Belgibo Belgian Aviation Liability Pool
Since the merger of Finserve Aviation and Belgibo in 2014, Belgibo is now the recognized market leader in respect of the insurance of General Aviation and Aerospace in the Benelux. Following various meetings and conversations with clients and prospects active in the sector, we perceived a clear need for an adequate and competitive insurance solution of all aviation related liabilities.
The rationale for this was various: specific Aviation Liability insurance was/is available, however insurance markets are restricted in number and not easily available to most ‘general insurance brokers’. Moreover, available solutions are expensive and rather restrictive in coverage. As many of the companies are not uniquely active in the aviation/aerospace sector, there is also a need for adequate non-aviation liability insurance and this complicates even more the situation, as this requires two separate insurance policies that need seamless attachment. Only a well-seasoned specialist can deliver such solution. On the other hand, if one would be able to provide this on a sector wide level, this would create economies of scale resulting in unbeatable premiums.
Following our conversations early last year upon our decision to become a FLAG-member, we noted your engagement to ‘sponsor’ such initiative should we be able to provide an adequate solution, given the fact that this had to be available for all FLAG-members, ‘big or small’ and independent of the fact whether or not they are 100% focused on the aviation industry or only to a small extent.
We are proud to be able to announce that we have reached an agreement with two very strong service providers, namely Aviabel and AIG, to deliver in concertation with Belgibo’s service, a One-Stop shop for an optimal service in respect of the management of the Total Cost of Risk of the liabilities related to the Belgian manufacturers and service providers to the aviation industry.
As a concept our initiative is a service, rather than a product, i.e. more than just another insurance policy!
- We developed an insurance contract that combines seamlessly any aviation ánd non-aviation risks that a company may face, based on ‘core coverage’ of 150 mln EUR/15 mln EUR limit, respectively for aviation liability and non-aviation liability. The programme is developed according to a ‘building block’-design, flexible by nature, depending on individual companies’ needs, this can be increased to 1 billion EUR or lowered to 5 mln EUR.
- The programme is set-up as a ‘pool’ whereby the economies of scale create better premiums (aiming 10-25% below market pricing) and long term price stability, even in the event of a large catastrophic claim.
- A ‘pool’ on the one hand, individually designed policy conditions as required by each individual member on the other hand.
- The insurance contract works as the final stage of a comprehensive service delivered by Belgibo, in terms of any members’ contract review, contract negotiations and contract risk management strategies.
To summarize this is a win-win-win situation, as part of Belgibo’s income of the ‘pool’ will flow back to FLAG, as a cession of brokerage to reinforce the FLAG-mission.
Should you require further information or should like to receive a proposal from Belgibo, please contact Damien Bodson: 03/247 58 30; email@example.com).