MEBAA has announced the launch of an extended MAIS program. The product, which was originally designed exclusively for operators, has been extended to include competitive coverage for MRO’s, pilots, ground handlers, refuelers, fuel sales agents and many more stakeholders in business aviation.
Speaking of the extended MAIS program – Ali Al Naqbi, Founding Chairman of MEBAA, said, “Over the last two years we have provided our operator members with coverage for a range of risks and with the program’s success came an increased demand for coverage from non-operators. With the help from our partner Willis – MEBAA worked on bringing more products that cater to the insurance needs of every type of member. The improved MAIS progam, provides all stakeholders in the Middle East and North Africa business aviation industry an easy, competitive and exclusive access, to comprehensive insurance targeting the needs of their respective business operation.”
Henry Adair, Aviation Regional Practice Leader, Willis, said, “Almost 40% of MEBAA members are not operators of aircraft (or responsible for Hull Insurance). Yet they still have aviation liability exposure. So recognising that AIG are market leaders in airside liability insurance and benefitting from the strong local support of ADNIC (Abu Dhabi National Insurance Company), we have built Premises, Hangarkeepers and Products Liability coverage up to an USD850m limit in the MAIS product offering and are delighted to announce that Diamond Jet Detailing, who recently became a MEBAA member, are the first entity to take advantage of this new expanded offering.”
“We also observed that members have a wide range of aircraft that didn’t necessarily match the MAIS parameters and hence we have increased the limits for core product lines and the liability limit and hull value to cover converted airline equipment,” he added.
As of today, MEBAA members have a total of 50 aircraft insured through MAIS, which represents close to $1bn of aircraft value under management. Such significant total insured value facilitates MEBAA’s ability to negotiate the best rates with top rated insurance carriers like AIG, both being rated ‘A’ by A.M. Best, particularly as each participant is isolated from the losses of other members.
Tuesday, June 17- 2014 @ 15:18 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.