Global Aerospace offers professional liability coverage for aerospace sectorPosted On: Sep. 18, 2017 2:44 PM CST
Global Aerospace Inc. on Monday said it is introducing aviation professional services liability insurance for the aerospace industry.
The coverage will be available to aerospace contractors, aircraft maintenance providers, auditors and engineers, among others, London-based Global Aerospace said in a statement.
The policy will provide the industry with coverage for financial loss and defense costs arising from acts, errors or omissions in performing aviation professional services, the company said.
Global Aerospace said on its website that a key feature of the policy is that defense costs are paid in addition to the limits of liability. The policy is available in most U.S. states.
“Professional liability has been available to the aviation industry to a very limited degree,” Chris Proudlove, senior vice president and manager of the Northeast regional office in Parsippany, New Jersey and unmanned aircraft systems risks at Global Aerospace, said in an email.
Limits will depend on the type of risk, but can go as high as $10 million, Mr. Proudlove said. The product is offered in 42 states with the balance to be launched soon, he said.
Regarding UAS, the product is being offered to companies whose business is on the aviation side of the drone business, such as those who design, maintain, or fly drones and related products, Mr. Proudlove said.