New India participated in the Aviation Insurance of Air India way
back in 1946. New India Assurance Company provides professional aviation
insurance advice and solutions to the needs of small aircraft operators as well
as scheduled airlines.
The aviation portfolio encompasses following type of covers.
Hull All Risk Insurance Policy: This policy is
suitable for small aircraft operators belonging to flying clubs, companies
engaged in agricultural spraying operations, aircrafts especially designed for
VVIPs, business executives and for those engaged in industrial aids. The policy
scope includes all physical loss or damage sustained by the insured aircraft
including total loss, disappearance. All losses are paid subject to
deductibles.
Spares All Risk Insurance Policy: 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.
Hull/Spares War Risk Insurance: Indemnity is provided
to the aircraft as well as spares caused by war, invasion, acts of foreign
enemies, hostilities, civil war, rebellion, revolution, resurrection, martial
law, strikes, riots, civil commotion, malicious acts, sabotage.
Hull Deductible Insurance: 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 the operators insure part of their deductibles under this kind of
insurance.
Aviation Personal Accident (crew member) Insurance: This
cover is designed to cover insured person against injury, disablement or death
arising as result of an accident that is generally granted on annual basis. The
cover operates while mounting or dismounting from and whilst traveling an
aircraft while the aircraft is being used within the geographical scope as per
its permitted usage. This cover can also be on 24 hours basis. The capital sum
insured varies according to the status of the insured or earning capacity and
fixed by the insurers.
Loss of License Insurance: Operating crews of the
aircraft are required to have valid license. License is liable to be suspended
either temporarily or permanently on medical grounds. Consequential financial
loss is covered by the loss of license policy. Cover provided is in respect of
incapacity causing permanent total disablement or temporary total disablement
due to bodily injury or illness.
Besides the aforesaid general aviation policies New India
Assurance Company also provides various other tailor-made insurance as per
specific requirements of the insured.
Claims: In case of claims following are
illustrative documents that are generally called for from the insured.
Documents in connection with aircraft details
Documents in connection with flight details
Documents in connection with the accident
Certificate of airworthiness/registration
Crew details
Maintenance & engineering information
Operational manual passenger documentation in case of claims
