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License Insurance in the Middle East

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License Insurance in the Middle East

Old 5th Nov 2016, 10:44
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Join Date: Apr 2001
Location: Adrift upon the tides of fate
Posts: 1,839
License Insurance in the Middle East

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: +971 4 395 88 12
Alexey Yashechkin - [email protected] - Tel: +971 4 395 88 12

United Insurance Brokers Ltd:
Tim Dampier – [email protected] – Tel +44 (0)207 264 1647
Anastasia Balina – [email protected] – Tel +44 (0)207 264 1679

Travelers:
Mariana Potts - [email protected] – Tel +44 (0)203 2076268

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