Aircraft Liability Insurance

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Aircraft Liability Insurance

An insurance policy providing coverage to the owners and operators of an airplane in the event that a person or property is damaged while on airplane. That is, if a person slips and falls in the bathroom, or if the plane crashes into another on the runway, aircraft liability insurance would protect the plane from any ensuing lawsuits.
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American Association of Insurance Services (AAIS), the only non-for-profit national insurance advisory organization, announced new filings of Unmanned Aircraft Liability Coverage forms and rules in their Agricultural General Liability Program (AgGL), in response to consumer demand for coverage for unmanned aircraft or "drones.
A new Farmowners filing of Unmanned Aircraft Liability Coverage forms and rules, and new aircraft exclusions under Personal Injury and Personal & Advertising Injury Liability.
And while permissive users of privately owned airplanes are usually automatically included under the aircraft liability coverage, insurers will frequently subrogate to recover the cost of physical damage.
As the aviation insurance market continues to tighten, limits will decrease and rates for non-owned aircraft liability coverage will increase.
As the use of corporate and general aviation aircraft increases, Travelers (NYSE: TRV) Aviation is expanding its insurance products and services with new aviation coverage offerings including non-owned aircraft liability coverage, quota share endorsements and aviation-specific Risk Control services.
The increased hull capacity to $50 million, along with the existing capacity of up to $300 million in aircraft liability coverage limits, puts us in a league of top tier providers and enables us to provide the extensive products and services that aviation customers demand," said Gordon Murray, president, Travelers Aviation.
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