How to Submit an Application for up to USD 1.5 Billion in Coverage
The risk transfer capacity provided by the ABC insurance facility is by means of a "line slip" renewed each October in the London market. The ABC program's London coordinating broker markets the line slip by gaining quota share underwriting capacity commitments from a number of financially strong Lloyd's syndicates and London and overseas insurers.
The lead underwriters take large risk positions on the slip and perform the underwriting negotiations on behalf of all of the underwriters providing capacity on the slip for each placement. Each insured's London broker performs the direct negotiations with the lead underwriters.
The program is accessed through any accredited Lloyd's Broker, although the majority of business under the program emanates from the offices of the member companies of the Brokers Committee. This is not a pre-requisite as any licensed North American Broker may utilize the services of their existing Lloyd's Broker to access the program.
Click here for a list of Lloyd's Brokers that receive ABC program details.
Click here for application forms to be completed in consultation with your broker prior to approaching the ABC for a quote up to USD 1.5 billion in coverage.
How to Submit an Application for up to USD 50 Million in Coverage
For the smaller size manufacturers, ABC has launched a new aircraft products insurance facility for coverage up to USD 50 million. This competitively-priced, new offering is ideally suited for non-critical manufacturers and products suppliers.
For more details on the new facility, and access to an online quote, please click here.
How to Submit an Application for Product Recall
Hiscox has been selected by The Aircraft Builders Council Board of Trustees as the carrier to offer product recall coverage for ABC insureds and other qualifying manufacturers.
ABC and Hiscox have put together the first industry-specific recall risk policy for aircraft component manufacturers. The policy is aimed at Tier 2, 3 and 4 suppliers to the industry with sales of less than USD 1 billion producing components ranging from simple bearings or fasteners to complex avionics. This market-leading product has been designed to fit exactly to aviation component part manufacturers contractual exposure.
What differentiates ABC’s Aviation Recall insurance? Unlike many other product recall insurers, we have worked with the aviation industry to develop bespoke and easy-to-understand policy wordings. We have extensive knowledge of the product recall and warranty world with dedicated underwriters.