AVN 26A 4.2.02 AIRCRAFT LAYING-UP RETURNS CLAUSE
In the event of
the Aircraft hereby insured being laid up, the Flight and Taxiing cover under
all Sections of this Policy shall be suspended during the period of lay-up and
credit under the Aircraft loss or physical damage Section of the Policy will be
adjusted on expiry of the Policy subject to the following conditions:-
1. Notice must be given to Insurers by the
Insured prior to and upon termination of the lay-up.
2. No return of premium shall be made
(a) in respect of any period during which the
Aircraft is laid up for maintenance, overhaul or repair;
(b) unless
the period of lay-up is of at least 30 consecutive days, but should the period
defined in (a) occur during lay-up then the Insured shall be entitled to add
the lay-up days prior to and subsequent to the period defined in (a) in
computing the period of 30 days or more for which a return may be made;
(c) if
a claim in respect of the Aircraft concerned has been made on this Policy.
Subject always to
the foregoing conditions the return shall be 75 per cent of pro rata of the
difference between the annual Flight risk premium and the annual Ground risk
premium (as agreed by the Insurers) for the actual period of lay-up as defined
above.
In the event of
the Aircraft being laid up for a period of 30 days or more, a part only of
which attaches to this Policy and part to the renewal Policy, then this Policy
shall return premium proportionately.
No comments:
Post a Comment