Aircraft Insurance: What is Finance / Lease Contract cover?
It is often a requirement of finance / lease agreements that the aircraft is insured against loss or damage and that the interest of the finance / leasing company is noted in the associated aircraft insurance policy.
If your aircraft is the subject to one or more such agreements and you have selected Aircraft Loss or Damage cover, you can record the interest of the finance / leasing company involved by adding this cover option.
Please note, if details of a finance lease contract are added to your policy it will prevent certain changes to your cover from being made without our first giving 30 days’ notice to the finance company concerned. These include:
- Removing, adding or amending details of the finance contract.
- Changing the aircraft registration or make / model.
- Reducing the agreed value or liability limit below agreed levels.
- Increasing the excess above agreed levels.
- Cancelling hull cover, liability cover, war cover or the policy as a whole
The Policy Booklet contains full details about how this cover operates, including any exclusions or conditions. Existing policyholders can download copies of the applicable Booklet for their policy by following the guide described here.
Alternatively, to download the latest Policy Booklet, please select one of the following: