Understanding aviation insurance is vital for industry professionals. This guide covers key terms like Act of God perils, aircraft coverage, and aleatory contracts. It explains important clauses, conditions, and exclusions, helping you navigate policy requirements and principles of indemnity. With this knowledge, you can better manage risks and ensure comprehensive coverage.
Act of God Perils: Natural events outside human control, such as floods, storms, or earthquakes.
Accident: An unexpected, unintended event causing loss or injury.
Aircraft: The airframe, power plants, propellers, rotors, and appliances form part of the aircraft at the inception of coverage, including parts detached and not replaced by other similar parts.
Aleatory Contract: A contract where the performance of at least one party is contingent on the occurrence of an uncertain event.