Advisen wrote a white paper that addresses what could be a risk manager’s biggest fear by discussing critical emerging risks associated with Aircraft Products Liability. The free, 4-page paper is sponsored by the Aircraft Builders Council.
Aircraft Products Liability Insurance is an affordable insurance for most aircraft product manufacturing businesses that provides a risk financing tool that mitigates financial loss for aircraft and space mishaps. This article presents rationale for why mid-sized and smaller manufacturers should strongly consider purchasing products liability because: (1) coverage is typically first dollar insurance and (2) high limits of insurance protecting against a catastrophic loss event can be bought. Laws are changing and more companies have a good chance of being brought into litigation where awards are being made that insurance companies will pay on companies’ behalf.
From an overall risk management standpoint, in the complex field of aviation, having a close relationship with experienced insurance brokers and underwriting teams as well as aviation defense counsel allows you to respond effectively from the date of an accident through the entire litigation process.
Download the white paper When Does a Product Become an Aircraft Product?