Phoenix Aviation Managers has introduced a new policy Aviation Manufactured Products Liability Coverage for the manufacturers of non-critical aircraft parts and components.
The new product offers liability limits of up to $50m CSL including property damage, bodily injury and grounding liability and personal and advertising injury coverage.
Additional features of the products include airport premises liability coverage, hangarkeepers with option to include in-flight exposure, contractual liability, non-owned aircraft as well as war and terrorism coverage.
Phoenix Aviation senior vice president and product line manager Gary Churchill said that for manufacturers supplying component parts to the aerospace industry, aviation manufactured products liability insurance is an important consideration when evaluating potential exposures to its business.
"Our new policy offers the key coverages to protect manufacturers against third party legal liability arising from physical damage or bodily injury as a result of an alleged product failure," Churchill added.
The coverage is integrated with Phoenix Aviation Managers risk control services and in-house claims expertise.
A wholly-owned subsidiary of Old Republic International, Phoenix Aviation Managers offers insurance products through independent insurance agents and brokers.