STRIMA, Madison, WI September 23, Are you ready for the changes in Aviation Insurance Coverage? Julian Davies SVP Willis Aerospace
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1 STRIMA, Madison, WI September 23, 2015 Are you ready for the changes in Aviation Insurance Coverage? Julian Davies SVP Willis Aerospace Carson Lyons VP AIG Aerospace
2 Now may be a good time to re-evaluate your Aviation Exposures
3 Who we are? Julian Davies Willis Aerospace Americas Senior Vice President Base: Los Angeles, California Carson Lyons AIG Aerospace Services Vice President Base: Atlanta, Georgia 3
4 Exposure Evolution: Manned vs Unmanned? 4
5 Aviation Insurance Carriers (US) Insured Customer 5
6 Main Classes of Coverage Manned Aircraft Hull and/or Liability Aviation General Liability/Airport Liability Non-owned Aircraft Liability Unmanned Aircraft Hull and/or Liability 6
7 Manned Aircraft Hull & Liability Basic coverage elements Aircraft Hull Physical Damage Aircraft Spare Parts & Equipment Aircraft Liability Medical Expenses Premises Liability Non-owned or replacement aircraft extension Pilot Warranties / Geographical Limitations Coverage Options 7
8 General/Airport Liability Basic Coverage elements: Third Party Bodily Injury or Property Damage Airside exposures Ground Handling/Refuelling/Construction Liability/ATC Non-airside exposures Buildings/Terminals (Shops/Restaurants/Parking lots) 8
9 Non-owned Aircraft Liability Basic Coverage elements Non-owned aircraft Liability Why, When, What & Who Coverage Extensions 9
10 Aircraft Insurance Risks 10
11 Airport Insurance Risks 11
12 Market Forces How it impacts you? 12
13 UAV Exposures and Coverages for State Government Entities 2015 STRIMA Educational Conference September 23, 2015 Madison, WI Carson Lyons, VP-GPLM, General Aviation AIG Aerospace
14 Disclaimer Certain statements provided herein are based solely on the opinions of AIG and are being provided for general information purposes only. Any opinions provided on economic trends should not be relied upon for investment decisions and are solely the opinion of AIG. Certain information may be based on information received from sources AIG considers reliable; AIG does not represent that such information is accurate or complete. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements which do not reflect actual results and are based primarily upon applying retroactively a hypothetical set of assumptions to certain historical financial information. Any opinions, projections, forecasts and forwardlooking statements presented herein are valid only as of the date of this document and are subject to change. AIG is not soliciting or recommending any action based on any information in this document. 14
15 Table of Contents/Agenda Who needs to have insurance? Nobody and Everybody! Regulations (333 Exemptions/COAs) and insurance General UAV operational exposures & coverages BUYing UAV Insurance: What is the process to get it in place? Questions? 15
16
17 Who Needs Insurance? Nobody and Everbody?
18 Who Needs Insurance? Nobody and Everybody! Unlike auto insurance UAV insurance ISN T compulsory (at least for now). No requirement for insurance included within the FAA s NPRM. Commercial UAS Modernization Act introduced to U.S. Senate on 12 May would require liability insurance, but may or may not move ahead. Nobody Exposures DO exist for every UAS operator. Already have seen customers of UAV operators requiring proof of insurance. Your first/next accident could lead to a lawsuit. Everybody 18
19 Regulations (333 Exemptions/CoAs) and Insurance
20 Regulations and Insurance 333 Exemptions & COAs FAA Approval Options: 333 Exemptions and COAs Most State owned UAVs will be considered Public Aircraft COAs applicable to most State UAV operations ( There is a wide ranging insurance industry response to 333 Exemptions and CoAs. Insurance is available for nearly any UAS operator in the market 333/CoA holder or not. Wide number of carriers involved, some with aviation experience, others without. Policies differ in wording and how illegal operations may, or may not, be addressed. Beyond FAA operational authority, insurance carriers often develop their own standards for what acceptable risks are. Frequently, these may exceed FAA minimums. Insurance and UAS industries are really still getting to know each other in many respects. 20
21 General UAS Operational Exposures & Coverages
22 The first step in the risk management process is to acknowledge the reality of risk. - Charles Tremper
23 Liability Exposures TRADITIONAL AVIATION EXPOSURES Bodily injury and property damage Consequential losses Catastrophic loss potential Non-owned use of unmanned aircraft Personal Injury NON-TRADITIONAL AVIATION EXPOSURES Errors & Omissions/Professional Liability Cyber 23
24 Privacy Exposures Unreasonable searches/surveillance Trespassing Invasion of privacy Intrusion upon seclusion Publication of private facts Stalking and harassment Business privacy February 2015 Presidential Memorandum released from White House Established Executive Branch multi-stakeholder process to establish best practices for commercial use of UAS Most UAV-related legislative efforts nationally are tied to restricting UAV use by government agencies. Eight states have adopted some legislation in 2015, another 15 have legislation pending, while Eight enacted laws in 2013 or 2014 (as of 8/14/15). 45 states have considered more than 150 drone-related bills just this year according to the National Conference of State Legislatures. California SB 142 passed by CA Legislature on Aug. 28, vetoed by Gov. Brown on Sept. 9 24
25 Physical Damage Exposures Aircraft Payload Ground control equipment Spare parts 25
26 War Exposures Unmanned aircraft can face war risks Malicious attack Hi-jacking Spoofing Sabotage Very different exposure potential than what we are used to as aviation underwriters Coverage can be considered, but only on a case by case basis, and may not be available from all carriers. 26
27 BUYing UAV Insurance What is the process for getting coverage in place?
28 BUYing UAV Insurance The Three Key Players Broker They work for you and strive to find the best coverage options available by accessing multiple insurance markets on your behalf. Underwriter Works for the insurance company itself and reviews information provided by the broker to determine coverage availability and policy pricing. You and the State Departments and Universities you Serve The information you provide to your broker, and the relationship you develop with him or her (and in some cases even your underwriter) can be the key to a successful placement. No one knows your State s operations better than you/they. Ask about UAV operations and pass along that information. 28
29 Underwriting Considerations UAV underwriting is based on traditional aircraft underwriting foundation Almost all aviation underwriting stems from four basic points of risk analysis. Operator experience Make and model information Purpose of Use Location of Operations Values and limits required Aircraft Payload Ground Equipment Operational procedures/risk mitigation items Training 29
30 Questions?
31 The data contained in this presentation are for general informational purposes only. The advice of a professional insurance broker and counsel should always be obtained before purchasing any insurance product or service. The information contained herein has been compiled from sources believed to be reliable. No warranty, guarantee, or representation, either expressed or implied, is made as to the correctness or sufficiency of any representation contained herein. American International Group, Inc. All rights reserved American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries.. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange. Additional information about AIG can be found at YouTube: LinkedIn: AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
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