Bermuda-based insurance group Hiscox has launched a new direct website, designed to offer loss of license and loss of training expenses insurance to aviation professionals.
Protecting commercial pilots against the financial consequences of loss of license resulting from bodily injury or illness, the insurance policy includes a lump sum benefit responding to a long term unfitness assessment, full psychological illness cover as standard, worldwide cover for alcohol and drug-related illnesses.
The level of cover can also be extended to include a monthly temporary benefit option which pays out in the event of a short term license suspension, as well as cover for all sporting activities the pilot may choose to undertake during the life of the policy.
Hiscox UK chief underwriting officer, Jo Musselle, said: "We believe this website is the first of its kind for trainee and commercial pilots to buy cover online.
"The cover designed to help alleviate some of the stress that comes from being unable to work due to injury and illness, providing peace of mind to many pilots across the world."
According to Hiscox, the loss of training expenses insurance will offer valuable and inexpensive protection to trainee pilots against the possibility of incurring considerable debt if they are unable to complete their course or recover all or part of the fees as a result of accident or illness.
The policy will include up to £120,000 lump sum insured, living expenses benefit, worldwide cover and gap cover for those cases when illness or injury may prevent a newly qualified pilot from seeking initial employment as a commercial pilot.