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AVIATION
Introduction
dermot.odonohoe@xlgroup.com
Alongside the development of aircraft to carry increasing numbers of passengers – such as the A380 Airbus – trends in general aviation are towards smaller aircraft. The new Very Light Jets pose new risks, requiring a collaborative approach from manufacturers and insurers.
In aerospace insurance, a growing hazard is space debris. As the number of satellites and rockets launched into space increases, so too does the debris left behind. Fragments of spent rocket casings, satellite particles and even astronauts' tools are left to orbit the earth, potentially harming functioning satellites, or falling to earth where they can also cause damage. Aviation insurance addresses the needs of airlines, airports, ground operators, product manufacturers and rocket operators, to name a few. An airline's cargo, however, may necessitate additional highly specialised insurance and technical risk management. Transport of live animals by air, for example, requires meticulous planning to ensure the animals reach their destination stress-free and uninjured.
The transport of high value items poses its own challenges, too. The Warsaw Convention limits an airline's liability to around USD 25 per kilo, making loss prevention paramount. As well as high values being at stake, a unique piece of jewellery or famous work of art is simply irreplaceable. Interested parties need to put aside conflicting priorities and work together to protect their valuable cargo. In summary, planes, passengers and possessions all need the protection of specialist insurance.
Dermot O'Donohoe
Chief Underwriting Officer,
Global Specialty
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