Protecting Employee Travel with Industrial Aid Reinsurance
Sutton Reinsurance provides Industrial Aid Aircraft and Group Land Transportation reinsurance for businesses whose employees travel on company-owned or leased aircraft or in land-based vehicles. These exposures are often excluded from an insurer’s Workers’ Compensation treaty or the original Workers’ Compensation policy, resulting in a significant gap in coverage. Sutton’s Industrial Aid Aircraft and Group Land Transportation reinsurance indemnifies the insurer for statutory accident and health benefits paid as a result of an accident occurring during employee air or land travel.
It can cover numerous exposures, such as executives travelling on corporate aircraft, air ambulances, cargo transportation, firefighting, aerial photography, sports team travel, and land-based transportation of oil rig or farm workers.
This reinsurance is often structured as excess-of-loss coverage, with the insured retaining a minimum of $100,000 per occurrence, and a Maximum Any One Life (MAOL) limit of $1 or $2 million. Sutton Re can offer up to $30 million of per occurrence limit, written on behalf of various Lloyd’s syndicates.
The following information is required to quote:
Name of insurer
Insured company name & location
Brief description of the nature of the insured company’s business
Proposed effective & expiry dates (typically 12-month periods)
Desired limit of reinsurance liability & attachment point
Completion of Industrial Aid Aircraft and/or Group Land Transportation questionnaire(s), or:
Aircraft/vehicle make, model and seating capacity
Average number of employees travelling
Annual flight hours per aircraft, and/or annual miles travelled per vehicle
Purpose of employee travel
Pilot applications, and/or details regarding drivers’ qualifications and records
Industrial Aid Aircraft and Group Land Transportation reinsurance enables insurers to manage concentrated risks resulting from corporate transportation, ensuring solvency and compliance with U.S. Workers’ Compensation requirements while eliminating gaps in coverage.
Should you have any questions about this type of coverage or other Accident & Health reinsurance products, please get in touch with us.