there have been significant improvements in aviation and space safety in the last few decades, it is important to bear in mind that aviation and space launching accidents can and do result in catastrophic and total loss events.
At Challenge, aviation and space (re)insurance is a class of business we specialise in, and we are able to arrange coverage based on the requirements of our clients with expert underwriters of this field. These include:
1. Aviation Hull All Risks – covering physical damage of the aircraft, and may be extended to include coverage for spares.
2. Aviation Liability – covering liability to third parties and passengers for bodily injury and/or property damage arising from aviation related activities. Depending on the insured interest, it may cover airports/aerodromes, hangars, premises, product liability, etc.
3. Aviation Hull War – covering physical damage and/or liability against war, hi-jacking, malicious attacks depending on the coverage required as it can be an extension to Aviation Hull and/or Aviation Liability by including LSW555D and/or AVN52E conditions.
4. Satellite / Launch – covering physical damage and/or failure of pre-launch / launch / in-orbit phases of a space project.
5. Space Liability – covering liability to third parties for bodily injury and/or property damage arising from space related activities.
6. Satellite Operations Loss of Revenue – covering business interruption as a consequence of damage / loss / failure of the launching or operational process of a satellite. This is usually based on a contractually fixed revenue.
Other types of (re)insurance coverage such as Aircrew Personal Accident, Pilots Loss of Licence, Deductible Buy-Down, Satellite Launch Risk Guarantee, etc. are also available.