Aircraft Builders Council
Encyclopedia
The Aircraft Builders Council (ABC) was founded in 1955 at a time when aviation
products liability
coverage was in its infancy and not readily available on the open markets. Working together, sharing a common goal, a group of aviation manufacturing companies, brokers and insurers developed a products liability insurance facility for the benefit of manufacturers in the aviation
industry.
products liability insurance
and continues to be the leader in developing coverage to satisfy the dynamic needs of the industry that it serves. Participants in the program may now secure coverage limits of up to USD 1 billion.
The Aircraft Builders Council conducts a conference each year, which is an informational forum on the most recent developments in the aviation and aerospace
industry and products liability. This annual conference is unique in that it brings together insureds, potential insureds, lead underwriters, brokers and defense counsel
, all at one locale. Presentations are given on subjects of current interest, including insurance
, law
, governmental activity, and aviation
and aerospace
technology
. In the past, speakers have included the Chairman of Lloyd's, Administrators of the FAA, NASA
Astronauts, United States District Court Judges, United States Legislators, as well as experts in the aerospace industry.
The mission of the Aircraft Builders Council is to support and promote the continuity of an innovative, competitive aircraft products liability insurance facility; to communicate the existence of such insurance program to aerospace manufacturers and product suppliers; to coordinate an annual industry-leading aviation safety and insurance conference that is attended by brokers, underwriters, and existing and potential insureds; and to promote the use of the program's product safety and liability prevention seminars.
Aviation
Aviation is the design, development, production, operation, and use of aircraft, especially heavier-than-air aircraft. Aviation is derived from avis, the Latin word for bird.-History:...
products liability
Legal liability
Legal liability is the legal bound obligation to pay debts.* In law a person is said to be legally liable when they are financially and legally responsible for something. Legal liability concerns both civil law and criminal law. See Strict liability. Under English law, with the passing of the Theft...
coverage was in its infancy and not readily available on the open markets. Working together, sharing a common goal, a group of aviation manufacturing companies, brokers and insurers developed a products liability insurance facility for the benefit of manufacturers in the aviation
Aviation
Aviation is the design, development, production, operation, and use of aircraft, especially heavier-than-air aircraft. Aviation is derived from avis, the Latin word for bird.-History:...
industry.
Background
Since its formation, the Aircraft Builders Council program has provided aviationAviation
Aviation is the design, development, production, operation, and use of aircraft, especially heavier-than-air aircraft. Aviation is derived from avis, the Latin word for bird.-History:...
products liability insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and continues to be the leader in developing coverage to satisfy the dynamic needs of the industry that it serves. Participants in the program may now secure coverage limits of up to USD 1 billion.
The Aircraft Builders Council conducts a conference each year, which is an informational forum on the most recent developments in the aviation and aerospace
Aerospace
Aerospace comprises the atmosphere of Earth and surrounding space. Typically the term is used to refer to the industry that researches, designs, manufactures, operates, and maintains vehicles moving through air and space...
industry and products liability. This annual conference is unique in that it brings together insureds, potential insureds, lead underwriters, brokers and defense counsel
Counsel
A counsel or a counselor gives advice, more particularly in legal matters.-U.K. and Ireland:The legal system in England uses the term counsel as an approximate synonym for a barrister-at-law, and may apply it to mean either a single person who pleads a cause, or collectively, the body of barristers...
, all at one locale. Presentations are given on subjects of current interest, including insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
, law
Law
Law is a system of rules and guidelines which are enforced through social institutions to govern behavior, wherever possible. It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people. Contract law regulates everything from buying a bus...
, governmental activity, and aviation
Aviation
Aviation is the design, development, production, operation, and use of aircraft, especially heavier-than-air aircraft. Aviation is derived from avis, the Latin word for bird.-History:...
and aerospace
Aerospace
Aerospace comprises the atmosphere of Earth and surrounding space. Typically the term is used to refer to the industry that researches, designs, manufactures, operates, and maintains vehicles moving through air and space...
technology
Technology
Technology is the making, usage, and knowledge of tools, machines, techniques, crafts, systems or methods of organization in order to solve a problem or perform a specific function. It can also refer to the collection of such tools, machinery, and procedures. The word technology comes ;...
. In the past, speakers have included the Chairman of Lloyd's, Administrators of the FAA, NASA
NASA
The National Aeronautics and Space Administration is the agency of the United States government that is responsible for the nation's civilian space program and for aeronautics and aerospace research...
Astronauts, United States District Court Judges, United States Legislators, as well as experts in the aerospace industry.
The mission of the Aircraft Builders Council is to support and promote the continuity of an innovative, competitive aircraft products liability insurance facility; to communicate the existence of such insurance program to aerospace manufacturers and product suppliers; to coordinate an annual industry-leading aviation safety and insurance conference that is attended by brokers, underwriters, and existing and potential insureds; and to promote the use of the program's product safety and liability prevention seminars.
External links
- Aircraft Builders Council Website
- ABC Industry Links
- Harper’s Risk Aviation Library
- Insurance Day: Cooper Gay takes on ABC programme role
- Insurance Day: Cooper Gay Wins ABC Programme After Benfield Sale
- Insurance Day: Cooper Gay Obtains Benfield’s London Aerospace Team
- Insurance Day: Cooper Gay Strengthens Aviation Offer with Team
- Insurance Day: Fallout from the Economic Crisis has Raised Interest in Insurance Products