Hi,
The idea is that once unemployed, the policy will protect the licence. As mentioned it is on a very limited basis. There is, for instance, no Permanent Total Disablement as I need to avoid the moral hazard. This will stop the sudden back problem, the sudden hearing problem etc. It is designed to pay in event of major accident (car crash type) and in the event of specified illness's, similar to those found in a critical illness policy.
It should be bought by the airline and it has a 6 month waiting period but as there is no moral hazard that could probably be waived. It is aimed at groups of pilots (for economic reasons) and whilst we truly hope no one is ever in a position to even need the cover, in today's economic turmoil and with (so it appears to the layman) airlines looking to cut staff, I am simply hoping it is something to give a little bit of help and protection until the next job can be found.
I am not allowed to talk to the "public" (Lloyd's constitution) but if you and your colleagues are ever interested to pursue then please let me know and I wil put a broker in touch with you.
Underwriterl