As we all know, product liability is the liability of manufacturers, distributors, wholesalers, retailers, provides a product to the buyer, the user or customer. The insured is the manufacturers of products sold in the market at home and abroad. And, those subjects covered are the products. It means all kinds of items or goods manufactured for the purpose of personal use, family, organization or business for purposes of the enterprises.
How does the insurer assess risks? The insurer assess risks based on factors such as: The degree of risks of the product, using area, jurisdiction system, type of aircraft, sales, attitudes of quality management, obligations contract, claim experience.
The risk level of the product
the high risks are such as gear wheels (aircraft), hydraulics, steering wing surfaces, engine. The average risks are such as avionics, fuselage, and generators. The low risks are such as equipment fitted kitchen, chairs, rugs and accessories.
Aircraft Type
Civil aircraft are more risky than military aircraft, caused by the size of aircraft, number of passengers, offset from the government, etc. …
Revenue
Revenue is used to guide for payments occur when the product liabilityincurred and to determine premiums. The insurance requires actual revenues of the previous year and an estimated turnover of the upcoming year.
Quality management attitude
the attitude of manufacturers, their safety approaches and quality management help insurers assess risk and can really help them to reduce premiums.
The obligations under the contract
The obligations under the product liability contract include: compensation, ensuring no harm, those additional insurance, transferring rights. A general rule to establish contractual obligations in the field of product liability insurance for aviation is the range does not include any liability assumed under contract is greater responsibility in the case law If there is no contract unless business practices or the insurance coverage such approval.
Claim experience
With any form of insurance, insurers will consider the claim of the past in the process of risk assessment. Without the previous insurance, any accident that leads to the claim (e.g. damage to the product’s request) must be insured at a specific place must be detailed.
Source: Literature courses on international aviation insurance in 2010
The risk level of the product
the high risks are such as gear wheels (aircraft), hydraulics, steering wing surfaces, engine. The average risks are such as avionics, fuselage, and generators. The low risks are such as equipment fitted kitchen, chairs, rugs and accessories.
Aircraft Type
Civil aircraft are more risky than military aircraft, caused by the size of aircraft, number of passengers, offset from the government, etc. …
Revenue
Revenue is used to guide for payments occur when the product liabilityincurred and to determine premiums. The insurance requires actual revenues of the previous year and an estimated turnover of the upcoming year.
Quality management attitude
the attitude of manufacturers, their safety approaches and quality management help insurers assess risk and can really help them to reduce premiums.
The obligations under the contract
The obligations under the product liability contract include: compensation, ensuring no harm, those additional insurance, transferring rights. A general rule to establish contractual obligations in the field of product liability insurance for aviation is the range does not include any liability assumed under contract is greater responsibility in the case law If there is no contract unless business practices or the insurance coverage such approval.
Claim experience
With any form of insurance, insurers will consider the claim of the past in the process of risk assessment. Without the previous insurance, any accident that leads to the claim (e.g. damage to the product’s request) must be insured at a specific place must be detailed.
Source: Literature courses on international aviation insurance in 2010
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