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. Travelers is announcing the new products and services at the National Business Aviation Association (NBAA) conference in Orlando.
“Travelers Aviation understands the unique and varied risks our customers face,” said Gordon Murray, president, Travelers Aviation. “By continuing to offer new and versatile coverages and services, we make it easy for our customers to obtain the coverages they need from one source.”
Travelers non-owned aircraft liability coverage provides hull and liability protection for companies that rent or charter a fixed or rotor-wing aircraft from a third-party. The new quota share endorsement allows Travelers Aviation to participate in quota share programs in which multiple insurers share the risk. This coverage approach generally is used for insuring large commercial or charter operators, aircraft management companies and general aviation airports.
In addition, Travelers Aviation provides a wide array of value-added Risk Control services to help customers reduce the frequency and severity of losses. Aviation Risk Control consultants help mitigate risk exposures, control loss costs, improve and facilitate safety programs, and meet each customer’s unique business needs.
Aviation Risk Control services include:
* On-site safety and risk control surveys
* Assist in development and review of emergency response plans
* Review of established training programs and procedures
* Identification of workers compensation, property and liability hazards and recommendations for improvements
* Safety review of ground-based operational programs and policies
* Assistance with Safety Management Systems (SMS)
* Assist in the evaluation of accident investigation and “near miss” policies and procedures
Travelers Aviation was introduced to provide coverage for U.S.-based aviation exposures through a licensed U.S. company. Recently, Travelers Aviation announced that it increased its hull capacity to $50 million. In addition to its two insurance policies, Travelers Flight Plan Premier and Travelers Flight Plan Preferred, Travelers also offers workers’ compensation coverage for general aviation flight departments, including pilots, ground crew and administrative staff. The program supplements aircraft hull and liability policy forms for flight departments ranging from a single pilot to large departments.
Travelers Flight Plan Premier is an integrated hull and liability policy form designed to meet the needs of corporate flight departments and Flight Plan Preferred offers a flexible policy form providing aircraft hull and liability coverage designed for today’s diverse general aviation fleet, including pleasure and business transportation, municipal aircraft accounts and commercial/charter operators.
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