If you own any type of aircraft, you shouldn’t leave it uninsured. As with cars and other types of motorized vehicles, you can get an insurance policy that specifically covers airplanes and other vehicles that are used for air transportation.
The exact insurance plan that you’ll need will depend on whether you use your aircraft for personal or business purposes, but here are some basic reasons why aviation insurance is important to have.
Liability Coverage:
Whether you use your aircraft only for personal use or operate a charter jet company in the same fashion as Stratos Jet Charters, you could face major financial losses and legal consequences if you don’t have liability insurance coverage. A good aviation insurance policy can cover the expenses that incur from damages that your aircraft might cause to a runway, an airport hanger or other property. If you have an airplane that clips or collides with another aircraft, your insurance policy may also cover the resulting damage. A drone that you operate might collide with another object or fall out of the sky, and you can save yourself from having to pay for the resulting damage if you have a good insurance policy. Your liability coverage will even pay expenses that are related to other people’s injuries if anyone suffers bodily harm from your aircraft.
Ground Risk Hull Coverage:
When your aircraft isn’t in the air, ground risk hull insurance can cover damages that might occur when it’s on the ground. Some ground hull policies cover damages when an aircraft is taxiing on the ground while others cover aircraft that isn’t in motion. If your aircraft gets damaged from wind, hail or other weather elements when it’s on the ground, your insurance can minimize or possibly pay for all of the resulting damages to your aircraft. You also may not have to pay to have your aircraft fixed if it’s damaged by a fire on the ground and you have a good insurance plan. Ground risk hull insurance can even cover losses from theft or vandalism.
Emergency Coverage:
If an emergency happens aboard your aircraft, aviation insurance that covers emergency situations can save you a lot of out-of-pocket costs that might incur from the incident. You or someone aboard your aircraft might experience a medical emergency at some point during the flight or while your aircraft is still on the ground, and some aviation insurance policies pay for certain medical-related costs. In the unfortunate event of an emergency landing or airplane crash, your aviation insurance policy may pay for search and rescue expenses.
Flight Training Coverage:
You’ll definitely want to have aviation insurance if you teach aspiring pilots how to fly. New pilots are more prone to making errors that result in property damage and bodily harm, and you could be on the hook for paying for the related expenses if you don’t have an insurance policy that protects you. There are even insurance plans that are designed specifically for flight instructors and examiners so that these individuals won’t be held personally liable for the damages.
Non-owned Aircraft Coverage:
Perhaps you don’t own your own aircraft or need to borrow someone else’s on occasion. A non-owned aircraft insurance plan can cover many of the liabilities and losses that might arise from using someone else’s aircraft. This type of plan can be especially beneficial if you use someone else’s aircraft for flight training purposes. In addition to single-engine land aircraft, a non-owned insurance plan may even cover a sea standard or light sport aircraft if you ever need to borrow one of these planes.
Aircraft Unavailability Coverage:
The aircraft that you own might not be flyable because of damages or technical difficulties, and aircraft unavailability insurance can save you from having to pay out of pocket to rent a replacement aircraft. This plan may also benefit you if your aircraft isn’t large enough or isn’t the right type to transport certain items. In addition to paying to rent the aircraft itself, an aircraft unavailability plan will likely provide liability coverage in case a mishap occurs while the aircraft is in your possession.
Aviation insurance can give you additional protection and peace of mind when you take to the skies. You can choose from different aviation insurance plans to find the one that gives you the right amount of coverage that’s needed.
