A new insurance product called “million aircover®” has been launched to provide £1 million in payouts to the kin of a passenger who is killed while flying.
Underwritten at Lloyd’s, and available through Chesterfield Insurance Brokers, million aircover® addresses the compensation issue wherein airlines can only pay a certain amount under the treaty known as the Montreal Convention.
While the compensation scheme stipulated by the international treaty allows for speedy payouts, it also put a cap on the value of claims.
“There seems to be a number of historic problems with the Montreal Convention, not least restricting compensation to around £78,000 even in the event of a fatality. This could lead to real hardship for the families of those killed in an accident,” commented insurance advisor Tony Sheehan.
He said what million aircover® does is to close the gap with a low-cost product underwritten by the biggest insurance market in the world.
“We are confident that this new insurance product will give travellers real peace of mind at a price point that is accessible to all,” added Sheehan.
Related stories:
Insurance association wades into British Airways row
