Aviation/Manufacturers
Product liability insurance is indeed a crucial coverage for aviation manufacturers, as it helps protect them from financial losses associated with claims arising from defects or malfunctions in their products. However, there are other important insurance coverages that aviation manufacturers may also consider to ensure comprehensive risk management.
Aviation General Liability (AGL): This coverage provides protection for bodily injury or property damage caused by the general operations of the aviation business. It goes beyond product liability to cover a broader range of liabilities.
Aviation Products Liability: While similar to general product liability, this coverage specifically focuses on liabilities related to aviation products. It can include coverage for damages caused by defective parts or systems installed in aircraft.
Aviation Hangarkeepers Liability: This coverage is essential for those who operate hangars or provide storage services for aircraft. It protects against liability for damage to third-party aircraft or property while in the insured's care, custody, or control.
Aviation Hull Insurance: This coverage is applicable to both aircraft manufacturers and operators. It provides protection for physical damage to the aircraft itself, covering repair or replacement costs in the event of accidents, theft, or other specified perils.
Business Interruption Insurance: In the event of a covered loss that results in the temporary suspension of business operations, this coverage helps replace lost income and covers ongoing expenses, facilitating a smoother recovery process.
Cyber Liability Insurance: With the increasing digitization of aviation systems, protecting against cyber threats is crucial. Cyber liability insurance helps cover the costs associated with data breaches, system disruptions, and other cyber-related incidents.
Employment Practices Liability Insurance (EPLI): This coverage protects against claims related to employment practices, such as discrimination, wrongful termination, or harassment.
Environmental Liability Insurance: Given the potential environmental impact of aviation activities, this coverage helps protect against liabilities arising from pollution or other environmental damage.
Workers' Compensation Insurance: This is essential for covering medical expenses and lost wages for employees who are injured or become ill during the course of their employment.