Aviation Insurance

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Aircraft Hull Insurance

This package provides insurance to aircrafts against loss or damage to its hull regardless of whether incurred in flight or whilst on ground. Coverage includes servicing of cost for the rehabilitation of the aircraft until its reinstatement to its status prior to its damage.

In the event of damage beyond repair, covered by insurance terms, the policy shall release payment of a pre-agreed value set at the time the insurance was availed.

Spares Insurance

This package provides insurance for all spare parts and aircraft equipment that are brought on board or kept in storage as reserves.

Hull Deductible Insurance

This package allows Hull policies to be subject to a deductible insurance to guard against exposure and reduce the any uninsured amount to repairable damage of an aircraft for which cost the insured is responsible of shouldering.

Hull Total Loss Insurance

This package provides total coverage and payment in the event of total destruction, loss, or damage to an aircraft whose repair would exceed viable economic cost which is 75% of the agreed value. In the event of which, total payment of agree value less the applicable deductions in the policy shall be released in full along with indemnity for added cost that may be incurred for the replacement of the lost aircraft.

Loss of Use Insurance

This package provides the insured protection against total loss of revenue in the event that an aircraft is grounded for repair and is thus unable to generate revenue for the duration of which, as defined within the set agreement of the policy, includes but is not limited to maximum period coverage. The insured is to receive daily amount to cover losses in revenue.

Aircraft Liability Insurance

This package indemnifies the insured against any liability to any third party arising from mishap in operations that caused injury, harm or permanent loss to passengers, cargo, baggage or property, any and all cost that qualifies within the coverage of the policy shall be shouldered by the insurance.

Airport Liability Insurance

This package provides airport operators with indemnity against liabilities that may be incurred in the event of an unforeseen incident occurring within airport premises and thereby exposing the operator to liability for ensuing damage to property or injury to any affected third party.

Hangar-Keepers Liability Insurance

This package provides indemnity to hangar operators against liability for any unforeseen damage or loss to aircraft and/or any spare parts deposited in the hangar for storage and safekeeping. This includes coverage for in flight hangar-keepers when an aircraft is being flight-tested.

Aviation Products Liability Insurance

This package provides indemnity to manufacturers or maintenance organizations or operators against liability for any defective products sold or services render or supplied that has resulted in customer complaints and claims for due reparation. This package includes hardware, software and training programs.

Aviation Hull War and Allied Perils

This package provides insurance for aircrafts against loss or damage caused by war, hi- jacking, confiscation, any malicious act, and other similar causes. It should be noted that damage arising from any of these risk factors is not covered by the main hull coverage and thus must be availed as a separate package.

Liability War and Allied Perils Coverage

This package provides liability insurance against war and allied perils. Claim to its coverage is made through a write-back endorsement to the Aviation Liability coverage (AVN52).

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The birth of MAA General Assurance Phil., Inc. (MAAGAP) took place when its parent company, MAA International Group Ltd. (MAAIG) from Malaysia ventured to strategically expand its business in Asia. MAAIG is an offshore composite insurance company licensed under the Offshore Insurance Act 1990 in Labuan International Offshore Financial Centre (IOFC) to underwrite life and general insurance and reinsurance business. Gearing for the planned expansion, MAA procured the insurance license of the then Paramount Insurance Corporation and renamed it MAA General Assurance Phil., Inc.

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Published on October 05, 2023