Insurance underwriter Worldlink Specialty and Oneglobal Broking have introduced a liability insurance solution developed for third-party contractors and consultants in the U.S. aviation and aerospace sectors. On Monday, the companies announced the new AeroPro product that fills a gap in liability coverage for clients performing tasks that could include aircraft development work or valuations.
AeroPro, which is backed by the Lloyd’s of London insurance markets, offers professional liability cover for factors such as technical errors and omissions, incorrect advice, and privacy breaches. According to Worldlink Specialty’s president and chief underwriting officer John Songin, the cover could be suitable for contractors including charter flight brokers, aircraft sales brokers, and auditors, as well as for companies working under contract to Tier 1 or 2 aerospace manufacturers.
Songin, who is a pilot, told AIN that the AeroPro cover could protect an insured party from situations arising from a service being subcontracted out to a third party. This might include a charter broker who contracts with an aircraft operator for a flight that subsequently subcontracts the booking to another operator only for something to go wrong.
Another example might involve the sale of an aircraft. “Sometimes in this process, an intermediary might take possession of the aircraft, leading to something [damaging] happening during the inspection or buying process,” Songin explained. “Or an auditor might miss something like corrosion that could result in liability.”
As a business-to-business product available on a non-admitted basis in the U.S., AeroPro is available through brokers, who assess the potential liability and the amount of cover required.
“Our broker partners have expressed a strong need for an innovative product to address aviation professional liability exposures in the U.S.,” Songin commented. “The launch of AeroPro represents the culmination of our deep market knowledge, extensive experience in underwriting aviation risks, and our ongoing commitment to enhancing our capabilities to better serve the needs of our partners.”