Contractual liability is a liability you inherit when you agree to a contract and from an insurance perspective, you have a new liability. It is best to schedule all contracts entered into with the insurance company in a timely fashion so that it is scheduled to the policy. Tune in to learn more!
Understanding Contractual Liability in Aviation: A Deep Dive with Aeris Insurance | Aviation Insurance Podcast
0:00:00 – Introduction to the Aviation Insurance Podcast
Welcome to a new episode of the Aviation Insurance Podcast, where we unravel the complexities of aviation insurance and risk management. Host Tim Bonnell brings his expertise to help aircraft owners and aviation businesses navigate this intricate field.
0:00:27 – Host Introduction: Tim Bonnell
Meet Tim Bonnell, our knowledgeable host, who delves into the fundamental aspects of aviation insurance, focusing on contractual liability in aviation.
0:00:50 – Exploring Contractual Liability Insurance in Aviation
Tim discusses the concept of contractual liability in aviation, explaining its importance and impact. He clarifies how this liability is often assumed through contracts, such as aircraft leasing, and its significance in the realm of aviation liability insurance.
0:02:10 – Aircraft Policies and Contractual Liability
Learn about the typical exclusions of contractual liability in standard aircraft policies and the necessity of getting these contracts approved and scheduled by the insurance company.
0:03:30 – Aviation Commercial General Liability (CGL) Policies
Tim examines Aviation CGL policies, highlighting how they handle contractual liability, the role of insured contracts, and the need for carrier approval for additional insureds and indemnification clauses.
0:04:45 – Importance of Timely Contract Reporting to Insurance Carriers
Discover the critical need for reporting new contracts to insurance carriers within specified timeframes to ensure coverage and avoid potential claim denials or legal complications.
0:05:15 – Recap and Conclusion
Tim concludes the episode by summarizing the key points on contractual liability insurance in aviation and its implications for aircraft and aviation business owners.
0:05:50 – Closing Remarks and Episode Sponsorship
Thanks for tuning in! This episode, brought to you by AERIS Insurance Solutions, emphasizes the importance of educated and experienced aviation insurance brokers for successful risk management in aviation.
Subscribe to the Aviation Insurance Podcast for more valuable insights into aviation insurance, and visit www.aerisinsurance.com for further information and services. Join us next time as we continue to navigate the intricate world of aviation insurance.