Mumbai: Aviation insurance policy, primarily used to cover aircraft, is now in demand for the allied coverage it offers, such as ground handling and aviation product liability.
Traditional fleet insurance policies cover damages caused by accidents and natural catastrophes. Incidents of hijacking, enemy attacks and invasion are excluded from the policy coverage.
"We are now looking at aviation products, general aviation and aerospace insurance coverage. In the next few months, we will look at airline insurance as well," said M Ravichandran, president-insurance at Tata AIG General Insurance.
The premiums depend on the size of the airport operations, number of airlines using the services and air-traffic data on an every-day basis. With an increase in the number of airports in India and new airline companies entering the market, general insurers say they will have to penetrate the market through expanding into newer routes and cities. This will automatically lead to a growth of aviation insurance market, said the underwriting head of a private general insurer. Aviation insurance policies of non-life insurers also cover general aviation, airport liability, loss of licence, insurance for crew, among others.
Read News In Full 26/02/14 M Saraswathy/Business Standard
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