Aviation insurance in Nigeria – What you should know

Estimated reading time: 3 minutes

Aviation insurance is one of the most valuable types of insurance due to the risk associated with flights. When there is a crash, many times, goods and all passengers are lost in the unfortunate incidence, leaving you both at a loss of money and lives.

With aviation insurance, you can secure your valuables when transporting them through air.

Therefore, top companies make use of aviation insurance in Nigeria, securing their physical and human assets.

Let’s look at everything you need to know about this insurance.

What is aviation insurance?

This is simply the insurance that caters specially to the operation of aircraft, as well as all the risks involved. Therefore, in simpler terms, you get financial compensation for your assets, if they get damaged in transit. Also, the coverage of this insurance policy depends on the type and cost you purchase. It could be specially designed to meet your needs, or just provide general coverage on all aviation travels.

What does an aviation policy cover?

Aviation insurance in Nigeria usually covers the following:

• Pilots’ loss of license insurance
• Aircraft hall all-risk insurance
• Airport owners and operators liability insurance
• Hall war insurance
• Aviation fullers’ liability insurance
• Third-party liability insurance
• Hanger keepers’ liability insurance
• Passenger liability insurance
• Spares and equipment liability insurance
• Crew personal accident

Also, note that the coverage of this insurance in Nigeria is not limited to this list. Therefore, it could be more or less, depending on the peculiarity of satiation. However, it mostly includes some or all of these.

What are the five types of insurance coverage particular to aviation?

Among the available types of insurance, there are about 5 different ones that are pretty much indispensable. Also, these different types of aviation insurance can be purchased individually or in combination. In addition, we can purchase these insurances for assets on the plane or the plane itself. They are:

• Public liability insurance
• Passenger liability insurance
• Ground risk hull insurance not in motion
• Ground risk hull insurance in motion
• In-flight insurance

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Where can I purchase aviation insurance in Nigeria?

Although there are several companies that provide this insurance in Nigeria, here are some of the top one that you can trust:

• AIICO Insurance PLC
• Allianz insurance
• Insurance brokers of Nigeria limited
• Coronation insurance plc
• IBN insurance
• Cornerstone insurance plc

Conclusion

If you ship goods regularly from abroad as part of your business, then you should purchase this insurance. In all, although they may be expensive, they are very important for protecting valuable assets and could save you a lot of money.