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Hull loss

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Hull loss

Number of fatalities from airliners' hull loss accidents per year (1940–2010).

A hull loss is an aviation accident that damages the aircraft beyond economical repair,[1] resulting in a write-off. The term also applies to situations when the aircraft is missing, the search for its wreckage is terminated or when the wreckage is completely inaccessible.[2]

"Hull losses per 100,000 flight departures" has been a long-used statistical criterion.[1] From 1959 to 2006, throughout almost the entire jet aircraft era, 384 of 835 hull losses, or 46%, were nonfatal.[3] Airlines typically buy insurance to cover hull loss on a 12-month basis. Before the September 11 attacks in 2001, the typical insurance amount for hull loss could reach $250 million, but since then demands for higher liability have increased.

Constructive hull loss factors other incidental expenses beyond repair, such as salvage, logistical costs of repairing the non-airwothy aircraft within the confines of the incident site, recertifying the aircraft, etc. Insurance policies covering any asset that is subject to depreciation, typically pay the insured a fraction of the cost of replacing the property, meaning they could become "total losses" even though some residual value remains.

See also

References

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