What is an Aircraft Insurance? Today the sky is increasingly traveled by airplanes, in 2019 alone a total of 5.5 million flights were registered worldwide, so air transport is very important for many people in their day to day and the economy of a country.
More than 10 million people work in the aviation industry and serve 12 million passengers on 120,000 daily flights. Air transport generates at least 65.5 million jobs and contributes 3.6% of global economic activity, according to a study published by Air Transport Action Group (ATAG).
 |
| Aircraft Insurance? Travel Insurance |
For this reason, airlines and the various sectors of the economy that depend on this activity must become increasingly concerned with protecting this means of transport, because, in the event of a loss, the economic consequences and human losses become catastrophic.
According to article 74 of the Civil Aviation Law, in the USA the planes must have insurance, so if you travel by plane, passengers can rest assured that in the event of a claim, the airline will answer for them.
The compulsory coverage is a Civil Liability Insurance that covers the legal liability of the insured from the operations of the aircraft when it causes bodily injury and damage to property of third parties, it also includes medical expenses for passengers and crew, among others.
This policy is usually required by the Civil Aeronautics authorities and is commonly contracted, together with the Aircraft Helmet policy, since the contracting party for the policy is the owner or operator of the aircraft.
What insurance for planes are there
There are several types of aircraft policies in Mexico, the most common are the following:
- Damage Policies: These usually encompass different types of coverage and are aimed at both businessmen and individuals, they are very complete because they include these protections:
- All risk: covers material damage suffered by the aircraft for any reason, or the loss thereof.
- Civil Liability for Damage to Third Parties: covers injuries or death of third parties, as well as their properties, caused by the insured aircraft or by an object, dropped from it.
- Carrier's Legal Civil Liability for damage to passengers: when the occupants of the plane are on board, ascending or descending from it.
- Carrier's Legal Civil Liability: for damage to cargo or luggage.
- Voluntary Payments: covers the death and organic loss of passengers as a result of an accident while onboard the aircraft, ascending, or descending from it.
- Medical Expenses for Occupants: it covers up to one year of medical, surgical, and hospitalization care and burial expenses due to a ship accident.
Also, both businessmen and individuals can contract the following Civil Liability (RC) coverage separately:
- RC for fuel supply: accidents when an airplane loads to fuel, such as fires or explosions.
- RC Airport Contractors: Protects people who work on airlines, cleaning staff, maintenance, construction contractors, among others.
- RC Hangars in all Modalities: covers damage to the hangar by the plane or damage caused to the plane by the hangar, such as breakage or detachment of parts. Even any loss derived from operations carried out in a hangar.
- RC Aeronautical Products: personal and material damage from the use or possession of engines, propellers, aviation devices, etc.
Which insurers sell aircraft insurance?
- Mapfre
- General of Insurance
- HDI
- Allianz
Airline travel insurance
On the other hand, passengers on an airplane can also protect themselves on flights and on days that they will be out of town, by contracting the travel policy offered by airlines at very affordable prices, ranging from 200 weights onward.
These are known as insurance associated with transport companies, they are usually offered as an additional complement to the flight and the cost is not included in the plane ticket. This insurance should not be confused with that contracted by the carrier.
Generally, these types of policies are contracted by people at the time they are making the process of buying the plane ticket and the most common coverage are:
- Trip cancellation: some airlines guarantee the full refund of the money and compensate in cases such as serious illness, bodily accident or death of the insured or a relative. Also in serious accidents such as burglary or fire in the contractor's home, job dismissal, summons as a defendant in court, organ transplant or serious operation of a family member or the insured, among others.
- Baggage delay: provides financial support so that the insured can pay for the purchase of basic items, when the airline has lost their luggage.
- Medical Expenses: if an accident or illness occurs, financially supports with hospital expenses or medical fees at the place visited and reimbursement for medications.
- Travel and Legal Medical Assistance: it is a free orientation of trained personnel or lawyers so that the user can more easily resolve any legal inconvenience that may arise during the trip.
- Death insurance: for accidental death that reaches a guaranteed sum of 100,000 pesos.
And if you are looking for a more complete protection or that better suits the particular needs, the interested party can take out travel insurance on his account with various companies such as AXA Assistance, Allianz, Mapfre, ABA de Chubb, among others, where he can make more personalized the insurance that interests you.
Insurance experts recommend that before deciding to hire one, prices and coverage of at least three companies be compared, as it is one of the best strategies to find the insurance that offers the best prices and benefits.
Most common causes of airplane accidents
Traveling by plane is one of the safest forms of public transportation that exists, as it is well known that there are more accidents by car than by air. For example, in 2019, 257 people died in a plane crash in the world compared to 1.35 million people who died as a result of traffic accidents.
Experts assure that the most common causes of accidents can be grouped into five:
 |
common causes of airplane accidents |
- Pilot Failures: it is recorded that half of the plane accidents that have been registered were caused by human error, which have to do with overconfidence or the misinterpretation of an alarm signal from the pilots.
- Mechanical failures: approximately 22% of claims are caused by mechanical errors that are due to design defects or material defects.
- Extreme weather: bad weather conditions, especially thunderstorms. Besides, lightning can ignite fuel tanks or cause temporary blindness for pilots.
- Terrorism: 9% of air incidents are due to a hijacking of the ship or the detonation of a bomb. It is worth mentioning that most aviation insurance does not cover this claim.
- Other human errors: such as landings on busy runways or lack of fuel.
0 Comments