Airport Insurance Coverage and Risk Management Practices (2011) / Chapter Skim
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Pages 3-8
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From page 3... ...
Regardless of how they use the tool, most airport operators buy some form of property/casualty insurance. This report presents the results of ACRP Project 11-03 S01-03 and is intended to identify the variables that affect insurance purchasing for airport operators and to identify the range of practices that exist among U.S.
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From page 4... ...
All airport operators purchase some level of coverage for general liability, property, and business interruption. Medium and large airport operators tend to purchase their own insurance for construction, as opposed to having construction contractors purchase the coverage, such as builders' risk or consolidated coverages as found in an owner-controlled insurance program.
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From page 5... ...
These facilities tend to include this coverage principally in property coverage lines. Small airport operators, if they do purchase war and terrorism coverage, tend to purchase coverage for liability lines.
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4. Because price is the primary decision driver for smaller airport operators, a group purchasing or group self-insurance program may be appropriate to help provide adequate coverage at competitive pricing that could be obtained if economies of scale were available.
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From page 7... ...
Another important risk-financing technique is contractual risk transfer, in which another party agrees to pay for loss upon certain contingent events. For smaller airport operators especially, this technique may be valuable because it is very low cost and can be very effective if used properly.
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