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Thurday, 17/10/2018, 00:18:58 AM
2016 Aviation Insurance Report (continuous)
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Baez said that most airport owner and operator general liability policies include broad pollution exclusions, which is why separate environmental insurance is required.  FBOs typically need three types of liability coverage: site-specific pollution, contractor’s pollution liability and coverage for tankage, including financial responsibility. These cover first-party losses for onsite and offsite cleanup, third-party claims of bodily injury and property damage, emergency response costs, business interruption costs and more. Because aviation doesn’t have the best track record and some environmental insurance carriers are still intimidated by aviation operations, many entities are requiring the purchase of environmental insurance in performance contracts, lease agreements and in financial real estate transactions, mergers and acquisitions.

Corporations that own aircraft should review their liability policies to ensure that the corporation and all pertinent individuals are named insureds. According to Jonathan Morse of The Morse Law Group, the language used in various policies can differ, and can actually result in the corporation not being covered at all.

“Different insurers will have different language in the policy,” Morse said. “Read the policy to find out if the individual is covered as well as the corporation, and whether the corporation is really covered at all.

Suggested language for corporate-insured aircraft should name the insured as: ‘[name of the corporation or LLC] and all of its officers, directors, shareholders, members and employees, past and present.”

Source: ainonline.com (to be continued)

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