Travelers Increases Aviation Coverage Capacity
Posted on: Monday, 28 April 2008, 12:00 CDT
Catering to the growing demand for expanded aviation insurance and coverage for larger general aviation aircraft, Travelers (NYSE: TRV) Aviation announced today that it is increasing its capacity to insure aircraft for hull coverage values up to $50 million. The new increase will allow Travelers to insure larger general aviation aircraft, including jets with international capabilities such as the Gulfstream 450/500/550, the Falcon 7X and the Bombardier Global Express.
"The increased hull capacity to $50 million, along with the existing capacity of up to $300 million in aircraft liability coverage limits, puts us in a league of top tier providers and enables us to provide the extensive products and services that aviation customers demand," said Gordon Murray, president, Travelers Aviation. "We can further enhance our commitment to the aviation industry and better serve our customers, especially our large aircraft customers."
Both Travelers Flight Plan PreferredSM and Travelers Flight Plan PremierSM policies will now have capacity to insure up to this new hull limit for eligible accounts.
In December 2007, Travelers introduced Flight Plan Preferred, its second aviation insurance policy, which is a flexible policy form providing aircraft hull and liability coverage designed for today's diverse general aviation fleet, including pleasure and business transportation, municipal aircraft accounts and commercial/charter operators. Travelers introduced Flight Plan Premier, an integrated hull and liability policy form designed to meet the needs of corporate flight departments, in May 2007 with the launch of its Aviation unit.
Travelers Aviation was introduced to provide coverage for U.S.-based aviation exposures through a licensed U.S. company. Last month, Travelers Aviation announced that it now offers workers compensation coverage for general aviation flight departments, including pilots, ground crew and administrative staff. The program supplements aircraft hull and liability policy forms for flight departments ranging from a single pilot to large departments.
About Travelers
Travelers understands that life and business are inherently dynamic and that the best way to serve agents, brokers and policyholders is to deliver insurance that evolves to stay in-synch with life and business as they change. For more information on being in-synch, visit www.travelers.com.
The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. The company's diverse business lines offer its global customers a wide range of coverage in both the personal and commercial settings, including automobile, homeowners, construction, small business, oil and gas, ocean marine, surety and management liability, global technology and public sector services. Travelers is a Fortune 100 company, with 2007 revenues of $26 billion and total assets of $115 billion. The company has approximately 33,000 employees.
Source: Business Wire
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