License Insurance in the Middle East

[ferris]

An independent Loss of License scheme has been set up (by an industrious young fellow) for those interested in participating in a voluntary scheme.
Main points:
- you can choose amount insured
- premiums based on age
- set up by ATCOs for no personal gain
- administered by Malakut (a brokerage in Dubai)
- underwritten by Travelers (Lloyds)

How does Loss of Licence coverage work?
In basic terms, Loss of Licence coverage pays out directly to the Controller if their licence is revoked by the relevant Aviation Authority due to an accident or illness.
The Controller decides upon a “Sum Insured” and should they permanently lose their licence due to accident or illness, they receive this lump sum payment.
Should they temporarily lose their licence due to accident or illness they will receive monthly payments equal to 2% of the “Sum Insured” until their licence is restored*.
If after several months of temporary payments the Controllers licence is then permanently revoked, they will be entitled to the lump sum payment (less any monthly payments previously received).

Calculating your annual Premium:
The Voluntary Scheme is “age-band rated”, meaning certain age brackets are allocated a premium rate. This premium rate is then applied to the Sum Insured to calculate your annual premium. Please see below the set rates for this Scheme:
Age Band: Premium Rate:
18 to 24 0.17%
25 to 29 0.21%
30 to 34 0.31%
35 to 39 0.47%
40 to 44 0.67%
45 to 49 1.46%
50 to 54 2.42%
55 to 59 3.60%
60 to 65 0.67%
So for example, if you are a 43 year old Controller and have elected a Sum Insured of USD 300,000, your annual premium would be calculated as follows: USD 300,000 x 0.67% = USD 2,010

Full details (fine print etc.) available from the broker.

For more info contact
CONTACT INFORMATION:
Malakut Insurance Brokers:
Polina Mishchenko - [email protected] - Tel: [phone]
Alexey Yashechkin - [email protected] - Tel: [phone]

United Insurance Brokers Ltd:
Tim Dampier – [email protected] – Tel [phone]
Anastasia Balina – [email protected] – Tel [phone]

Travelers:
Mariana Potts - [email protected] – Tel [phone]

The scheme has reached the minimum number required and is up and running.