Aviation Insurance
1) Aviation Insurance
A) History and development of Aviation
It all started when the famous renaissance painter, Leonardo da Vinci developed drawings and sketches of flying devices and believed that human could fly on air one day. That may seem something impossible at that time. But, he designed a human – powered aircraft, Daedalus 88 and flew 115km in 1788.
In 1842, Englishman named Henson patented a design for a machine similar to the modern monoplane. A Frenchman, Alphonse Penaud made successful flying models of airplanes while Clement Ader achieved flight over 45m in 1890 and about 280m in 1897. In 1894, Sir Hiram Maxim built a plane in England which was operated by steam engines and carrying three people, it rose into air.
Orville and Wilbur Wright flew the first piloted airplane on 17th Dec 1903 off the beach near Kitty Hawk, N.C. In 1909, Henry Bleriot flew across English Tunnel. Ten years later, Glenn Curtis designed flying boat across the Atlantic Ocean. B) History and development of Aviation Insurance
Aviation insurance is insurance coverage designed specifically to the operation of aircraft and the risks involved in aviation industry. Aviation Insurance was first introduced in early 20th Century. The first aviation insurance policy was written by Lloyd 's of London in 1911. The company stopped writing aviation policies in 1912 after bad weather and the resulting crashes at an air meet caused losses on many of those first policies. Though, it is believed that the first aviation polices were underwritten by the marine insurance underwriting community.
In 1929, the Warsaw convention was signed. The convention was an agreement to establish terms, conditions and limitations of liability for carriage by air, this was the first recognition of the airline industry as we know it today.
By 1933, realizing that there should be a specialist industry sector the International Union of Marine Insurance (IUMI) set up an aviation committee and by 1934
A) History and development of Aviation
It all started when the famous renaissance painter, Leonardo da Vinci developed drawings and sketches of flying devices and believed that human could fly on air one day. That may seem something impossible at that time. But, he designed a human – powered aircraft, Daedalus 88 and flew 115km in 1788.
In 1842, Englishman named Henson patented a design for a machine similar to the modern monoplane. A Frenchman, Alphonse Penaud made successful flying models of airplanes while Clement Ader achieved flight over 45m in 1890 and about 280m in 1897. In 1894, Sir Hiram Maxim built a plane in England which was operated by steam engines and carrying three people, it rose into air.
Orville and Wilbur Wright flew the first piloted airplane on 17th Dec 1903 off the beach near Kitty Hawk, N.C. In 1909, Henry Bleriot flew across English Tunnel. Ten years later, Glenn Curtis designed flying boat across the Atlantic Ocean. B) History and development of Aviation Insurance
Aviation insurance is insurance coverage designed specifically to the operation of aircraft and the risks involved in aviation industry. Aviation Insurance was first introduced in early 20th Century. The first aviation insurance policy was written by Lloyd 's of London in 1911. The company stopped writing aviation policies in 1912 after bad weather and the resulting crashes at an air meet caused losses on many of those first policies. Though, it is believed that the first aviation polices were underwritten by the marine insurance underwriting community.
In 1929, the Warsaw convention was signed. The convention was an agreement to establish terms, conditions and limitations of liability for carriage by air, this was the first recognition of the airline industry as we know it today.
By 1933, realizing that there should be a specialist industry sector the International Union of Marine Insurance (IUMI) set up an aviation committee and by 1934
References: Sales, D., Hayes, P., Murphy, R., Nichols, G., Turner, G., Wright, N., British Aviation Insurance Group (Technical Services Ltd), Spark, B., Maylam, R. (1999). Aviation Insurance. Kuala Lumpur: The Malaysian Insurance Institute. VM, Satish (2010). Aviation Premiums Soar On Back of Plane Crashes. Retrieved October 1, 2010, from http://www.emirates247.com/business/corporate/aviation-premiums-soar-on-back-of-plane-crashes-2010-09-15-1.290419 Bootsnall (2010) Wikipedia (2010). September 11 Attacks. Retrieved September 27, 2010, from http://en.wikipedia.org/wiki/September_11,_2001_attacks Bnet (2007) Wikipedia (2010). List of Accidents And Incidents Involving Commercial Aircraft. Retrieved October 5, 2010, from http://en.wikipedia.org/wiki/List_of_accidents_and_incidents_involving_commercial_aircraf t Jensen, D. (2000). EGPWS: Look What It Can Do Now. Retrieved October 6, 2010, from http://www.aviationtoday.com/av/categories/bga/12904.html Anderson, C JAL Group (n.d.). Safety Measures Based on The Latest Equipment. Retrieved October 8, 2020, from http://www.jal.com/en/safety/section/section3.html COLLEGE OF BUSINESS