Aviation Insurance
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1. Product OverviewAviation insurance generally provides the aircraft with both property damage and liability for damages caused by the aircraft. This includes coverage against property damage, Third Party Liability, cargo, or loss of life.
Aircraft owners and operators are required by law to purchase insurance.
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2. Company Who needs this policyPassenger and freight carriers and individuals or operators who own or operate aircraft
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3. Limit of Liability and Deductibles
Limit of Liability : Insured Amount of insurance agreed in the insurance policy.
Deductible : In the event of damages, the claim amount of insurance to be paid by the company after deduction as "Deductible" which is borne by Assured.
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4. Products
Hull All Risk Insurance
Liability Insurance
Personal Accident Insurance
War Insurance
Deductible Buy-Back Insurance
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5. Process of purchase of Insurance
1) Create a questionnaire
Creating Information to Calculate Insurance Rates
Contractor/Aircraft/Pilot/Aircraft's use and estimated flight times, etc.
2) Rate calculation
Korean Re or Overseas Reinsurer Rate quotation
3) Conclusion of insurance contract
Conclusion of an insurance contract by agreement of insurance conditions and premiums (1-year policy)
4) Issue of insurance policies
Issue of insurance policy (issued by a domestic insurer
5) Issue of insurance premium invoices
In the case of insurance premiums, it can be paid in full payment or in installments