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Insure to be sure
01 December 2007
Two new clauses are set to change the insurance rules for financiers and lessors. Andrew Littlejohns and Jeffrey Wool explain.
Read more:
AWG
AICG
AVN 67B
insurance
financiers
lessors
This article summarizes new aviation endorsements that are available to the market on the Aviation Insurance Clauses Group website www.aicg.co.uk.
The Airline Finance/Lease Contract Endorsement AVN 67C and the Finance/Lease Continuing Liability Endorsement AVN 99 are the outcome of detailed discussions by a working group that consisted of representatives from AICG, the Aviation Working Group (AWG) and the London Market Insurance Brokers Committee (LMBC).
AWG had written to AICG in January 2006 expressing concern at the ambiguity in AVN 67B relating to timing for termination of the endorsement. During the ensuing discussions a number of other improvements and clarifications were made to AVN 67B, while preserving its key features, which have served the industry well for a number of years.
What's new
All the key features of AVN 67B have been preserved in AVN 67C: AVN 67B is drafted as a stand-alone endorsement, which ensures...
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