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Aircraft, whether used for commercial or private purposes, face unique risks both in the air and on the ground, including accidents, mechanical failures, extreme weather, and potential third-party liabilities. These incidents can lead to significant financial burdens for aircraft owners and operators, covering expenses related to physical damage, legal liabilities, and compensation for injuries to crew and passengers. Aviation Insurance provides essential financial protection against these risks, offering coverage for physical damage to the aircraft (hull coverage), third-party liabilities, and bodily injuries to passengers or crew arising from aviation-related incidents.
An aviation insurance protects an aircraft, flight operations and associated ground support structures from a wide range of risks and potential liabilities, including loss or damage to aircraft, third party liabilities, and costs in case of injury to crew or passengers. Coverage, inclusions, and exclusions may vary depending on the type of aircraft and operation and the type of insurance.
Legal requirement: Aviation insurance is a legal requirement as per the Civil Aviation Authority of Nepal (CAAN) to ensure coverage in case of accidents, damages, or third-party liability claims.
Financial protection against losses: Flight operations involve moving thousands of passengers every single day and are subject to risks. An insurance will protect your business against costs associated with replacement or repairs in case of accidental loss of or damage to the aircraft. It will also allow you to quickly recover your losses and continue your flight operations smoothly.
Protection of crew and passengers: An insurance protects your crew as well as passengers as it will cover all costs related to death or injury to your crew or passengers. An insurance also covers claims arising from loss or damage to passenger baggage.
Coverage for all potential third-party liabilities: Whether you are a small domestic carrier or a large international carrier, protecting yourself against all kinds of claims and legal liabilities is important. An insurance will cover claims arising from third-party liabilities, such as accidental bodily injuries or death and accidental damage to property
