MEBAA Launches Aviation Insurance Program for Members
The Middle East Business Aviation Association (MEBAA) launched an aviation insurance group discount program for members on Tuesday at the Dubai Air Show. According to MEBAA founding chairman Ali Al Naqbi, the announcement “marks the culmination of five years of effort to secure a credible insurance package for regional operators that offers an attractive value proposition.” Dubbed the MEBAA Aviation Insurance Scheme (MAIS), the “comprehensive” insurance program is offered by the association in partnership with UAE-based Abu Dhabi National Insurance Company (ADNIC), Willis Aerospace and Chartis. ADNIC deputy CEO Samir Abdul Ahad said his company will be the local contact for the Middle Eastern aircraft operators that participate in the plan, while Willis will act as the broker and Chartis as the reinsurer. “The more operators that participate in the scheme, the bigger the discounts we can offer,” Ahad said. While participants will be grouped together for discounts, they will still be viewed individually for risk, he added. The maximum hull value under MAIS is $80 million, and the maximum liability coverage is $555 million. It also includes spares coverage, hangar liability, crew and passengers personal accident/loss of license, replacement aircraft rental expenses and an option of “new for old” settlements.