Travelers Updates Aviation Policy

Posted by Lisa Nichols Apr 28, 2008

Travelers insurance company is increasing the amount of hull insurance it provides to commercial airplane companies to $50 million, according to reports. Travelers used to cap aviation insurance at $20 million for physical damage to airplane hulls. The insurance company is doing an all-around expansion of its aviation business, so updates were definitely in order.

Larger Airplanes Eligible for Coverage under New Aviation Insurance Policy

According to the company website, the changes to the aviation insurance policy will allow Travelers to insure larger airplanes, including aircraft that offers international service. Planes eligible for coverage under the new policy include the Bombardier Global Express, the Falcon 7X and the Gulfstream 450/500/550. In addition to the increase in hull coverage, Travelers also offers up to $300 million in aircraft liability insurance.

Travelers Expands Additional Airplane Insurance Coverages

Travelers insurance company has been expanding airplane insurance coverages for some time now. The company started offering worker’s compensation insurance for airlines in March of 2008. The worker’s compensation insurance policy covers pilots, ground crew and various members of airline administration. In December of 2007, Travelers introduced a flexible airplane insurance policy for airline fleets, providing coverage for pleasure and business use. And in May of 2007, Travelers also rolled out an insurance policy designed to meet the needs of its corporate airplane customers.