Aviation

No one will ever know when mankind first tried to fly, but it is clear that man envied the gift given by nature to the animal kingdom, that is, the ability to fly. Very large sums are invested in modern aircraft and their operation. The largest modern airliners cost up to Pak Rupees 14 billion each and may carry over 500 passengers whose collective worth, if compensation for death or injury has to assessed, may run to a further Pak Rupees 50 billion. Even a small private aircraft may be the cause of a mid-air collision with similar financial consequences. The failure of a component manufactured by a small company may result in the loss of a fully loaded airliner. Because such catastrophic loss may arise it is normal for aviation risks to be excluded from many kinds of general insurance policy.
Buyers of Aviation Insurance

Commercial Aircraft Operators
Corporate and Business Aircraft Operators
Aerial Work and Air Taxi Operators
Private Owners and Flying Clubs
Air-Craft Manufacturers
Owners and Operators of Air-Ports, Hangers
Aircrew
Passengers
Shippers Of Goods By Air
Lessors (Banks, Financial Institutions)
Hang Gliders
Conventional Gliders, Balloons and Hovercraft

Importance

It has been realized that an increase in speed from 60 m.p.h. to an estimated 1800 m.p.h. in respect of the new supersonic aircraft, together with their ever-increasing costs would reveal the amount of money that air-operators, manufacturers and financial enterprises are investing in the aircraft industry and in civil air transport, and would emphasize the fact that each and every individual company or enterprise could not afford to lose the whole, or even a part, of their capital as a result of accident or misfortune. That is why the idea of spreading the risk by insurance is regarded as inevitable, and why aviation insurance enterprises, as well as new ventures, have been constituted and actively continued.
Types of Covered offered

Aviation Hull All Risks
Hull War and Hijacking
Spare Engines and Spare All Risk
Legal Liability To Passengers
Legal Liability To Third Parties
Legal Liability To Cargo
Legal Liability To Mail
Comprehensive General Liability
Loss Of License
Personal Accident