Press Release

Issued by AON Aviation & Aerospace Global Practice.

October 6, 2014

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, has announced the launch of an innovative new insurance product that is set to drive growth in the private charter aviation sector.

Structured for leading international aircraft charter company, SHY Aviation, the product indemnifies SHY in instances where its charter flights have to be cancelled for reasons including mechanical problems, lack of flight crew, adverse weather conditions, and refueling delays. 

Developed by Aon Benfield's ReSolutions team, the product provides SHY with insurance cover for 130% of the charter contract value, allowing SHY to offer its clients “the same or better” aircraft when a cancellation to their original flight occurs. Having the insurance in place is already allowing SHY to expand its business and fulfill a greater range of charter flights on behalf of its clients. 

Kurt Cripps, product leader within Aon Benfield ReSolutions, said: “This unique product allows SHY to offer an even more comprehensive service to its clients, who know that in the event of a flight cancellation, they will receive an aircraft of the same quality, or better, than their original choice at no additional cost.”

Giles Vickers-Jones, chairman of SHY Aviation, said: “Our clients are afforded great confidence in knowing that there will be no disruption to their air travel schedules, while for SHY, this product provides the support to expand our business. It has already allowed us to make advances into larger and more complex aviation charters.” 

Insurance capacity for the product is being provided by a specialist Syndicate within the renowned Lloyd's of London insurance market.