The Importance of Having Aviation Insurance as a Pilot
There is a lot of pleasure that comes from owning as well as operating an aircraft. Nothing can make it more of a challenge than having an incident. It is even worse if a pilot or aircraft owner discovers the aircraft it is not covered or does not have enough aviation insurance coverage. This is a situation that can be easily avoided. It is important for a pilot and aircraft owner to understand what is necessary for their situation when buying aviation insurance.
Aviation Insurance Companies
When choosing an aviation insurance, it is important to consider a company with a strong balance sheet and demonstrated expertise in providing insurance coverage for aircraft. This type of insurance is a specialized market. It’s important to ask about it with others who have aviation insurance as well as do the necessary research.
Before a pilot purchases aviation insurance, it is important they know the coverage requirements for the area where their aircraft is stored. Different areas have different requirements. Many times it is based on the aircraft’s permitted takeoff weight. There are hanger owners, as well as airports, that have mandatory insurance coverage for certain types of aircraft as well as specific coverage limits.
Necessary Aviation Insurance Coverage
When a pilot owns the aircraft, they should have owners aircraft insurance. This will cover many different types of aircraft including gyrocopters, airplanes, propeller piston engine planes, rotorcraft, air gliders, seaplanes and more. It is designed to cover the unique liabilities that are involved with operating these types of aircraft.
Aircraft Liability Insurance
This is an important part of an aircraft insurance policy. It will cover the named insured in the policy for any legal obligation with regard to bodily injury as well as death that occurs to someone other than the named insured. It also covers damage to property owned by someone other than the named insured. Aircraft liability insurance provides coverage for the named insured in connection with damage or injuries caused by the maintenance or ownership of an aircraft.
Passenger Liability Insurance
This coverage is designed to protect passengers in the aircraft who are injured or killed. It is usually purchased on a per-seat basis. There will be specified financial limits listed in the policy for each individual passenger seat.
Combined Single Limit Coverage
This will provide coverage that combines public liability coverage with passenger liability. It can then provide one overall limit to cover every accident. This coverage will provide increased flexibility when it comes to paying liability claims. It is important to have this coverage in cases where passengers experience injuries but very little damage is done to any property on the ground owned by a third party.
Ground Risk Hull Insurance: Not In Motion
This will cover an insured aircraft should it experience any type of damage when it is parked on the ground and not in motion. It would cover an aircraft for events like floods, fire, theft, animal damage, vandalism, wind, hangar collapse, hailstorms and more. It will also provide coverage should another aircraft or uninsured vehicle strike the aircraft. This amount of coverage could be set when a policy is purchased or could be based on the aircraft’s blue book value.
Ground Risk Hull Insurance: In Motion
It provides coverage for an aircraft when it is taxing but doesn’t cover landings or taking off. This coverage will stop at the start of a take-off roll. The aircraft will then only be covered once it has completed its landing. Some aviation insurance companies do not offer this coverage.
Aircraft Renter Insurance
If a pilot rents aircraft they should have renters aircraft insurance. This will protect them and their beneficiaries should they be involved in some type of aviation accident.
An aircraft student should get this coverage so they have non-owned insurance while they are in flight school. This will protect them should something happen during the time they are training.
This provides coverage for an insured aircraft during all phases of ground and flight operation.
No pilot wants to think about an accident occurring when they are operating an aircraft, but it does happen. Insurance companies will pay over the limits of the policy under certain conditions. This includes legal defense and more. A pilot could be financially devastated if required to pay all the costs associated with legal defense as well as paying a judgment. This is one of the many reasons having aviation insurance can help increase the enjoyment of piloting an aircraft.