CAAN Souvenir 2010.FH10 - Civil Aviation Authority of Nepal

CAAN Souvenir 2010By definition insurance is the business that saves fromrisks or contingencies. Insurer, the insurance company,insures or saves others (insured, the second party)from their risks in consideration of the premium paidto that company. Here, insurer is the first party whocollects premium for bearing the risk of the insuredand the insured is the second party who pays thepremium. The business can save the insured andthe third party may be beneficiary out of theinsurance policy, for the insured insures its liabilityto save oneself from any contingencies. Third partydoes not need premium to be paid to the insurersbecause insured pays the same, for thecompensation is paid to the third party only becausethe insured causes damage or prejudices others.Third party comes at scene here, for third party is prejudicedby the insured; it may be property damage or injury or lossto the third party. Third party comes here only because ofliability to be borne by the operation of law or by the negligentacts of the second party. Insurance involving third party fallsunder liability insurance.Insurance is necessary to save one's property, life or liabilityfrom any peril. Airport is owned or operated by someone.Whoever owns or operates the airport has to insure its propertyin order to save from such uncertainties and its liability inorder to save oneself from such perils which may cause thesecond party pay the compensation for loss or damagecorresponding to the damage or loss sustained by the thirdparty. The owner or operator of the airport who has notinsured its property or facilities at the airport may bear theloss or damage to one's property or may endure bodily injury.The type of insurance is called 'airport owner or operatorproperty insurance'. If such entity or person has not insuredone's liability created because of operation of such airportmay require pay oneself the compensation for the loss ordamage made to the prejudiced party (third party), there willbe no one (insurer) to pay for such loss or damage. Insurermay compensate such loss or damage made to third partyif such liability is insured purchasing a policy from the insurer.The type of insurance is called 'airport third party liabilityinsurance'. Airport property insurance so saves from loss ordamage of own airport property, whereas the airport liabilityinsurance saves oneself from peril coming out of such liability.Therefore, both the insurance-airport property insurance andairport liability insurance need to be purchased. Though theairport insurance may involve property, employee and liabilityinsurance, airport liability insurance keeps much importanceabove all the above ones, for it has legal obligation of higherpriority.As focus of this article is on the airport third party liabilityNarayan PrasadGiri*Airport Third Party liabilityinsuranceinsurance, it is so desirable to go with someelaboration about the same. Though some of theabove description highlights on the airport thirdparty liability insurance, the following para withdefinitions will help to understand about the thirdparty, liability insurance or third party insurance,aviation insurance including airport insurance andsome more about the airport third party liabilityinsurance, and so helps to understand thesignificance of such insurance."Third party is someone who may be indirectly involved butis not a principle party to an agreement, contract, deal, lawsuitor transaction." 1"Liability cover purchased by an insured (the first party ) froman insurer (the second party) for protection against theclaims of another (the third) party. The first party is responsiblefor its own damages or losses whether caused by itself or thethird party". 2"Liability insurance pays on behalf of the insured for certaintypes of injury to others.""Insurance for what the policyholder is legally obligated topay because of bodily injury or property damage caused toanother person.""Insurance coverage that offers protection against claimsalleging that a property owner's negligence or inappropriateaction resulted in bodily injury or property damage to anotherparty.""Insurance protecting the insured against financial loss arisingout of legal liability imposed upon him/her in connection withbodily injuries (or death) suffered, or alleged to have suffered,by persons of the public, or damage caused to property otherthan property owned by or in the custody of the insured asa result of the maintenance of the premises, or the businessoperations of the insured." 3"The aviation insurance industry is not just for owners of privateand commercial planes. Aviation facilities need to carryinsurance to protect their aviation properties, includingpremises, hangars, and other products. Future pilots who wantto learn how to fly and aviation instructors need to purchasethe right form of flight school insurance." 4"The work done by airport employees is considered to involvethe greatest level of professional responsibility. Even smallesterrors by airport personnel can result in enormous casualties411 http://www.businessdictionary.com/definition/third-party.html2 http://www.businessdictionary.com/definition/third-party-insurance.html#ixzz0zNnwfnWV3 http://wiki.answers.com/Q/What_is_liability_insurance&src=ansTT4 http://www.aiupa.com/5 http://www.ingos.ru/en/corporate/avia_space/airport_owner/printable.php?print=16 http://www.answers.com/topic/airport-liability-coverage7 http://www.ingos.ru/en/corporate/avia_space/airport_owner/printable.php?print=112 th Anniversary Publication