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A hull loss is an aviation accident that catastrophically damages the
A hull loss is an aviation accident that catastrophically damages the aircraft
An aircraft is a vehicle that is able to fly by gaining support from the air. It counters the force of gravity by using either static lift or by using the dynamic lift of an airfoil, or in a few cases the downward thrust from jet engines ...
beyond economical repair
The technical meaning of maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure, and supporting utilities in industrial, business, and residential installa ...
, resulting in a total loss
In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effecti ...
. The term also applies to situations in which the aircraft is missing, the search for their wreckage
Wreckage may refer to:
* Debris
Music
* ''Wreckage'' (album), a 2002 album by Overseer
* ''Wreckage'' (1969 band), a late 1960s band notable for featuring future Queen vocalist Freddie Mercury as a member
* ''Wreckage'', a 1997 EP by the band E ...
is terminated or when the wreckage is logistically inaccessible.
The metric of "Hull losses per 100,000 flight departures" has been used throughout the aviation industry to measure the relative risk of a given flight or aircraft. From 1959 to 2006, the first part of the mainstream jet aircraft
A jet aircraft (or simply jet) is an aircraft (nearly always a fixed-wing aircraft) propelled by jet engines.
Whereas the engines in propeller-powered aircraft generally achieve their maximum efficiency at much lower speeds and altitudes, je ...
era, 384 of 835 hull losses, or 46%, were nonfatal. Airline
An airline is a company that provides civil aviation, air transport services for traveling passengers and freight. Airlines use aircraft to supply these services and may form partnerships or Airline alliance, alliances with other airlines for ...
s typically have insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
to cover hull loss on a twelve-month basis. Before the September 11 attacks
The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commercia ...
in 2001, the typical insured sum for a hull loss policy could reach $250 million.
Constructive hull loss takes into account other incidental expenses ''Per diem'' (Latin for "per day" or "for each day") or daily allowance is a specific amount of money that an organization gives an individual, typically an employee, per day to cover living expenses when travelling on the employer's business.
A '' ...
beyond repair, such as salvage, logistical costs of repairing non-airworthy
In aviation, airworthiness is the measure of an aircraft's suitability for safe flight. Initial airworthiness is demonstrated by a certificate of airworthiness issued by the civil aviation authority in the state in which the aircraft is registe ...
aircraft within the confines of the incident site, and recertifying the aircraft, among other factors. Insurance policies
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as ...
covering any asset that is subject to depreciation
In accountancy, depreciation is a term that refers to two aspects of the same concept: first, the actual decrease of fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wear, and second, the a ...
typically pay the insured a formulaic used item value, so the property will often be a write-off as full repairs minus this sum resemble a cost of a new replacement.
See also
*List of accidents and incidents involving commercial aircraft
This list of accidents and incidents involving commercial aircraft includes notable events that have a corresponding Wikipedia article. Entries in this list involve passenger or cargo aircraft that are operating commercially and meet this list ...
*Total loss
In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effecti ...
*Constructive total loss
Marine insurance covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch o ...
References
{{reflist Aviation accidents and incidents