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Besso Grimme Insurance Brokers GmbH
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Aircraft hull insurance

Aircraft hull insurance has a broader scope of cover than comprehensive car insurance, for example.

It covers more than just individually described circumstances in which the aircraft can suffer a partial or total loss (such as storms, hailstones, lightning, bird strikes, a collision with other aircraft, vehicles or parts, burglary and theft, ‘hard landings’, crashes and collisions).

The terms and conditions of aircraft hull insurance do not impose any restrictions on the insured risks; the policy insures all events of damage that result in a total or partial loss.

As in almost every line of hull insurance, there are exclusions here such as war, terrorism, sabotage (-> see the column about liability war and hull war insurance), intent and infringement of the law or manufacturer specifications or restrictions of cover – as is the case when damage occurs due to a grossly negligent breach of duty by the policyholder – gradual damage (corrosion), internal damage; this insurance does not cover consequential damage.

Did you know?

The value you provide in the aircraft hull insurance policy can be considered from three perspectives:

- Full-value insurance: The value at which you insure your aircraft should match its current market value.
If a claim is filed, the insurer will check whether these values match. If the insured value is far too low, the insurer can reduce the pay-out proportionately (this is known as underinsurance).

If the value is far too high, the insurer will normally only cover the replacement value calculated at the moment of the accident in the event of a total loss (overinsurance).

- Appraisal value insurance

The amount of cover is set when the policy is taken out.

If the insured value is higher than the actual value, the insurer can make deductions if a claim is filed.

If the agreed amount of cover is lower than the actual value, the insurer cannot object on the basis of underinsurance when a claim is filed if the difference lies within a previously agreed range.

- Agreed value pursuant to clause AVN61.

In this case, the insurer will not object due to overinsurance or underinsurance in the event of a total loss and will settle the agreed value.