What is Private Aircraft Insurance?
Private aircraft insurance is a specialized aviation insurance coverage designed to help protect aircraft owners against damage to the insured aircraft and third-party liability exposure. Private Aircraft Insurance can include Hull insurance and Liability insurance.
Basics of Private Aircraft Insurance.
- Hull Insurance: The term comes from maritime law. “Hull” refers to the physical insured aircraft. This coverage can help pay for damage to the insured aircraft.
- Liability Insurance: Liability insurance can help protect the insured from third party bodily injury and property damage exposure.
What does a typical private aircraft insurance policy cover?
A private aircraft insurance policy can cover the hull of the aircraft and liability exposure. Hull insurance can cover damage to the insured aircraft. Liability insurance can help cover bodily injury and property damage exposure.
Key components of a private aircraft insurance policy:
- Hull Insurance: can help pay for damages to the insured aircraft.
- Liability Insurance: can help cover bodily injury and property damage liability exposure.
What is covered under aviation insurance policies?
Aviation insurance policies can cover a wide range of risks and policies can include:
- Hull coverage: can cover damage to the insured aircraft
- Liability coverage: can help protect against bodily injury or property damage
- Medical Payments: can pay in the event of a minor medical payment
- Premises Liability: liability insurance usually covering the location where the aircraft is stored
- In motion coverage: coverage while the aircraft is in motion
- Not in motion coverage: coverage designated for a not in motion aircraft
- Pilot training: coverage for instruction and training
- Instruction: dual pilot instruction
- Rental: rental of the insured aircraft
- Personal Pleasure and Business Use: noncommercial use for pleasure and business travel
- Commercial use: covered use where a charge is made. There are a wide variety of commercial uses. It is important for your policy to list your correct commercial use.
Are there different types of coverage within airplane insurance?
Airplane insurance can help cover aircraft hull, liability, Hangarkeepers liability, Extended Territory, Non-Owned Aircraft Liability, Breach of Warranty, Waiver of Subrogation, and more.
- Airplane Hull Insurance: Can help cover the insured aircraft itself
- Liability Insurance: Can help cover bodily injury and property damage
- Hangarkeepers Liability: Usually purchased by commercial operators to help mitigate the risk of aircraft not owned or leased but under the care and custody of the insured
- Extended Territory: Many policies in the USA cover the US, Canada, and Mexico. Policies can often be endorsed to extend to other areas
- Non-Owned Aircraft Liability: Can help if the insured is operating a rented or borrowed aircraft
- Breach of Warranty: a Breach of Warranty endorsement is common if there is a loan against an aircraft. With a Breach of Warranty endorsement, a bank might be paid even if a loss is not covered under the policy.
- Waiver of Subrogation: If a Waiver of Subrogation is included in a policy, the insurance company is likely waiving the right to subrogate against a third listed party.
