Aircraft lease managers and aircraft records

Maintaining comprehensive, up to date aircraft records is key to monitoring the aircraft on lease. Accurate records of all maintenance events carried out on the aircraft during the lease tenure allow the operator to demonstrate that they are keeping the aircraft in an airworthy condition. They also allow the lessor to monitor the value of their asset from afar.

However, where they are incomplete, inaccurate or ambiguous, aircraft records can also be a source of considerable dispute between lessors and operators. Where a lease manager was appointed by the lessor, they can find themselves in the middle of this dispute. Record rebuilds are expensive and time consuming, and they are often required when aircraft are transitioning from one operator to another.

ITIC’s cover provides indemnity for your liabilities to third parties which result from the loss of, or damage to, aircraft records, whilst they are in your custody or control. This cover is provided regardless of whether they are held in hard copy or in the cloud. This cover is provided as standard and up to the limit of indemnity, and it would even defend your position in the event that the documents were lost or damaged whilst stored in a third party repository.

For more information, please speak to your insurance broker.

Policy highlights

• Worldwide not-for-profit (“mutual”) professional indemnity cover on a fixed premium basis
• Legal defence costs included, along with quality loss prevention advice
• Discretionary insurance adjudicated upon by fellow transport industry professionals
• No external shareholders
• Mutual dividends paid at renewal
• Underwritten with industry knowledge and by a Member of ISTAT