LONDON, 01/10/2014 – Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON), today announces the launch of an innovative new insurance product that is set to drive growth in the private charter aviation sector.

Structured for leading international aircraft charter company, SHY Aviation, the product indemnifies SHY in instances where its charter flights have to be cancelled for reasons including mechanical problems, lack of flight crew, adverse weather conditions, and refueling delays.

Developed by Aon Benfield’s ReSolutions team, the product provides SHY with insurance cover for 130% of the charter contract value, allowing SHY to offer its clients “the same or better” aircraft when a cancellation to their original flight occurs.

Insurance capacity for the product is being provided by a specialist syndicate within the renowned Lloyd’s of London insurance market. 

Having the cover in place is already allowing SHY to expand its business and fulfill a greater range of charter flights on behalf of its clients.

Kurt Cripps, product leader within Aon Benfield ReSolutions, said: “This is a unique product that has removed a potential cost burden for SHY in the event of cancellation of its charter flights. It allows SHY to offer an even more comprehensive service to its clients, who know that in the event of a flight cancellation, they will receive an aircraft of the same quality, or better, than their original choice at no additional cost. We believe that this product will help to drive the growth of the private charter aviation sector.”

Giles Vickers-Jones, Chairman of SHY Aviation, said: “Since our launch in 2011, SHY’s philosophy has been simple – to care about our client journeys and understand the importance our clients place on them. We aim to focus on every detail of their charters, and this new Aon Benfield insurance product is evidence of this approach. Our clients are afforded great confidence in knowing that there will be no disruption to their air travel schedules, while for SHY, this product provides the support to expand our business. It has already allowed us to make advances into larger and more complex aviation charters.”       

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