Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, announced the launch of a new insurance product, developed by Aon Benfield’s ReSolutions team that “is set to drive growth in the private charter aviation sector.”
The coverage was structured for international aircraft charter company, SHY Aviation. It indemnifies SHY “in instances where its charter flights have to be cancelled for reasons including mechanical problems, lack of flight crew, adverse weather conditions, and refueling delays,” said the announcement.
It “provides SHY with insurance cover for 130 percent of the charter contract value, allowing SHY to offer its clients ‘the same or better’ aircraft when a cancellation to their original flight occurs.” Insurance capacity for the product is being provided by a specialist syndicate within the Lloyd’s insurance market.
Kurt Cripps, product leader within Aon Benfield ReSolutions, described the product as “unique;” indicating that it “has removed a potential cost burden for SHY in the event of cancellation of its charter flights.
“It allows SHY to offer an even more comprehensive service to its clients, who know that in the event of a flight cancellation, they will receive an aircraft of the same quality, or better, than their original choice at no additional cost. We believe that this product will help to drive the growth of the private charter aviation sector.”
Giles Vickers-Jones, Chairman of SHY Aviation, said: “Since our launch in 2011, SHY’s philosophy has been simple – to care about our client journeys and understand the importance our clients place on them. We aim to focus on every detail of their charters, and this new Aon Benfield insurance product is evidence of this approach. Our clients are afforded great confidence in knowing that there will be no disruption to their air travel schedules, while for SHY, this product provides the support to expand our business. It has already allowed us to make advances into larger and more complex aviation charters.”
Source: Aon Benfield
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