The toolkit guides startup airlines through the insurance purchase process from why insurance is critical, through to which insurance policies should be accessed, as well as providing advice on timelines and finalizing insurance placements.
Using a digital interactive format, the toolkit allows startups to access high level or detailed information to suit their individual needs, on the key risks to consider over and above specific asset related risk. This can include utilizing third party maintenance and repair services, Aircraft Lease agreements, ground handling services and provides examples of geographic regulatory requirements,
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John Rooley, Head of Global Aerospace, Willis Towers Watson, said “While we are seeing that global passenger volumes remain stifled by the pandemic as the virus fluctuates, there is a growing consensus that many startup airlines are launching from positions of strength, with investors attracted by lower leasing rates since the beginning of the pandemic. Whether new carriers plan to start operations with one aircraft or ten, owning an airline is a complex, capital-intensive business. This innovative new toolkit, encapsulating years of expertise, enables new airline businesses to have a deep understanding of the wider risk landscape and the complex insurance requirements when establishing a new airline.”
Source: Global Newswire