iii) SPARES ‘ALL RISKS’ INSURANCE – Covers ‘All Risks’ of physical
loss or damage to spares,including spare engines when not fitted to an
aircraft whilst on the ground and in transit for a limit ‘any one
occurrence’or a limit ‘any one item and/or any one sending and/or any
one location’. Cover can be extended to include strikes, riots and civil commotions and limited war perils. ***Aircraft leases do not normally include finance for spares or extra engines. However, it is normal to require Spares Insurance. If an engine is removed for essential maintenance and replaced by another separately leased or borrowed engine, the ‘off wing’ engine will need to be covered***.
www.l2bgroup.com/bankassurebook.pdf