The aviation department is a part of PRCL since It’s origin. It specializes in the aviation reinsurance arrangement to private insurance companies as well as to NICL. It offers expertise for the coverages in the following risk areas
- Hull (Body of the Aircraft)
- Spares
- Liabilities
- Hull Deductible
- Cargo
- Hi-jacking and terrorism
- Hull and Spares War
- Loss of License /Additional Loss of License
- Personal Accident to Crew
- Personal Accident to Passenger
For all the above mentioned risks, due covers for the risks are arranged in the International Aviation Market most beneficiary. Among all the accounts maintained in the Aviation Department, PIA Fleet account is the biggest. It comprises of 40 aircrafts at present. Among them are 21 Boeings, 12 Airbuses and 7 ATR 42-500 aircrafts. Following risks are covered by five main reinsurance policies for PIA Fleet:-
- Hull All Risks/Spares/Liabilities
- Primary Cargo
- Hull War
- Hull Deductible
- AVN 52 E (Extended Coverage endorsement against Hijacking and Terrorism)
These risks are fully placed in the international market in London through Aviation Brokers for the total agreed value of PIA Fleet exceeding US Dollar 1.309 Billion against premium exceeding US Dollar 14.500 Million during the policy period 2011-2012.
The Aviation Department comprises of experienced and qualified staff serving with dedication and integrity. This department makes a contribution of more than 20% of the entire underwriting profit. The Aviation Department has a wide range of clientele constituting of CAA, PIA, Air Blue, Princely jets and Shaheen Air International etc.