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    General Aviation Hull Pds

    Uploaded by

    Noraini Mohd Shariff
    This policy provides coverage for aircraft deductibles by paying the difference between the deductibles in the insured's hull insurance policy and a lower excess amount in this policy for losses. The premium is based on factors like limits, values insured, loss history, and operational changes. Key exclusions are normal wear and tear, damage to turbine engines unless caused by fire/explosion, and claims payable under the hull insurance breach of warranty coverage. The insured can cancel the policy with 30 days notice for a premium refund at the insurer's discretion.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    General Aviation Hull Pds

    Uploaded by

    Noraini Mohd Shariff
    82 views3 pages
    This policy provides coverage for aircraft deductibles by paying the difference between the deductibles in the insured's hull insurance policy and a lower excess amount in this policy for losses. The premium is based on factors like limits, values insured, loss history, and operational changes. Key exclusions are normal wear and tear, damage to turbine engines unless caused by fire/explosion, and claims payable under the hull insurance breach of warranty coverage. The insured can cancel the policy with 30 days notice for a premium refund at the insurer's discretion.

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    This policy provides coverage for aircraft deductibles by paying the difference between the deductibles in the insured's hull insurance policy and a lower excess amount in this policy for losses. The premium is based on factors like limits, values insured, loss history, and operational changes. Key exclusions are normal wear and tear, damage to turbine engines unless caused by fire/explosion, and claims payable under the hull insurance breach of warranty coverage. The insured can cancel the policy with 30 days notice for a premium refund at the insurer's discretion.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    82 views3 pages

    General Aviation Hull Pds

    Uploaded by

    Noraini Mohd Shariff
    This policy provides coverage for aircraft deductibles by paying the difference between the deductibles in the insured's hull insurance policy and a lower excess amount in this policy for losses. The premium is based on factors like limits, values insured, loss history, and operational changes. Key exclusions are normal wear and tear, damage to turbine engines unless caused by fire/explosion, and claims payable under the hull insurance breach of warranty coverage. The insured can cancel the policy with 30 days notice for a premium refund at the insurer's discretion.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    GENERAL AVIATION HULL ALL RISKS DEDUCTIBLE INSURANCE

    PRODUCT DISCLOSURE SHEET

    AUGUST 2015

    ----IMPORTANT NOTE
    Read this Product Disclosure Sheet before you decide to take out the General Aviation Hull All Risks Deductible
    Insurance Policy. Be sure to also read the policy wording for full terms and conditions.

    1) What is this product about?


    This policy supplements your existing Hull All Risks Insurance policy by covering your aircraft for amounts to be
    deducted from each and every claim by way of deductibles applicable in respect of loss or damage (other than
    total loss, arranged total loss, or constructive total loss).

    2) What are the cover / benefits provided?


    This policy will pay up to the difference between the deductibles under the Hull All Risks Insurance Policy for
    each and every loss and the excess under this policy be in each and every loss.

    3) What is the premium I have to pay?


    The premium is noted on the quotation documents. It is calculated according to various factors, of which the main
    factors are:
    Limits of Indemnity (including sub-limits);
    Values Insured/Exposed (including aggregate limitations);
    Level of Acquisition costs/Tax;
    Loss/Incidents;
    Other risks factors may also be taken into consideration:
    Turnover;
    Operational Changes;
    Management including other general factors that may affect the risk profile

    4) What are the fees and charges I have to pay?


    Type
    GST (when applicable)
    Stamp Duty
    Commission paid to the insurance agent (when applicable)

    Amount
    6% of Gross Premium
    RM 10.00
    Up to maximum 25%

    5) What are some of the key terms and conditions that I should be aware of?
    -

    Importance of Disclosure: You should disclose to the best of your knowledge all material facts and confirm all
    the declarations are true and correct; otherwise your policy may be invalidated
    Variation in risk: You must notify us of any material change in the circumstances or nature of the risks; if not
    any claim arising under such change will not be recoverable.
    No Admission of Liability: You should not admit liability, offer, promise or pay to claimant without our written
    consent
    Premium Warranty: The premium due must be paid and received by the insurer within 60 days from the
    inception date of the policy / endorsement / renewal certificate
    If you fail to pay the premium within the period, your policy will be automatically cancelled and AIG is
    entitled to the pro rata premium on the period you have been on risk.

    AIG Malaysia Insurance Berhad (795492-W), Level 16, Menara Worldwide, 198, Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia.
    www.aig.my
    Page 1 of 3

    6) What are the major exclusions under this policy?


    (This list is non-exhaustive; please refer to the policy wording for full terms and conditions.)
    - This policy does not cover loss or damage due and confined to wear and tear, deterioration, freezing,
    mechanical, structural, or electrical breakdown or failure, howsoever caused, whether by human act or
    omission, or otherwise, unless such loss or damage results directly from other loss or damage covered by this
    policy.
    - This policy does not cover loss of or damage to turbine engines or turbine engine accessories, (or, if resulting
    therefrom, to other parts of the Aircraft within the engine pod) unless such loss or damage is caused:
    by fire or explosion, which fire or explosion actually commences outside of the engine pod;
    suddenly, immediately, and unexpectedly, by ingestion through the main air intake of any foreign object
    or objects, subject to the provisions of exclusion 3 below;
    by any other force external to the aircraft.
    - It is hereby understood and agreed that damage caused by, or attributed to, the ingestion of stones, grit,
    dust, sand, ice or any corrosive or abrasive material, or any other substance which has a progressive or
    cumulative damage effect, is deemed to be wear, tear, or deterioration and is excluded from this Policy.
    NEVERTHELESS, damage caused by the accidental, sudden, immediate, and unexpected ingestion of an object
    or objects, attributable to a single recorded incident, where such damage is of a degree of severity which
    necessitates the immediate removal of the engine from service, on the occurrence of the damage if the
    aircraft is on the ground, or on first landing if in flight, is covered hereunder.
    - This policy does not cover any claims payable under any "Breach of Warranty" coverage under the Hull All
    Risks Insurance policy.

    7) Can I cancel my policy?


    You may cancel your policy by giving us 30 days written notice. Refund of premium shall be at our discretion. No
    refund of premium is allowed if there is a claim under the policy. We may cancel the policy by giving 30 days
    written notice. In such an event, we will refund a pro rata portion of the premium in respect of the unexpired
    period of the policy.

    8) What do I need to do if there are changes to my contact details?


    It is important that you inform us of any change in your contact details to ensure that all correspondences reach
    you in a timely manner.

    9) Where can I get further information?


    Should you require additional information about this insurance, please contact us at:
    AIG Malaysia Insurance Berhad (795492-W)
    Level 16, Menara Worldwide,
    198, Jalan Bukit Bintang,
    55100 Kuala Lumpur,
    Malaysia
    Tel:
    1800 88 8811
    Fax:
    +60 3 2118 0388
    Email: [email protected]
    Web: www.aig.my

    AIG Malaysia Insurance Berhad (795492-W), Level 16, Menara Worldwide, 198, Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia.
    www.aig.my
    Page 2 of 3

    10) Other types of similar insurance cover available?


    None
    IMPORTANT NOTE
    YOU SHOULD SATISFY YOURSELF THAT THE POLICY WILL BEST SERVE YOUR NEEDS. YOU SHOULD READ AND
    UNDERSTAND THE INSURANCE POLICY AND DISCUSS WITH THE AGENT OR CONTACT THE INSURANCE COMPANY
    DIRECTLY FOR MORE INFORMATION.
    The information provided in this disclosure sheet is valid as of the date shown.

    AIG Malaysia Insurance Berhad (795492-W), Level 16, Menara Worldwide, 198, Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia.
    www.aig.my
    Page 3 of 3

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