Air travel in turbine aircraft with a professional crew is generally considered the safest form of travel in the world. Aircraft liability insurance for this type of risk is therefore easy to obtain and relatively inexpensive for the insured. Purchasing an aviation insurance policy including hundreds of millions of dollars in aviation liability insurance coverage is currently possible at a relatively low cost. Underwriters will review the risk and base the amount of aircraft liability insurance available on underwriting guidelines. Some of the underwriting factors include the make and model of aircraft, crew experience and training, loss history, and current reinsurance market conditions.
Aircraft liability insurance for personally flown turbine and piston aircraft with an owner pilot using the aircraft for personal travel may be slightly more expensive. Higher limits of aviation liability insurance coverage may be available but in many cases the limit of liability may be capped between $1,000,000 and $20,000,000. The amount of aviation liability insurance available for the owner flown aircraft will depend on the underlying insurance company quoting, the owner pilot’s experience and training, and the reinsurance market at the time.
Purchasing an aviation insurance policy including higher limits of aviation liability insurance can be challenging. It is important to work with an insurance broker who understands the risk and the marketplace to help create the best aviation insurance policy for your specific aviation liability insurance needs.