TMK unveils ‘first on demand aviation cover’ for manned aircraft
Specialist insurer Tokio Marine Kiln (TMK) has launched an 'on demand' aviation insurance product for manned aircraft which it claims to be the first in the market.
The product is launched in collaboration with insurtech firm Covered Insurance, which built the online FlyCovered platform, through which policies will be offered via coverholder 3XD. The capacity will be supplied by TMK.
TMK said FlyCovered has been designed to provide instant flexible on demand insurance cover for the UK’s light aircraft market. Aircraft owners receive annual ground cover covering their liabilities and the aircraft when it’s not in the air, with the option to purchase flight coverage when needed, meaning aircraft owners can now stop paying for flight cover when their aircraft is on the ground. The on-demand flight coverage offers fully comprehensive physical damage protection for the aircraft and the pilot’s liability in accordance with EU laws, the company said. Three policies (Ground Cover+, On Demand and Frequent Flyer) have been developed to fit the needs of aircraft owners, it added.
Jay Wigmore, head of general aviation and product development at Tokio Marine Kiln, said: “We have seen an increase in the number of on demand products in the market which reflects a growing demand for more flexible, cost-effective insurance. While customers have been able to purchase on demand home, travel and car insurance, aircraft owners have been unable to benefit from this trend until now. Thousands of pilots purchase annual flight coverage, but many are flying less than 20 hours a year, or frequently need to cancel trips due to other commitments or factors such as turbulent weather.
“Through working with our partner, Covered Insurance, we have developed a product that aircraft owners can tailor to fit their needs. Innovative products which employ the benefits of insurtech are essential to the future of our market and TMK is committed to working with our partners to build on this.”
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