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9 Cards in this Set
- Front
- Back
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what physical coverage does a lessor/financier require? |
- agreed value - additional insured / loss payee - subrogation waiver of insurers - 50/50 provision to be paid after an agreed period. split between hull + war markets |
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what liability coverage does a lessor/financier require? |
- minimum requirements in terms of coverage - additional insured - indemnity provisions - severability of interest |
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General contract terms of a finance/lessor agreement |
- reference - breach of warranty to be covered - financier not responsible for premium - no operational interest |
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avn67c |
airline finance/lease contract endorsement AP normally payable (could be as little as $100) |
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avn99 |
finance / lease continuing liability endorsement protects the financier / lessor against claims brought against them after the contract has finished |
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AVN 67 - Hull + Spares Coverage |
- in the event of a TL claims proceeds are paid to contracting parties according to their insurable interests
- insurers will pay repairers directly for partial losses - insurers will have the benefit of salvage on property on which they have paid a loss |
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AVN 67 for Liability Coverages |
- Severability of Interests - No contribution from other insurances - intention to offer protection to parties who have a financial interest in the aircraft - Pilots and crew are covered as if they were passengers |
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For all coverages |
- Contract Parties are added as additional insureds - sets out breach of warranty protection - excludes claims under a theft section / refusal to redeliver an aircraft - insurers must obtain agreement from contracting parties to exercise subrogation - financiers / lessors not responsible for premium - coverage is as per the main policy - i.e. limits, terms, conditions, warranties |
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Differences between AVN67C and Hull war version of AVN67C |
- deletion of provisions relating to liability coverage - deletion of theft paragraph - notice period for cancellation not less than 7 days |
