TMK and Covered Insurance launch the market’s first ‘On Demand’ aviation insurance product for manned aircraft
Tokio Marine Kiln (TMK) today announced the launch of FlyCovered; the market’s first on demand aviation product for manned aircraft. TMK has worked closely with InsurTech leaders Covered Insurance, which built the online FlyCovered platform, through which policies will be offered via coverholder 3XD. All capacity will be supplied by TMK.
FlyCovered has been designed to provide instant flexible on demand insurance cover for the UK’s light aircraft market. Aircraft owners receive annual ground cover covering their liabilities and the aircraft when it’s not in the air, with the option to purchase flight coverage when needed, meaning aircraft owners can now stop paying for flight cover when their aircraft is on the ground. The on-demand flight coverage offers fully comprehensive physical damage protection for the aircraft and the pilot’s liability in accordance with EU laws.
Three policies have been developed to fit the needs of aircraft owners. Using the FlyCovered website customers can manage their policies, purchase flight days and even cancel flight days instantly, 24/7 from a smartphone, PC or Tablet. FlyCovered’s three policy options are;
- Ground Cover+: Annual ground cover with the option to purchase On Demand flight days when needed.
- On Demand: Annual ground cover with seven days of flight cover included. Additional days can be purchased when needed.
- Frequent Flyer: A traditional comprehensive annual aviation insurance.
The FlyCovered policy offers three unique benefits to aircraft owners. On Demand Flight Cover – only pay for flight days when you want to fly and cancel flight days if plans change. Rollover days – unused flight days can be rolled over when the policy renews. Price cap – On Demand and Ground Cover+ customers will never pay more than the quoted Frequent Flyer annual policy, no matter how many days they fly.
Jay Wigmore, head of general aviation and product development at Tokio Marine Kiln, said: “We have seen an increase in the number of on demand products in the market which reflects a growing demand for more flexible, cost-effective insurance. While customers have been able to purchase on demand home, travel and car insurance, aircraft owners have been unable to benefit from this trend until now. Thousands of pilots purchase annual flight coverage, but many are flying less than 20 hours a year, or frequently need to cancel trips due to other commitments or factors such as turbulent weather.
“Through working with our partner, Covered Insurance, we have developed a product that aircraft owners can tailor to fit their needs. Innovative products which employ the benefits of InsurTech are essential to the future of our market and TMK is committed to working with our partners to build on this.”
Tokio Marine Kiln
+44 (0)20 7562 4444
+44 (0)20 7562 4444
About Tokio Marine Kiln
Tokio Marine Kiln is a forward thinking international insurance underwriting and services business. As part of one of the world’s largest insurance groups, Tokio Marine, we empower our people around the world to protect customers against complex and ever-changing risks. We have four underwriting teams focused on: Property & Casualty; Marine, Aviation & Special Risks; Accident & Health; and Reinsurance, which are complemented by a first-class claims team and an expert risk engineering service. Tokio Marine Kiln benefits from Standard & Poor’s ratings of A+ for its Lloyd’s and Company platforms. For more information, visit www.tokiomarinekiln.com.